Efforts Expanding Retirement Planning Tools

According to a survey from Aon Hewitt, defined contribution plans are expanding efforts to provide financial advice and retirement planning tools.  “There’s an awareness among sponsors that lots of people need help and that different people need different types of help.  Sponsors are realizing the greater diversity of their workforce.” 

Online advice tools are becoming more sophisticated in asking participants about financial matters beyond their retirement accounts.  The survey showed that 69 percent of DC plans offered online advice last year, up from 56 percent in 2013; 53 percent of plans offered phone access to financial advisers versus 35 percent in 2013; and 47 percent offered managed accounts last year compared to 39 percent. 

See Robert Steyer, Aon Hewitt: DC Plans Sharpening Tools for Retirement Planning, Pensions & Investments, Jan. 14, 2015.