If enacted, this new level of disclosure will provide an opportunity for advisors to demonstrate their value to plan participants and sponsors alike. This projection will likely generate questions from participants who will be interested in personalizing the information given the greater knowledge they will have about their retirement income projections and who will be looking for solutions to build and protect their future retirement security.
Opportunities for Advisors
Year-end plan reviews provide a unique opportunity for advisors to articulate their value to clients. In addition to the standard plan review items, it’s important to discuss and prepare clients for anticipated changes in plan operation that may be required by regulatory changes. Knowledge of the major items will instill confidence in retirement plan compliance at a time when other issues may be more pressing.
Robert M. Kaplan, CFP, CPC, QPA, APA, is vice president and national retirement consultant for ING U.S. In this role, he leverages his 30 years of experience in the retirement industry to help educate a variety of stakeholders on complex regulatory topics, plan design matters, administration and sales strategies.