Over the past few decades, the role of Retirement Plan Advisors (RPAs) has drastically expanded. What once involved basic oversight of investment portfolios and fulfilling fiduciary responsibilities now requires a far more comprehensive approach. RPAs have taken on greater responsibilities, from managing complex record keeper RFPs to transitioning clients towards passive investing strategies. Fred Barstein notes that these shifts have allowed RPAs to create significant value for plan sponsors and participants alike. However, as the expectations grow, only those willing to evolve will remain competitive, as the industry demands more from its top advisors.
To truly stand out, a great RPA must excel in three key areas. First, industry and business expertise is crucial—deep knowledge of ERISA, strong sales capabilities, and the ability to manage a business are all essential. Second, RPAs need to leverage the latest in science and technology, using behavioral finance insights, AI, and data management to better serve their clients. Finally, the human element remains vital. Compassion, selflessness, and vision allow advisors to connect meaningfully with clients, helping them make informed decisions that extend beyond saving for retirement.
As the retirement industry continues to evolve, RPAs who embrace these nine critical attributes will be better equipped to thrive in a competitive market. To dive deeper into what makes a great RPA, read more of Fred Barstein’s latest column in WealthManagement.com titled, “Attributes of a Great Retirement Plan Advisor.”
