Tax Reform Opens Opportunities for Advisors

The federal tax reform law passed late last year could boost the business of financial advisors and provide needed assistance to Americans who are preparing for retirement, according to industry experts.
The law has provided many corporate employers with an infusion of cash, which some are using to boost benefits and ramp up retirement plans for their employees. Two-thirds of large and mid-size employers surveyed by Willis Towers Watson said they have made or plan to make changes to their employee benefit offerings. More than a third of those said the changes include offering or expanding personal financial planning services to their employees. More than a quarter said they have increased or will increase contributions to employee 401(k) plans.
InsuranceNewsNet points out that this presents a good opportunity for advisors to gain new business. And the opportunity extends beyond advising employees on their personal retirement planning. The publication notes that a growing number of companies have begun hiring financial advisors to manage their employee benefits and retirement plan offerings. The tax law means more companies will have resources to outsource management of their benefits and retirement plans.
“NAIFA worked with legislators and the administration on behalf of advisors and their clients to ensure that the tax reform law did not adversely impact the ability of workers to save for retirement,” said NAIFA CEO Kevin Mayeux. “We had great success in those advocacy efforts, and it’s an added bonus that the tax law is freeing up money that companies and workers can use to ensure a greater number of Americans can adequately prepare for financially secure retirements.”
  • Posted March 7, 2018 IN

Blog post currently doesn't have any comments.