Driving Convergence Between Retirement and Wealth

Between state-sponsored auto-IRA programs and the SECURE Acts of 2019 and 2022, there is a renewed focus on American workers who are not yet covered by a workplace savings plan. This focus creates opportunities for wealth advisors and retirement specialists alike.

State mandates to offer plans open the door to workplace savings, enhance benefits for employees, and often prompt business owners to seek more tailored private sector plan solutions. Meanwhile, the role of financial professionals is evolving as today’s savers are looking for holistic guidance which incorporates all aspects of financial wellbeing.

Now, retirement plans for small- to mid-sized businesses can offer:

  • Structured solutions where administrative and co-fiduciary services have been vetted and preselected.
  • Existing client relationship protection by offering non-specialists easy-to-use solutions.
  • A new pipeline of workplace savers who have the potential to become new clients.

Our 2024 Voice of the American Workplace Survey reveals that for the first time, the importance of financial health­, ­­­­­­­­­after experiencing 15% year-over-year growth, has overtaken mental and physical health, when the three are ranked by employees.1 This development suggests advisors may find savers who are as interested in talking about their financial wellness as they ever have been.


Another exciting development is the increasing number of new private sector plans being created. The convergence of state mandates to offer workplace plans and the tax credits provided by the SECURE Act appear to be driving this trend. While some concern was expressed that auto-IRA programs might crowd out private sector plans, early results show the opposite may be true.2