Mike Hennessy, CFA, CFP®, was quoted in Barron’s in their December 2019 article, “SECURE Act Could Benefit Retirement Plan Advisors.” Barron's is a leading source of financial news, providing in-depth analysis and commentary on stocks, investments and how markets are moving across the world.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act contains a provision allowing businesses of different sizes and sectors to band together to offer multiple-employer retirement plans. It also boosts tax credits to $5,000 from $500 a year for three years for small businesses that create new retirement plans. The aim is to boost the number of employers sponsoring retirement plans for their workers.
Financial advisors working with small business owners might see more business. If an advisor’s "secret sauce" is developing and overseeing low-cost plans for small businesses, then scalability is now on the table in a manner that didn’t exist before the SECURE Act, said Mike Hennessy, founder and CEO of financial advisory firm Harbor Crest Wealth Advisors in Fort Lauderdale, Florida. The SECURE Act, a bipartisan bill designed to aid Americans' ability to save for retirement, was signed into law on December 20, 2019. The SECURE Act was created to ease the looming retirement savings crisis.
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