Part 4: Different Plan Types

Part 4: Different Plan Types

Every advisor who responded to the WealthManagement.com survey was involved in the sale and servicing of retirement plans, including defined benefit plans.

Every advisor who responded to the WealthManagement.com survey was involved in the sale and servicing of retirement plans, including defined benefit plans. Almost all advisors (96%) worked with 401(k) plans. Defined benefit plans and 403(b) plans were the next most commonly serviced types of retirement plan among advisors, with half of all advisors (46% and 48%, respectively) working with those plan types.

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By comparison, only one in five (19%) advisors serviced 457 plans. Perhaps not surprisingly, advisors who serviced more institutional plans were far more likely to work with 457 plans (33%) than those with fewer institutional clients. Just 15% of advisors who service 25% or less in institutional plans employ 457 plans, and only 11% of advisors with no institutional plans work with 457s. The advisors with greater institutional exposure were also more likely to handle defined benefits plans compared to advisors with less exposure.

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