Only 52 percent of Realtors are actively saving for retirement, according to the National Association of Realtors (NAR) — and nine out of 10 Realtors reported difficulty saving for a rainy day.
The 1.4 million-member trade association is seeking to adjust those numbers with a new partnership with global investment banking giant Morgan Stanley.
In partnership, the duo is offering Realtors investment guidance and other financial wellness resources through the NAR Center for Realtor Financial Wellness, it was announced Friday.
“Through everything we’ve faced in 2020, Realtors have been steadfast and resilient, and our industry has led the nation in its progress toward economic recovery,” Vince Malta, NAR’s president, said in a statement. “But while we work tirelessly on our clients’ behalf each day, it is also critical for every Realtor to take steps to secure their own financial future.”
Through the partnership — which is part of the “Morgan Stanley at Work” initiative — NAR’s members will gain access to financial guidance and planning tools aimed at addressing the unique financial needs of Realtors. The tools provide guidance on a range of issues, including, college savings and retirement and state planning.
NAR members will also gain access to Morgan Stanley Access Investing, the investment firm’s online investing platform at a discounted annual fee of 0.25 percent.
The services aren’t free for members but come at a steep discount. One-time financial consultation is discounted 70 percent to $300. And annual plan and consultation are discounted 40 percent to $1,000, while the enhanced version is offered at $2,500, a 50 percent discount.