In a recent Pensions & Investments article titled HUB Retirement President Sees Teachable Moment in Market Volatility, Joe DeNoyior, President of HUB RPW, is interviewed about what our firm is communicating to clients in the current market climate, and how our advisors are approaching other trending topics within retirement programs.
The interview, in a Q&A format, begins with Joe answering what retirement plan sponsors should be thinking about given the recent market volatility and uncertainty about the economy. He notes that while re-evaluating investment lineups never hurts, if they’ve been following a process, their lineups are most likely appropriate.
In times of market uncertainty, emotions can run high for investors. Joe gives insight into how HUB advisors are getting in front of retirement plan participants to educate them on dealing with volatility and using the swings as a teachable moment. He notes the importance for them to be comfortable with their asset allocation. Those with risk-appropriate, diversified allocations tend to stay on course more easily during turbulent periods, especially when utilizing managed account solutions and target date funds.
Joe reveals the two most common questions he’s received from plan participants:
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- “Should I move my money?” Also, “Can I stop my 401(k) contribution because it seems to be just losing money?”
- “Can I move my money out of my funds into the cash account?”
He responds to this client anxiety by encouraging continued saving as a habit, and reminding them why sticking with a well-diversified, age-appropriate allocation is often wiser than reacting to short-term market swings with impulsive moves that can derail long-term outcomes.
The interview also covers how HUB’s financial wellness program, FinPath, can assist participants in gaining knowledge and confidence in this turbulent climate. With one-on-one coaching, powerful money tools and courses, FinPath helps move individuals from surviving to thriving.
Finally, the interview concludes with Joe explaining HUB RPW’s approach to retirement trends, including using AI in plan operations, Social Security concerns, and the desire for a more holistic total rewards benefit backage.
“Companies that we serve are looking for more holistic advice on their benefit plans. Are they doing the right things to attract and retain a workforce, and are they making a difference in workers’ lives? That hasn’t been asked before. This has intensified since COVID. It’s refreshing because we have the opportunity to have that holistic conversation, take a look at the total reward package, and the DC [defined contribution] plan is only a tiny portion of that. The conversation gives rise to making sure they have a financial wellness program because that impacts wellness as a whole. I call it mind, body, spirit and wallet.”
– Joe DeNoyior, President of HUB RPW
HUB RPW’s financial professionals are here to give you the perspective and guidance you need to help you survive market turbulence. Find a HUB Advisor and visit our Market Commentary page to read the latest insights by the HUB Investment Research Team.
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