Despite the massive success of the U.S. defined contribution (DC) retirement system—with over $12 trillion in assets—many plans are managed by undertrained HR and finance professionals, leaving participants vulnerable. Advisors serve as the critical safeguard in this complex system, especially as fiduciary risks and provider conflicts grow.
However, being a great retirement plan advisor requires more than managing fees, funds, and fiduciary compliance—it requires courage. Courage to speak uncomfortable truths to clients, prioritize participants over profits, challenge subpar providers (even at the risk of losing business), and resist pressures from distribution-focused partners.
True advocacy goes beyond legal duty. Advisors who act with integrity and boldness—not just compliance—will not only elevate outcomes for sponsors and participants but also build stronger, more meaningful practices for themselves.
Read more insights in Fred Barstein’s latest Wealth Management article: “What Does It Take To Be a Great Retirement Plan Advisor?“
