Regional Vice President of Sales The Retirement Plan Company
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Loan & Distribution Specialist AimPoint Pension
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Compass
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Bates & Company, Inc.
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AimPoint Pension
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Press Release An Advisor Friendly HSA Solution |
Issued by ABG Retirement Plan Services [ABG] Apr. 1, 2019 |
March 29, 2019 -- MyHSA announced a strategic partnership and collaboration today debuting a truly unique, advisor distributed Health Savings Account (HSA) solution. HSA discussions have flooded the retirement plan marketplace over the past year, but very few providers have created a solution built specifically for advisors working with employers. MyHSA has created an investment-friendly, advisor-friendly HSA solution available for the employer-sponsored HSA market. This unique solution brings together multiple firms to deliver a best-in-class HSA platform that applies innovative investment solutions and best-practices from the 40-year evolution in the defined contribution retirement market. According to a recent study from Franklin Templeton, paying for health-related expenses in retirement is the number one expense concern across individuals of all ages. Additionally, nearly half (48%) of individuals say they do not know how they will pay their medical expenses in retirement. That number is cut in half (25%) for individuals currently using an HSA./1/ Todd Kading, President of LeafHouse Financial, says, "With the enormous tax benefits of saving and investing in an HSA, LeafHouse has always believed that there needed to be a scalable solution for advisors to help their clients realize HSA investing benefits to prepare for medical expenses in retirement. MyHSA is that scalable solution." LeafHouse Financial will be the investment manager, and the investment menu will consist of mutual funds from Franklin Templeton, Lord Abbett, MFS Investment Management and State Street Global Advisors. "We're excited about the opportunity to participate in such an innovative HSA solution built for savers and investors," said Kevin Murphy, Head of Defined Contribution Strategic Accounts for Franklin Templeton. The platform also has the ability to pay an asset-based advisory and education fee to the fee-based advisor hired by the sponsoring employer. According to MyHSA, the lack of awareness about HSA's is the biggest concern to address. "We believe advisors, especially those with a focus on the retirement plan market, are in the best position to provide education about HSA's to employees," said Paul Oakford of MyHSA. "This platform will enable and empower advisors to discuss saving specifically for health care expenses in retirement, which is often times best achieved by saving in an HSA," Oakford added. According to Devenir Research, total HSA assets reached $53.8 billion as of 12/31/18, including total invested HSA assets of $10.2 billion. The invested portion increased 23% from 12/31/17, which is why it is so important for the financial services community to embrace HSA's as an integral part of the future framework of retirement savings in America. Additionally, Devenir also reports that HSA contributions totaled approximately $33.7 billion in 2018, which represents a 22% increase from 12/31/17./2/ "We are extremely pleased to have our products available to play a meaningful role on this innovative platform and to help investors achieve their financial goals," said Ryan Franken, Director, Defined Contribution Relationship Management at Lord Abbett. MyHSA contact information: About MyHSA About LeafHouse About Franklin Templeton About Lord Abbett About MFS Investment Management About SSGA /*/ This figure is presented as of December 31, 2018 and includes approximately $32.44 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated /1/ The Franklin Templeton Retirement Income Strategies and Expectations (RISE) survey was conducted online among a sample of 2,002 adults comprising 1,000 men and 1,002 women 18 years of age or older. The survey was administered between January 17 and 28, 2019, by Engine's Online CARAVAN®, which is not affiliated with Franklin Templeton. Data is weighted to gender, age, geographic region, education and race. The custom designed weighting program assigns a weighting factor to the data based on current population statistics from the U.S. Census Bureau. /2/ Source: Devenir Research, 2018 Year-end HSA Market Statistics & Trends Executive Summary, as of 2/27/2019. BL:hh |
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