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Technology is everywhere you look. From the mini-computer you call a phone to your car’s dashboard, everything in our lives is becoming “smart” and the financial industry is no different. Tablets and smartphones are helping participants become educated in new ways in which they would not have had access to just 10 years ago.
There are 145 million working Americans, and 50% of them work for small businesses. On top of that, only 14% of small businesses offer their employees a company sponsored retirement plan – as you can see, there is a lot of opportunity in the small business marketplace.
Like any other new retirement plan sale, the right mix of meetings, conversations and tools will help a small business owner see how a 401(k) can help their business. Below are 5 tools that will help you in your quest to tap into the small business marketplace.
One of the major cornerstones that plan sponsors are looking for is retirement education for their participants. They want their employees to not only participate in the plan, but feel comfortable and secure that the plan is helping them prepare for their retirement.
As an advisor there are critical things you can do to support your client’s fiduciary position.
According to the Government Accountability office, only 14% of small businesses offer their employees a company sponsored retirement plan. This leaves a wide-gap in retirement coverage for many American workers.
Small business owners are extremely busy individuals, and are so focused on running and growing their business that they may not realize all the benefits a retirement plan can bring to their business.