In a recent PLANADVISER feature, President David Musto discusses the vital role of small businesses in the U.S. economy and the challenges they’ve historically faced in offering cost-effective retirement benefits.
The total number of American workers without access to an employer retirement plan is 55 million. They comprise the “coverage gap,” which is well-known in the industry. “Less known is the ‘quality gap’ between the thousands of small business plans that do exist and their large business counterparts,” states Musto.
He recaps recent innovations in the public and private sectors that are addressing these “twin gaps” and the impact of these enhancements on financial advisors’ practices and the financial lives of millions of Americans.