PLANADVISER - July/August 2021 - 20
research / 2021 PLANADVISER Small-Plan Services Survey
Plan options that are good for
small businesses, profitable for advisers
W
hen one thinks of an employer-sponsored retirement plan, generally 401(k),
403(b) and 457(a) plans come to mind. But these are most useful for medium
and large businesses, thus, generally speaking, leaving smaller organizations
without some key vehicles for saving.
" Offering a retirement savings plan is crucial in helping employees feel more
secure in their financial journey and therefore more secure in their work, " says Jerry
Patterson, senior vice president for the retirement and income solutions team at Principal
Financial Group in Des Moines, Iowa. " But it's also important for retaining and
drawing talent. This is particularly critical in the current tight labor market. "
New legislation, including the Securing a Strong Retirement Act of 2021-aka
the SECURE Act 2.0-would enable millions more workers to build savings through
employer-provided retirement plans that offer automatic enrollment or through
pooled employers plans (PEPs). Offering such plans to small businesses encourages
workers to save for the short and long term, while increasing talent retention.
Putting a retirement plan in place at these small businesses can prove successful
for financial advisers. Historically, smaller plans were seen as unprofitable, but that
does not have to be the case, says Chad Parks, founder and CEO of Ubiquity Retirement
+ Savings, a 401(k) provider for small businesses, in San Francisco.
Parks worked as a certified financial planner (CFP) in the 1990s, servicing small-plan
clients and, in doing so, noticed the limited availability of retirement plan options and
benefits offerings for these companies. Because small-plan clients had fewer assets, he
says, many advisers chose not to service them for fear of litigation risk, or because they
did not want to invest time or money for a presumably limited return.
He acknowledges that small plans receive more attention today from benefit
providers, so have more to offer their participants. But he points to advisers' ongoing
confusion when it comes to servicing the plans. " The industry has evolved, but these
questions remain for the typical adviser: How do I work with small plans? How do I do
20 | planadviser.com July-August 2021 Art by Katherine Streeter
http://www.planadviser.com
PLANADVISER - July/August 2021
Table of Contents for the Digital Edition of PLANADVISER - July/August 2021
Publisher’s Note
Data Points
Compliance News
Trends
Proposals That Please
2021 PLANADVISER Small-Plan Services Survey: Small Wonders
‘Like’ Me
Building Out Referral Networks
Look Toward The Future
Now A Fiduciary
Cybersecurity And ERISA
Q&A
PLANADVISER - July/August 2021 - Cover1
PLANADVISER - July/August 2021 - Cover2
PLANADVISER - July/August 2021 - 1
PLANADVISER - July/August 2021 - Publisher’s Note
PLANADVISER - July/August 2021 - 3
PLANADVISER - July/August 2021 - Data Points
PLANADVISER - July/August 2021 - 5
PLANADVISER - July/August 2021 - Compliance News
PLANADVISER - July/August 2021 - 7
PLANADVISER - July/August 2021 - 8
PLANADVISER - July/August 2021 - 9
PLANADVISER - July/August 2021 - Trends
PLANADVISER - July/August 2021 - 11
PLANADVISER - July/August 2021 - 12
PLANADVISER - July/August 2021 - 13
PLANADVISER - July/August 2021 - 14
PLANADVISER - July/August 2021 - 15
PLANADVISER - July/August 2021 - Proposals That Please
PLANADVISER - July/August 2021 - 17
PLANADVISER - July/August 2021 - 18
PLANADVISER - July/August 2021 - 19
PLANADVISER - July/August 2021 - 2021 PLANADVISER Small-Plan Services Survey: Small Wonders
PLANADVISER - July/August 2021 - 21
PLANADVISER - July/August 2021 - 22
PLANADVISER - July/August 2021 - 23
PLANADVISER - July/August 2021 - 24
PLANADVISER - July/August 2021 - 25
PLANADVISER - July/August 2021 - 26
PLANADVISER - July/August 2021 - 27
PLANADVISER - July/August 2021 - ‘Like’ Me
PLANADVISER - July/August 2021 - 29
PLANADVISER - July/August 2021 - 30
PLANADVISER - July/August 2021 - 31
PLANADVISER - July/August 2021 - 32
PLANADVISER - July/August 2021 - 33
PLANADVISER - July/August 2021 - Building Out Referral Networks
PLANADVISER - July/August 2021 - 35
PLANADVISER - July/August 2021 - Look Toward The Future
PLANADVISER - July/August 2021 - 37
PLANADVISER - July/August 2021 - Now A Fiduciary
PLANADVISER - July/August 2021 - Cybersecurity And ERISA
PLANADVISER - July/August 2021 - Q&A
PLANADVISER - July/August 2021 - Cover3
PLANADVISER - July/August 2021 - Cover4
https://www.planadviserdigital.com/planadviser/july_august_2021
https://www.planadviserdigital.com/planadviser/may_june_2021
https://www.planadviserdigital.com/planadviser/march_april_2021
https://www.planadviserdigital.com/planadviser/january_february_2021
https://www.planadviserdigital.com/planadviser/november_december_2020
https://www.planadviserdigital.com/planadviser/september_october_2020
https://www.planadviserdigital.com/planadviser/july_august_2020
https://www.planadviserdigital.com/planadviser/may_june_2020
https://www.planadviserdigital.com/planadviser/march_april_2020
https://www.planadviserdigital.com/planadviser/january_february_2020
https://www.planadviserdigital.com/planadviser/november_december_2019
https://www.planadviserdigital.com/planadviser/september_october_2019
https://www.planadviserdigital.com/planadviser/july_august_2019
https://www.planadviserdigital.com/planadviser/may_june_2019
https://www.planadviserdigital.com/planadviser/march_april_2019
https://www.planadviserdigital.com/planadviser/january_february_2019
https://www.planadviserdigital.com/planadviser/november_december_2018
https://www.planadviserdigital.com/planadviser/september_october_2018
https://www.planadviserdigital.com/planadviser/july_august_2018
https://www.planadviserdigital.com/planadviser/may_june_2018
https://www.planadviserdigital.com/planadviser/march_april_2018
https://www.planadviserdigital.com/planadviser/january_february_2018
https://www.planadviserdigital.com/planadviser/november_december_2017
https://www.planadviserdigital.com/planadviser/september_october_2017
https://www.planadviserdigital.com/planadviser/july_august_2017
https://www.nxtbookmedia.com