It has been said that the only constant thing in life is change. However, many often shy away from embracing change due to its inherent uncertainty and the discomfort it can bring. Nevertheless, within the 401(k) and defined contribution industry, there is an ongoing discourse surrounding the convergence of wealth, retirement, and benefits in the workplace.
While there is ample discussion on this topic, it is evident that actions lag behind the rhetoric. Amid declining fees and margins, it is primarily retirement plan advisors who are taking proactive steps to leverage this convergence. They recognize the need to adapt and seize the opportunities presented by this evolving landscape, driving innovation and reshaping the industry to better serve their clients’ evolving needs.
For a more in-depth exploration of this topic, delve into Fred Barstein’s insightful article in Wealth Management. Barstein provides comprehensive analysis and deeper insights into the convergence of wealth, retirement, and benefits within the 401(k) and defined contribution industry. His article offers valuable perspectives on the current state of the industry, shedding light on the gap between discussion and action.
