Supply chain disruption is not the only issue worrisome to the wholesale industry. In addition to consumerization, increased competition and new regulatory requirements, there is a lack of talent. To attract younger employees and better serve your clients, you may need to improve your brand image. You can start by offering better retirement benefits. In particular, look for plans that:
- Allow employees to participate immediately
37% of retirement plans make employees wait at least one year before they are eligible for them. Not letting employees participate in benefits right away can be reason enough for them to select a different job.
- Include a financial wellness program
Employees may struggle with any number of financial issues unrelated to investments – paying daily bills, managing debt, saving for a rainy day, etc. Financial wellness programs can help them solve these problems and more.
- Use 3(21) or 3(38) investment management services
Providing an IPS is part of your fiduciary responsibility. But if it does not accurately reflect the underlying asset classes for the investments, your fiduciary risk may increase.
For a wholesale industry retirement plan report card and information on how ADP can become your retirement ally, download our insight.
3(21) services generally available to retirement plans that have $10 million in assets or more. Only registered representatives of ADP Broker Dealer, Inc. (ADP BD), Member FINRA, or, in the case of certain products, a broker-dealer firm that has executed a marketing agreement with ADP, Inc., may offer and sell ADP retirement products or speak to retirement plan features and/or investment options available in such ADP retirement products, and only associated persons of ADP Strategic Plan Services, LLC (SPS) may speak to any investment management or advisory services provided by SPS or any third party in connection with such ADP retirement products. SPS is an SEC Registered Investment Adviser. Registration does not imply a certain level of skill or services. Plan sponsors and plan administrators may wish to seek the advice of legal counsel or a tax professional to address their specific situations.