As the performance of equities markets pushes employee confidence up, financial advisors need to make sure they still wave the caution sign when it comes to their clients goals, according to Bank of America Merrill Lynch.
The firms quarterly scorecard of 401(k) activity in its own plans shows that quarter-over-quarter trends show positive growth. The firm reported more adoption of automatic increases to employees rate of savings into those plans. That number of plans using this feature grew to 207 from 189, or 9.5%, while the number of employees allowing their savings rate to automatically grow grew by 9.3%. Automatic employee enrollment continues to show more than 90% adoption by employees, with 26,000 employees automatically enrolled in the quarter.
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