by Georgia Charter Schools Association
Top 10 benefits of working with a financial professional
Encouraging educators to meet with a financial professional could help them feel more confident and prepared for retirement. According to a recent study by AXA Equitable, K-12 403(b) plan participants who worked with a financial professional are better off than those who manage their account alone. Here’s why:
- They end up with higher account balances. Do you want employees to save more for retirement? Then they should probably be working with a financial professional. According to the survey, those who worked with a financial professional had double the median account balances than those who did not work with one.
- They start saving earlier. Over half of the survey respondents said they enrolled earlier because of their financial professional’s influence. Younger respondents (25-44 years old) felt even stronger – 64 percent in this age group attributed saving earlier to their financial professional.
- They contribute more. In the survey, average contribution levels were 49 percent higher for participants who worked with a financial professional and they increased their contributions 24 percent more frequently since opening their account.
- Their money is more diversified. Plan participants who worked with a financial professional invested in an average of 15 percent more funds than those who did not. As you know, diversification is important to help smooth out the inevitable ups and downs of the market.
- They have greater confidence in the quality of their investment choices. Over half of survey participants who worked with a financial professional are more confident in the quality of their investment choices, compared to 42 percent of those who did not work with one.
- They are more satisfied with their account performance. Working with a financial professional can provide positive emotional benefits, like feeling extremely or very satisfied with their account performance – 59 percent of those working with a financial professional felt this way vs. only 47 percent of those not working with one.
- They feel more confident that they’ll reach their retirement goals. 64 percent of participants who worked with a financial professional felt confident they would reach their retirement goals, while only 56 percent of those not working with one felt this way.
For more information on how AXA Advisors can help you and your schools please contact:
Stephen Dunbar
Executive Vice President
780 Johnson Ferry Rd
Suite 600
Atlanta, GA 30342
Phone: 4047602303
E-mail: stephen.dunbar@axa-advisors.com
Georgia Charter Schools Association
The Georgia Charter Schools Association (GCSA) is the membership organization for Georgia’s charter school operators and petitioners, established in 2001. Our mission is to be an effective advocate and service provider for all charter public schools in Georgia.
