Retirement Plan Advisors should recognize the strategic position and advantages they currently enjoy. Although the retirement plan industry is strapped with incessant attacks from legislative special-interest-groups and out-of-work ambulance chasing attorneys-gone-ERISA, the industry is positioned to positively impact the financial security of hundreds of millions of Americans through the assets amassed via the 401(k) & 403(b) qualified plan network.In a recent article appearing in WealthManagement.com, Founder and CEO of The Retirement Advisor University, Fred Barstein, opines that there are three dominant drivers-of-change which contribute to Retirement Plan Advisors’ opportunities on the horizon. Those opportunities are:
- The convergence of wealth, retirement and benefits at work. It’s as if the DC industry woke up from a 30-plus-year fog to realize that the DC platform is a perfect way to interact with and help workers with all financial and benefit issues, not just retirement, which not coincidentally, has coincided with the elevation of DC plans as the major retirement vehicle for most Americans.
- Plan sponsors are getting smarter, making them better and more discerning consumers rewarding and elevating the better advisors and providers.
- The growing importance of retirement benefits moving from a tactical benefit, where price is most important like health care, to a strategic benefit to enable organizations to recruit and retain better workers.
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