The retirement industry is changing quickly, but are advisors and providers focusing on what plan sponsors actually need?
From artificial intelligence and industry consolidation to retirement income solutions and new investment options, there’s no shortage of developments reshaping the 401(k) landscape.
But for many employers, the priorities are much more practical.
Plan sponsors are juggling compliance requirements, fiduciary responsibilities, rising costs, employee engagement and the everyday challenges of running a retirement plan. Many are doing so with limited time, training and resources.
Meanwhile, advisors, recordkeepers and other providers are competing to expand their services as retirement planning, wealth management and employee benefits become more connected.
The challenge is making sure the needs of employers, and their employees don’t get lost in the process.
Fred Barstein argues that the industry needs to focus less on selling products and more on simplifying plan management, building trust and helping employers improve retirement outcomes.
