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Small businesses owners need retirement plans, too.

Grow your business with them.

When it comes to small plans, you might be thinking “been there done that.” But this market deserves a fresh look because it’s changed, a lot.
 

The business environment is good, yet recruiting/retaining talent is a challenge. Could a retirement plan help? It could mean tons of new opportunities for you.
 

Here’s why.

Small businesses owners need retirement plans

The future looks bright for small- and medium-sized businesses – those with 500 or fewer employees.

  • More than eight in ten business owners rate their overall business as healthy or very healthy.1
  • With nearly three-fourths (72 percent) reporting they have surplus capital.1
  • Now is a good time for growth according to seven in 10 owners.2
  • And they’re confident about their own future too. Only one in five business owners tells us they don’t plan to retire, down significantly from nearly one-third the year before.3

With the employment market tightening, the competition for talent is heating up.

  • It’s a job seekers market with unemployment just over 4 percent.4
  • Seven in 10 (69 percent) employers say they plan to hire this year [2018]5, which is why SMBs create two out of three net new private sector jobs in the U.S.6
  • But, nearly one-third (31 percent) of employers say they have current jobs they haven't filled because they can't find talent.7

With the anticipated growth in small businesses, it's no surprise that there's also a projected uptick in the small retirement plan market.

  • Nearly 45,000 (44,900) plans and $45.5 billion in assets will be up for grabs in 2018 — representing 89 percent of all plans expected to turnover.8
  • Plus, an estimated 24,500 startup plans could be yours for the taking.8 
  • Through 2022, it’s forecasted that assets under management will grow at a rate of 13 percent each year — to an estimated $1.4 trillion in assets.9,10

Employers are ready, but they need help. They’re waiting for you to reach out to provide direction and guidance.

  • Fewer employers say they're using a financial professional (from eight in 10 in 2015 to seven in 10 in 2017).3
  • Meanwhile, the number of employers who tell us their existing financial professional isn't knowledgeable has nearly doubled over the last two years (from 8 percent in 2015 to 14 percent in 2017).3
  • And the number who say their current FP hasn't even contacted them more than doubled (13 percent compared to 6 percent in 2015).3

The small business market is ripe for benefits right now with more opportunities than ever before.
Don’t miss your chance to be in the right place at the right time.

1 Principal Financial Well-Being Index: Business Owners, September 2017
2 WalletHub says, Small Businesses Trends, April 30, 2018
3 Principal Business Owner Research, July 2017.
4 Bureau of Labor Statistics, April 6, 2018.
5 Heart + Hustle of U.S. Small Business Owners, Square, April 25, 2018
6 2017 Private Capital Access (PCA) Index report, Dun & Bradstreet and Pepperdine Graziadio Business School, December 2017 
7 Survey reveals 5 Small Business Hiring Trends for 2018, CareerBuilder, January 16, 2018
8 Retirement Markets, Retirement Insights, March 2018
9 U.S. Retirement Markets 2017, Cerulli Associates, December 2017.
10 Projected asset growth rate in segments with 499 or fewer participants.