PLANADVISER - May/June 2019 - 4

intro
Looking to the Future
W
here is the retirement plan industry
going? While some retirement plan
advisers will
remain specialists,
Winning Strategies for Retirement Plan Advisers
May-June 2019 | planadviser.com | $30
2019 DCIO Survey
others are expanding their practice to offer
wealth management services, as discussed
in this issue's cover story, " Advisers' Future
Trajectory " (page 20). Some think this blurring
of the lines between private wealth
managers and retirement plan advisers,
particularly in light of the demise of the fiduciary
rule, could be the wave of the future.
They say that retirement plan participants
are asking for the added coverage, especially
as they seek out retirement income
options. In fact, some believe that specialists
will need to embrace a holistic approach to
survive the next decade.
While retirement plan platforms offered by defined contribution investment
only (DCIO) providers have traditionally been open architecture,
Firms confront
a convergence
of retirement
plan and wealth
consulting
" Tangled: The State of the DCIO industry " (page 26) reveals that, lately, this
has reversed somewhat, to a semi-closed architecture with fewer funds on the
investment menu. Additionally, many DCIO providers are working to improve
their value by supplying advisers with qualitative information on funds.
" High-Tech Meets High-Touch " (page 36) details how retirement planning
tools are, in and of themselves, somewhat useless to participants. Advisers
need to step in to show participants how to use these tools and help them
gauge their retirement readiness by factoring in their individual circumstances.
Besides helping them input the right information, advisers can
help narrow the financial wellness focus to topics that resonate with the
individual according to his stage of life, when his needs and objectives may
have changed. Further, advisers can use the tools to obtain information from
participants, which can be invaluable during in-person connections.
Determining a participant's retirement readiness, or how much his savings
will deliver in retirement income, really needs to be done on an individual
basis, as we learn in " Whatever Suits " (page 42). Sources suggest that advisers
find ways to get individualized information from each participant about
his personal financial situation and then schedule a one-on-one meeting to
determine his goals for retirement and whether his savings will be sufficient.
Given that assets in exchange-traded funds (ETFs) have soared in the past
10 years, from $716 billion to $5.02 trillion, it's worth exploring why such
growth has yet to be seen in the retirement plan market. " New Platforms
Support ETFs " (page 46) explores whether offering this investment choice to
participants has merit.
Litigation continues to be a force in the retirement plan industry, and it
can be hard to keep track of all that is going on. " Major Cases " (page 48) examines
four recent lawsuits brought against retirement plans, plus, most notably,
the close of the long-running Tussey v. ABB. After 10 years in court, the parties
in that case have finally reached a $55 million settlement. The plaintiffs had
argued that ABB engaged in self-dealing by using Fidelity Investments for
recordkeeping for the 401(k) plan, the company's pension plan, and a health
and welfare plan, as well as for payroll processing.
We hope these stories help you ask important questions of your practice
and set you on a path for greater profits. -Lee Barney
editor-in-chief: Alison Cooke Mintzer
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