Products February 2, 2017

John Hancock RPS Leverages Liveoak Digital Platform

Liveoak Technologies helps retirement plan clients input necessary information from multiple contributors in a simplified process. 

Reported by

John Hancock Retirement Plan Services (JHRPS) has selected Austin, Texas, based digital software provider Liveoak Technologies to provide a solution for the more efficient onboarding of corporate customers.

According to the firms, the Liveoak digital platform will allow John Hancock retirement plan consultants to work remotely with customers to gather plan transition data and complete paperwork. “This remote capability will improve the efficiency of onboarding new retirement plan customers and provide the sales team with more resources and selling time,” the firms suggest.

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With Liveoak’s platform, John Hancock will further gain the capability to “conference with customers to finalize plan decisions and other important data, as well as execute new account paperwork through a strategic partnership with DocuSign.” The firms note that a full conference record of “all key strokes, data, uploaded documents and signatures” is provided through Liveoak’s platform, creating “a complete audit trail.”

Andy Ambrose, CEO of Liveoak Technologies, suggests the firms’ solutions can help retirement plan clients input necessary information from multiple contributors in a much less cumbersome process.  

More information is available at www.liveoak.net. 

Data and Research February 2, 2017

401(k) Balances, Contributions Reach Record Highs in 2016, Fidelity Reports

The average balance was $92,500 at the end of the fourth quarter.
Reported by

Balances and contributions in 401(k) plans, as well as individual retirement accounts (IRAs), reached record levels in 2016, Fidelity Investments reports. 401(k) balances averaged $92,500 at the end of the fourth quarter, rising by an average of $4,300 from the year prior.


Investors opened nearly half a million IRA accounts with Fidelity last year, bringing the total number of IRA accounts on Fidelity’s platform to more than 8.5 million. The average IRA balance was $93,700, up $3,600 from the year before.

The total amount that people contributed to their 401(k) plan in 2016, including company matches, averaged $10,200, another record, Fidelity says.

Meanwhile, the percentage of people with an outstanding 401(k) loan dropped to 21%, the lowest it has been since the fourth quarter of 2009.

“Key to a successful retirement strategy is having a solid contribution rate and not tapping your 401(k) for short-term expenses,” says Kevin Barry, president of workplace investing at Fidelity. “More than one in four Fidelity 401(k) savers increased their savings rate in 2016—an all-time high—and the number of people with a 401(k) loan dropped to its lowest point in seven years. This shows people are taking the right steps towards reaching their retirement savings goals and illustrates how the 401(k) is helping millions of people prepare for retirement.”
 

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