NAICS Code 522180-04 - Savings Plans
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NAICS Code 522180-04 Description (8-Digit)
Hierarchy Navigation for NAICS Code 522180-04
Parent Code (less specific)
Tools
Tools commonly used in the Savings Plans industry for day-to-day tasks and operations.
- Retirement calculators
- Investment calculators
- Savings goal trackers
- Budgeting software
- Tax preparation software
- Financial planning software
- Asset allocation tools
- Risk assessment tools
- Portfolio management software
- Online banking platforms
Industry Examples of Savings Plans
Common products and services typical of NAICS Code 522180-04, illustrating the main business activities and contributions to the market.
- Individual Retirement Accounts (IRAs)
- 401(k) Plans
- 529 College Savings Plans
- Health Savings Accounts (HSAs)
- Roth IRAs
- Traditional IRAs
- SEP IRAs
- SIMPLE IRAs
- Coverdell Education Savings Accounts
- Money Market Accounts
Certifications, Compliance and Licenses for NAICS Code 522180-04 - Savings Plans
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Certified IRA Services Professional (CISP): This certification is offered by the American Bankers Association and is designed for individuals who work with IRA accounts. It covers topics such as IRA contributions, distributions, and rollovers. []
- Certified Retirement Services Professional (CRSP): This certification is also offered by the American Bankers Association and is designed for individuals who work with retirement plans. It covers topics such as plan design, administration, and compliance. []
- Series 6 License: This license is required for individuals who sell mutual funds and variable annuities. It is issued by the Financial Industry Regulatory Authority (FINRA). []
- Series 63 License: This license is required for individuals who solicit orders for securities transactions. It is also issued by FINRA. []
- Series 65 License: This license is required for individuals who provide investment advice or manage investment portfolios. It is also issued by FINRA. []
History
A concise historical narrative of NAICS Code 522180-04 covering global milestones and recent developments within the United States.
- The Savings Plans industry has a long history dating back to the early 19th century when the first savings banks were established in Europe. These banks were created to provide a safe place for people to save their money and earn interest. In the United States, the first savings bank was established in Philadelphia in 1816. The industry continued to grow throughout the 20th century, with the introduction of new savings products such as certificates of deposit and money market accounts. In recent years, the industry has faced challenges due to low interest rates and increased competition from online banks and other financial institutions.
Future Outlook for Savings Plans
The anticipated future trajectory of the NAICS 522180-04 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
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Growth Prediction: Stable
The Savings Plans industry in the USA is expected to grow in the coming years due to the increasing demand for retirement savings plans. The industry is expected to benefit from the aging population, which is expected to increase the demand for retirement savings plans. Additionally, the industry is expected to benefit from the increasing number of people who are self-employed or work for small businesses, who are looking for retirement savings plans. The industry is also expected to benefit from the increasing use of technology, which is making it easier for people to access and manage their retirement savings plans. However, the industry is also facing challenges such as increasing competition from other financial institutions and regulatory changes. Overall, the industry is expected to grow in the coming years, but it will also face challenges that will require it to adapt and innovate to remain competitive.
Industry Innovations for NAICS Code 522180-04
Recent groundbreaking advancements and milestones in the Savings Plans industry, reflecting notable innovations that have reshaped its landscape.
- Digital Savings Plans: Many companies are now offering digital savings plans that allow customers to manage their retirement savings plans online. These plans offer greater flexibility and convenience for customers, and they are also more cost-effective for companies.
- Target-Date Funds: Target-date funds are becoming increasingly popular in the Savings Plans industry. These funds automatically adjust the asset allocation of a retirement savings plan based on the target retirement date of the investor. This makes it easier for investors to manage their retirement savings plans and reduces the risk of investing in the wrong assets.
- Socially Responsible Investing: Many investors are now looking for retirement savings plans that align with their values. As a result, many companies are now offering socially responsible investing options for their retirement savings plans.
- Automatic Enrollment: Many companies are now automatically enrolling their employees in retirement savings plans. This helps to increase the number of people who are saving for retirement and reduces the burden on employees to enroll themselves.
- Personalized Advice: Many companies are now offering personalized advice to their customers to help them manage their retirement savings plans. This advice is often based on the customer's age, income, and other factors, and it can help customers make better decisions about their retirement savings plans.
NAICS Code 522180-04 - Savings Plans
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