403(b) plan participants who use an advisor can benefit from the experience both financially and emotionally, according to a new study by AXA US. A 403(b) plan is a tax-advantaged retirement plan used largely by teachers in U.S. public schools.
Results of the "Enhancing Outcomes" study
Due to the challenges inherent in quantifying how advisors add value to plan participants’ retirement goals, AXA US commissioned a study to help quantify the value of their service to 403(b) plan participants.
- Using an advisor has measurable financial benefits to the 403(b) participant.
- Participants attribute contributing earlier and more to their 403(b) plans to working with an advisor.
- Participants who work with an advisor reported higher confidence in and higher satisfaction with their 403(b) and with their retirement savings overall.
- A deep, working relationship with an advisor enhances the benefits.
Director, Head of Emloyer Sponsored Market Product Development and Implementation, AXA US
Keith Leads AXA’s Employer Sponsored Market Product Development and Implementation Team. He is responsible for designing and launching products for Defined Contribution (DC) markets, including In-Plan income guarantees. His team also maintains numerous legacy DC products. He has published articles on a variety of issues pertaining to the DC markets.
Keith began his financial services career by selling 403(b) and related products to college professors and was a consultant in McKinsey & Company’s Insurance Practice prior to joining AXA in 2002. He holds an MBA from New York University’s Stern School of Business and a B.A. from Colgate University.
Lead Manager, Insights, AXA US
Fiona is a Lead Manager on the Insights & Analytics team with a focus on Employer-Sponsored research topics. Fiona brings 17 years of market research experience to her role. She has been turning proprietary market research into business recommendations in the financial services industry for 9 years. Prior to joining AXA, she served as a Director of Customer Insights at New York Life. A strong supporter of Employee Resource Groups, Fiona co-chairs the Developing Professionals Network. Fiona earned a B.A. in sociology at Dartmouth College.