/ by Matt Golda

Are Your Client’s Retirement Plans Working? No. And Here’s Why.

An Advisors Guide to Fixing the Retirement Plan Crisis

A Bleak Outlook: Savings Crisis Facts

It’s no secret that Americans are severely underprepared for retirement. With social security looking less and less likely to provide for younger generations as the years roll on, retirement plan advisors have a duty and a responsibility to encourage people to save.

Encouragement is only part of the picture, however. There are a number of reasons why Americans aren’t saving for retirement:[1]

40.1% say they don’t make enough money
24.9% say they are struggling to pay bills
10.3% say they don’t think they need retirement savings
9.9% say they have used their retirement savings for an emergency
9.2% say their company doesn’t offer a 401(k) plan
5.7% say they are prioritizing paying down debt

In addition to the savings crisis, there is still large discrepancies in the way retirement plan advisors service their clients from the IPS, plan design, employee education, and more. … Read More

/ by Matt Golda

Love It or Hate It, Time Tracking is Important for Retirement Plan Advisors

Love It or Hate It, Time Tracking is Important for Retirement Plan Advisors

Have you ever looked up from your work, glanced at the clock to astonishingly find that it is already 5:00 pm? In that moment, you can’t help but wonder, “Where has the day gone?” It feels like you were just debriefing from your 10:00 am meeting and now another day is coming to a close.

Whether you are preparing for an annual committee meeting, meeting with wholesalers or responding to RFPs, monitoring how you spend your time is important. Which is why, actively practicing your time management skills during the working day is crucial to the productivity and health of your retirement plan practice.

Believe it or not, effectively tracking your time leads to generating more revenue for your firm. Think about it like this: You have contracted 12 hours per quarter dedicated to ABC Company from back-end plan administration to committee meetings. However, if a client is requesting more of your … Read More

/ by Matt Golda

Steps to De-Risk Your Plan Advisory Practice During 2019

Steps to De-Risk Your Plan Advisory Practice During 2019

Steps to De-Risk Your Plan Advisory Practice During 2019

If you have been in the industry as long as we have, you’ve experienced the effects of a market downturn. Historical bear markets, the disastrous financial crisis of 2008, and the recent swings of volatility causing severe panic among investors. Although institutional business is slightly more insulated, plan sponsors and participants are starting to feel anxious about their 401(k) plan.

Advisors charging asset-based fees may be first to feel tremors: annual plan revenue is directly affected by severe market fluctuation. When the stock market is on the rise, everything is great; your revenue also experiences the uptick. However, if the stock market rapidly declines, your annual plan revenue will too. Assuming a typical plan asset allocation, we estimate that for every 10% of stock market value lost, asset-based advisor fees could decline by around 6% – not inconsequential when … Read More