How to make on-line advice count

Posted on July 6, 2010. Filed under: For Employers, For Individuals |

Some might argue that it was never really alive to begin with. According to EBRI, less than 6% of plan participants utilize on-line investment advice programs. Many on-line investment advice companies as well as record keepers have started offering on-line investment advice at no cost to participants because they know the utilization will be pitiful. Instead, they have started pushing participants who show an interest in advice to managed account solutions where they can often charge in excess of 0.60% for their services. Unfortunately, the utilization of these programs is even more pitiful than advice solutions as less than 2% of participants use a managed account program.
What the advice industry has failed to recognize is not the fact that people don’t want advice, it is that they don’t want to have to work to get it. In reality they are continually asking for direction. Over 70% of employees believe they would benefit from professional investment advice in managing their retirement plan assets. The key to giving employees what they want is to proactively provide the advice to all employees in a simple format that makes implementation of the recommendations easy and quick. RJ20 has developed an extremely low-cost flat fee solution that does just that. Each employee receives a personalized CFP® prepared report with a full retirement analysis and specific investment advice for their defined contribution plan. RJ20 then takes it further by providing participants with an on-line program that gives employees the ability to complete additional planning topics such as, budgeting, debt management, education planning, insurance planning and any other goals based planning thus improving their overall financial situation. Unlike other participant investment advice companies our functionality is easy to find, easy to use and covers all financial topics.

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