Animal Spirits Podcast Talk Your Book: How Advisors Can Manage 401k Accounts
Mar 14, 2022
Dave Goldman, Chief Business Officer at Pontera, shares insights on managing held-away 401k accounts for better retirement outcomes. He discusses the shifting landscape from pensions to personal responsibility, emphasizing innovative strategies for financial advisors. Goldman explores how technology can streamline account management and improve client interactions, especially during market volatility. He also details his company's rebranding journey, reflecting a deep commitment to client-focused solutions.
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Holistic Wealth Management
- Advisors are shifting from transactions to holistic wealth management.
- Studies show a 3-4% annual benefit for clients when all assets are managed together.
Growth of 401k Assets
- 401ks hold about $7 trillion, and this is expected to double in the next decade.
- This highlights the importance of advisor involvement in managing these assets.
Manual 401k Management Challenges
- Previously, advisors struggled with manual 401k management, relying on client-provided statements.
- This often resulted in giving clients "homework" to rebalance their own accounts.