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Featured Advisor



Ed Meek
CEO/Investment Advisor

Edge Portfolio Management

City:Winfield

State: IL



BIOGRAPHY:
At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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Getting To Know The DC Participant

Today's defined contribution plan participant is married and averaging six figures a year in income from all sources. 

| BY Kent McDill


Who are these people who participate in a defined contribution plan through their employers?

Well, Spectrem is here to tell you.

Spectrem’s first report in its quarterly DC Participant series is Financial Attitudes and Concerns of Retirement Plan Participants.  Studying the financial habits of investors with defined contribution plans of $10,000 or more, Spectrem identified who these people are based on age, gender and other considerations.

In terms of age, there is an even split at the age of 45, half above and half below. Almost 30 percent are under the age of 36, while 31 percent are over the age of 54.

The female-male split was 53 percent to 47 percent. Plan balances are split, with 37 percent owning balances between $10,000 and $49,000 and just over a third with balances of $100,000 or more. Three quarters of plan participants are married and another 8 percent are living with a partner.

Ninety-five percent of defined contribution plan participants have an annual income, and almost 80 percent receive investment income. Annual income comprises the largest dollar amount of income for the DC plan participants by a large margin. The average annual income is $128,000.

Almost half (46 percent) of defined contribution plan participants have retirement income, including Social Security and retirement distributions, with a mean annual value of $41,000.

Defined contribution plan participants are an independent lot, at least when it comes to making investments. Almost 60 percent consider themselves self-directed investors, meaning they make all of their investment decisions without the aid of a financial advisor. Thirty-percent classify themselves as event-driven investors, who do most of their own investing and contact an advisor only in case of big-ticket needs such as retirement planning or asset allocation advice.

Only 5 percent consider themselves advisor-dependent, allowing a financial advisor to make all of their decisions.



About the Author


Kent McDill

kmcdill@spectrem.com

Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.

In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.

McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.

McDill is the father of four children, and an active fan of soccer, Jimmy  Buffett and all things Disney.