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3 Ways to Help Your Customers with Their Retirement Plan

Posted by Kelly Tramontano   |  August 3, 2017 at 10:03 AM

Financial institutions have a unique role in serving as another arm of their customer's financial education. Even in this day and age of Google, where consumers can find answers to almost any of their questions with the click of their mouse, sometimes it's still more beneficial to sit and talk one-on-one with a trusted professional. While most consumers understand that not all information on the web is created equal, the fact of the matter is, even with the endless amount of financial education that is digitally available to consumers, there is still a lack of financial literacy. Inside your customer database, particularly when it comes to the importance of retirement savings, you'll likely find a population of customers that have not partaken in retirement-saving activities. In fact, according to a survey conducted by Wells Fargo in 2014, 34% of middle-class Americans were not contributing to any kind of retirement savings account.

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Preparing for a 401(k) Audit: Yes, They Really Do Exist

Posted by Reuben Escobedo   |  July 27, 2017 at 11:00 AM

In business, the word ‘audit’ tends to send chills down the spine and upset the stomach. But did you know that if your company offers a retirement plan to your employees, your Plan Sponsor—party designated to administer a retirement plan, usually a company—should be conducting a plan audit?

That’s right; it’s that time of year for 401(k) audits to begin for Plan’s who have over 100 eligible participants at the beginning of the plan year. Now would be a great time for Plan Sponsors to check in with your Plan’s record keeper to see if they have a general audit package they can prepare for you for your audit.

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About the LenderHub Blog

SWBC's LenderHub blog is a one-stop resource for lenders. Come here to learn tips and best practices for risk management, income generation, marketing, operational improvement, and customer retention, as well as to learn about industry trends and SWBC news.