Employee engagement program helps financial advisors reach small business owners and increases
retirement access for small business employees
Capital Group has announced that ICanRetire, the firm’s award-winning employee engagement program, will now be available for financial advisors to offer to small business owners alongside its 401(k) plan solutions, PlanPremier® and RecordkeeperDirect.
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Capital Group is one of the leading providers of retirement plans2 for small businesses, offering a range of 401(k) plan solutions and investment options to help small business owners and their employees pursue their retirement savings goals. Advisors can now offer Capital Group’s ICanRetire program to small business owners alongside PlanPremier, a 401(k) plan solution with bundled plan administration or the option to collaborate with a third-party administrator, and access to American Funds® and other investment managers; or RecordkeeperDirect, a 401(k) plan solution designed for start-ups and smaller businesses with the flexibility to select a third-party administrator. The ICanRetire program can complement either offering to help improve participant outcomes and increase contributions at no additional cost to the financial advisor or the small business owner.
“Retirement planning is a huge market opportunity, and we want to be able to partner with financial advisors to make that achievable within their practices,” said Dana McCollum, President of Retirement Plan Services at Capital Group. “Simplifying the process is key — both advisors and participants want an easy button. By seamlessly integrating ICanRetire with Capital Group’s small business retirement plan solutions, advisors gain a powerful tool to attract new business and help accelerate plan growth through increased participation and deferral rates. They’re also helping the individual small business employee who may not have previously had access to a retirement plan, or who may not have been contributing enough.”
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Recent industry and Capital Group findings highlight opportunities for both small businesses and financial advisors that offer retirement plans:
- Advisors specializing in retirement planning boast more than double the assets under management compared to their counterparts who do not sell retirement plans.3
- 97% of broker-dealer-based advisors oversee some portion of retirement assets, with nearly 44% of them actively seeking greater support from asset managers to cultivate more clients.4
- Employees who engage with ICanRetire were 3.4 times as likely to enroll in their company-sponsored retirement plan and 1.5 times as likely to increase their deferral rate.5
The ICanRetire program is already available to employers that have American Funds Target Date Retirement Series® in their investment lineup (in 401(k) or 403(b) plans). The ICanRetire web experience is available to Capital Group’s PlanPremier and RecordkeeperDirect clients.
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Source – PR Newswire
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