PLANADVISER - September/October 2022 - 17
beyond 401(k) / cover story
As the plan
adviser role
evolves, what
may the
future hold?
ABOUT 15 TO 20 YEARS AGO, retirement plan advisers began to recognize, and respond to,
an expanding opportunity to serve plan sponsors in a fiduciary capacity. Their goal was to
concentrate on retirement plans exclusively, to focus on selling strategic plan consulting
services and to separate themselves from individual wealth management.
More recently, an evolution has taken place in the advisory industry-one embracing
a concept that is both foreign and, for many, ultimately familiar. Jennifer Doss, senior
director of defined contribution practice at CAPTRUST in Raleigh, North Carolina, sums it
up in two words: " holistic services. "
Doss recalls when she joined CAPTRUST, in 2007. " Back then, you made recommendations
on investments, and that was the real basis of what our clients engaged us for. Today,
things have become much more comprehensive, " she says. " Much of the investment oversight
and management is completely outsourced to the adviser, and the client relationship
is so much more strategic. "
Many advisers are, in fact, taking that relationship further, seeking ways to offer
unconflicted services to both plan sponsors and plan participants, often by the adviser
limiting his work with individual wealth management and rollover clients.
During his time in the industry, says Christian Mango, national practice leader at Alera
Group Retirement Plan Services, in Deerfield, Illinois, retirement plan advisers have been
seeing accelerated market compression and increasingly commoditized services. While
this means many firms are being asked to deliver more services for the same fee, it also is
driving efficiency, he notes. He says firms are adding various new offerings that solve for a
range of participants' broader needs, across household budgeting, emergency savings and
other areas that traditionally fell outside plan advisers' purview.
For those firms, suggests Joe DeNoyior, a long-term adviser who now serves as president
of Hub Retirement and Private Wealth in Chicago, the industry's service model has
become " an all-encompassing approach that includes financial planning, wellness and
a focus on client outcomes-especially to help clients who are nearing retirement with
Art by Gérard DuBois
planadviser.com September-October 2022 | 17
http://www.planadviser.com
PLANADVISER - September/October 2022
Table of Contents for the Digital Edition of PLANADVISER - September/October 2022
The Possibilities Ahead
The Full Potential
2022 PLANADVISER National Conference
NQDC Investment Menus
Reg BI’s Impact on 403(b)s
PEPs’ Slow Growth
Scaling for the Future
Rollover Rules for 457(b) Plans
Jorge Bernal
PLANADVISER - September/October 2022 - Cover1
PLANADVISER - September/October 2022 - Cover2
PLANADVISER - September/October 2022 - 1
PLANADVISER - September/October 2022 - 2
PLANADVISER - September/October 2022 - 3
PLANADVISER - September/October 2022 - 4
PLANADVISER - September/October 2022 - 5
PLANADVISER - September/October 2022 - 6
PLANADVISER - September/October 2022 - 7
PLANADVISER - September/October 2022 - 8
PLANADVISER - September/October 2022 - 9
PLANADVISER - September/October 2022 - 10
PLANADVISER - September/October 2022 - 11
PLANADVISER - September/October 2022 - 12
PLANADVISER - September/October 2022 - 13
PLANADVISER - September/October 2022 - 14
PLANADVISER - September/October 2022 - 15
PLANADVISER - September/October 2022 - The Possibilities Ahead
PLANADVISER - September/October 2022 - 17
PLANADVISER - September/October 2022 - 18
PLANADVISER - September/October 2022 - 19
PLANADVISER - September/October 2022 - 20
PLANADVISER - September/October 2022 - 21
PLANADVISER - September/October 2022 - The Full Potential
PLANADVISER - September/October 2022 - 23
PLANADVISER - September/October 2022 - 24
PLANADVISER - September/October 2022 - 25
PLANADVISER - September/October 2022 - 2022 PLANADVISER National Conference
PLANADVISER - September/October 2022 - 27
PLANADVISER - September/October 2022 - 28
PLANADVISER - September/October 2022 - 29
PLANADVISER - September/October 2022 - NQDC Investment Menus
PLANADVISER - September/October 2022 - 31
PLANADVISER - September/October 2022 - Reg BI’s Impact on 403(b)s
PLANADVISER - September/October 2022 - 33
PLANADVISER - September/October 2022 - PEPs’ Slow Growth
PLANADVISER - September/October 2022 - 35
PLANADVISER - September/October 2022 - Scaling for the Future
PLANADVISER - September/October 2022 - 37
PLANADVISER - September/October 2022 - 38
PLANADVISER - September/October 2022 - Rollover Rules for 457(b) Plans
PLANADVISER - September/October 2022 - Jorge Bernal
PLANADVISER - September/October 2022 - Cover3
PLANADVISER - September/October 2022 - Cover4
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