PLANADVISER - March/April 2021 - 26

plan design | solutions
Overcoming Obstacles
Strategies to manage client resistance to plan design changes
A
s part of the onboarding process with a new adviser,
most plan sponsors expect a thorough review of their
plan documents and plan design, says Mike Shamburger,
head of core markets at T. Rowe Price Retirement
Plan Services in Baltimore. " It's important for the adviser to
demonstrate value in this respect, not only at the beginning
of the relationship but also on an ongoing basis, " he says.
At a minimum, advisers should review the plan document
with their clients' plan committee at least once a year.
These reviews would include looking for any numbers or
facts that need to be updated, letting these be a springboard
to broader discussions about plan design and whether it
may be appropriate to consider or make changes. Regular
reviews are part of the process of working with clients, says
Steve Wilt, a principal at CAPTRUST, in Akron, Ohio.
" We start with the big picture-things such as company
match, eligibility and vesting, " he says. " Then we dig into
plan design opportunities such as automatic enrollment,
automatic increase, re-enrollment. And we fine tune it from
there, looking at how many loans the plan offers, and Roth
and distribution options in the plan. "
More than 80% of plan sponsors made changes to their
26 | planadviser.com March-April 2021 Art by Arom Ju

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PLANADVISER - March/April 2021

Table of Contents for the Digital Edition of PLANADVISER - March/April 2021

A Season for Change
Through the Ages
Overcoming Obstacles
A Plan Feature Run Wild
Not Just Retirement Services
Take It Past the Limit
Lifetime Income Illustrations
Wanna Be a PPP?
PLANADVISER - March/April 2021 - Cover1
PLANADVISER - March/April 2021 - Cover2
PLANADVISER - March/April 2021 - 1
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PLANADVISER - March/April 2021 - 15
PLANADVISER - March/April 2021 - A Season for Change
PLANADVISER - March/April 2021 - 17
PLANADVISER - March/April 2021 - 18
PLANADVISER - March/April 2021 - 19
PLANADVISER - March/April 2021 - Through the Ages
PLANADVISER - March/April 2021 - 21
PLANADVISER - March/April 2021 - 22
PLANADVISER - March/April 2021 - 23
PLANADVISER - March/April 2021 - 24
PLANADVISER - March/April 2021 - 25
PLANADVISER - March/April 2021 - Overcoming Obstacles
PLANADVISER - March/April 2021 - 27
PLANADVISER - March/April 2021 - 28
PLANADVISER - March/April 2021 - 29
PLANADVISER - March/April 2021 - A Plan Feature Run Wild
PLANADVISER - March/April 2021 - 31
PLANADVISER - March/April 2021 - 32
PLANADVISER - March/April 2021 - 33
PLANADVISER - March/April 2021 - Not Just Retirement Services
PLANADVISER - March/April 2021 - 35
PLANADVISER - March/April 2021 - Take It Past the Limit
PLANADVISER - March/April 2021 - 37
PLANADVISER - March/April 2021 - Lifetime Income Illustrations
PLANADVISER - March/April 2021 - Wanna Be a PPP?
PLANADVISER - March/April 2021 - 40
PLANADVISER - March/April 2021 - Cover3
PLANADVISER - March/April 2021 - Cover4
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