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There are some great opportunities for advisors to bring more value to their clients. The
first is to really sit down, discuss and document plan objectives, and help bridge the gap between
where a plan is today and where the plan needs to be. Secondly, using regular plan reviews
to discuss best practices, to discuss new insights, all with the objective of better
aligning those plans, objectives and goals to the design of the program. Third, making
sure that plan sponsors are well aware of their fiduciary responsibilities, and helping
plan sponsors better understand how changes in the environment ultimately lead to implications
in the way they're delivering and designing their programs.
There's also a wonderful opportunity for advisors to better integrate and coordinate the various
components of DC plans--from plan design to investments, to communication, to plan administration,
ensuring that all of those components are well-harmonized--is a really impactful way
to bring more value to a client relationship. And then finally, helping plan sponsors understand
how changes in plan design will actually impact the behaviors, both saving and investing behaviors,
of participants is very important--understanding how those behaviors in turn will ultimately
lead to better retirement outcomes. Connecting the dots between plan design, participant
behaviors and, ultimately, retirement outcomes is one of the greatest services an advisor
can bring to their plan sponsor client.