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Press release:

Cetera Enhances Retirement Plan Advisory Platform to Include Advice Delivery for Health Savings Accounts

Issued by: Cetera

Date: Feb. 6, 2019

LOS ANGELES, Feb. 6, 2019 -- Cetera announced today that it is expanding its Retirement Plan Advice & Consulting Platform to include the delivery of advice to Health Savings Account (HSA) plans and other non-ERISA employer sponsored plans.

Cetera's Plan Advice & Consulting Platform, which already includes an advisory agreement that allows advisors to provide advice to plan sponsors on their retirement plans, will now also enable advisors to provide advice to employers on their HSA plans.

"As the cost of health care continues to skyrocket, the ability to couple high deductible health plans and HSAs is important," said Kaci Skidgel, President, Retirement Plans, for Summit Financial and an advisor with Cetera Advisor Networks. "I think Cetera is smart to recognize the potential and invest in this strategy. The market is evolving and needs advisory support and counsel. For advisors who already act as investment fiduciaries on the 401(k) it will be natural to capture the HSA assets and add value to the employers they serve."

HSAs are increasingly becoming a useful retirement savings tool for Americans, with advisors being asked to advise employers on HSA plans and investments.  According to the Employee Benefits Research Institute (EBRI), enrollment in high-deductible, HSA-eligible health plans was estimated to be between 20.2-22.6 million policyholders and their dependents, as well as covered nearly 3 in 10 employees in 2016: most HSAs in the EBRI HSA Database are relatively new; more than 3 in 4 HSAs (77 percent) have been opened since 2013. What's more, Denevir Research reported that in 2018, HSA assets exceeded $50 billion. HSA consumers had accumulated $51.4 billion in their HSAs at the end of June 2018, a year over year increase of 20.4 percent.

Jon Anderson, Head of the Retirement Planning Solutions at Cetera, said, "With this capability now part of Cetera's Plan Advice & Consulting Platform, Cetera is continuing to support our advisors who provide comprehensive advice and consulting to their business owner clients. It helps advisors deliver an Advice-Centric Experience(tm), by enabling advisors to enhance the value they bring to clients and plan sponsors through holistic advice that isn't just limited to the 401(k) plan. It creates an entirely new advice channel for advisors to help their clients achieve their financial goals."

About Cetera Financial Group®
Cetera Financial Group ("Cetera") is a leading network of independent firms empowering the delivery of professional financial advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions. Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.                                        

Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations. Advisor support resources offered through Cetera include award-winning wealth management and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology. For more information, visit cetera.com.

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