PLANADVISER - July/August 2019 - 4

editor's letter
Drawing Attention
E
very year at our annual awards dinner, where we
bring together some of the most noteworthy plan
sponsors, retirement plan advisers, and investment
and recordkeeping providers in our industry, I comment
on the importance of our contribution to the retirement
success of Americans. It's an evening when we all put
corporate goals aside to celebrate the industry's, and
retirement plans', success.
This is one of my favorite events all year, because I truly
believe in the group of people who gather. They represent
an amazing network of retirement plan professionals,
programs and companies that have spurred real innovation.
They have led the effort to develop more efficient plan
designs and administration, helped to grow assets and, ultimately,
improved participant outcomes.
However, this story gets lost all too
often, when our segment of financial
services gets lumped in with the bigger
behemoth industry-and its negative
image overall. In 2016, the American
Association
of
Individual
Investors
stories as we talk about their passions and endeavors: philanthropy.
Much of what I hear hasn't been publicized. I'll speak
to one adviser who has a charitable foundation as a cornerstone
of his practice who references another adviser who has
decided to do something in her local community, who, in
turn, mentions another adviser ... You get the picture. The
culture that these advisers are building speaks to why people
join this business-to help people improve their lives.
The fact that this giving has been a quiet trend, I think,
soft-pedals its importance. The work being done speaks
volumes about the value of our industry-one that Millennials,
and others, should be excited to join.
That's where we at PLANADVISER come in. I am pleased
I am pleased
to roll out a
(AAII) asked 1,904 people, " How much do
you trust the financial services industry
to do what is in the best interest of its
clients? " A whopping 65% of survey
respondents said they " mistrust a lot "
or " mistrust a little. " The same year,
Deloitte released research finding only
15% of consumers believe mutual funds,
investment advisers/brokers or financial
advisers to be highly trustworthy.
This perception is contributing to the graying of adviser
new initiative
that I think is
long overdue:
Advisers
Giving Back.
firms. Last year, the average age of financial advisers was
50-a number that has increased year-over-year, according
to global consulting firm EY. Less than one-quarter (22%)
are under 40 and only 5%, in their 20s. Our industry needs
new blood, but those negative perceptions may discourage
young people from joining it.
Millennials in particular want a career that contributes
to the greater good. Two years ago, a poll conducted by
Morning Consult for Fortune found that nearly two-thirds
in that age group said they'd prefer working for a company
that makes cash contributions to charity or has other philanthropic
programs. For this generation, success is not just
about money.
But for retirement plan advisers, it's never just about
money. One of my favorite questions during our interviews
for Retirement Plan Adviser of the Year (RPAY) is how did
that individual get into the business, and why? It's hard
to quantify their passion and genuine interest in building
better participant outcomes!
Lately, I've noticed a new thread weaving through advisers'
to roll out a new initiative that I think is long overdue:
Advisers Giving Back.
This recognition is not a contest. There
will be no " winners " here-it's not for us
to say one person's or group's initiatives
are more or less worthy than another's.
Each month,
on
PLANADVISER's
website, we'll roll out a profile of an
adviser or advisory practice that has
undertaken some philanthropic endeavor.
It might be a local community service
event, or it might be an outreach with a
global footprint. It could also be volunteering
or fundraising-we won't restrict
recognition to only social action.
Besides to highlight the good being
done by retirement plan advisers and to
attract a new generation, we hope these
stories will help those of you who have yet to figure out
the role of corporate responsibility or philanthropy in your
practice. We hope they'll give you insights for embracing
such initiatives in your culture.
If anyone needs another reason to try philanthropy:
A recent analysis of 350,000 surveys taken by organizations
certified by Great Place to Work found a connection
between organizational giving and employee behaviors.
Employees who said their employers made a positive impact
in the world were more likely to: give extra to get the work
done; stay with an organization for the long haul; and look
forward to coming to work. All things employers appreciate.
We will begin to profile these advisers on PLANADVISER
.com this month, and I encourage advisers to contact me
about what they-or their peers-are doing in this area.
Submissions describing the initiatives should include information
about who in the adviser practice is participating,
the location and dates of volunteerism/fundraising/etc.,
details about the group benefiting from the adviser's work,
and anything else that's relevant. Photos are welcome, too!
-Alison Cooke Mintzer, Editor-in-Chief
4 | planadviser.com July-August 2019
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PLANADVISER - July/August 2019

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