A client she put a 401(k) plan in place for two years ago told her that the other firms fighting for his business were more concerned with creating a tax shelter for him than helping him with his real goal: to hang on to employees. McGillin is also interested in listening to clients' plans for five to ten years out, and learning about their exit strategies.

"That's not to say you can't put a plain vanilla plan in place and change it down the road, but the biggest benefit you can provide a small business owner is to not waste their time and keep them out of trouble," she says.

McGillin admits that cracking the local market has been tough. Many business owners she sought business from told her they were working with a classmate instead, or a relative or someone else who throws them business. She has branched out to Web marketing and plans to launch a 401(k)-related Web site this summer.

McGillin only works with open architecture firms: those that don't choose the fund lineup, pick the third-party administrator or hire the custodian but do offer transparent, line-item fees.

To sharpen their 401(k) knowledge and management skills, advisors are turning to new training programs. This summer, The Retirement Advisor University (TRAU), a strategic partner with the UCLA Anderson School of Management's executive education program, will graduate its first class and award members its Certified 401(k) Professional designation-the C(k)P.

Fred Barstein, the Retirement Advisor University's founder and executive director, expects the number of advisors who manage more than ten plans, manage more than $30 million in 401(k) plan assets, and have more than three years of 401(k) experience to double from 5,000 to 10,000 within five years. This data comes primarily from 401kExchange, a consultant for the small and midsize corporate market that Barstein founded but no longer runs.

That's because plan sponsors are growing more aware of the need for experienced managers, the 401(k) plan has become the primary retirement investment vehicle, and more advisors are recognizing that these plans can provide the opportunity to cross-sell wealth management and benefits to clients. Barstein projects that the number of plan sponsors using a "blind squirrel" advisor, such as a relative or college buddy, could slip to 50% in five years-down from 75% today and 90% five years ago.

Advisor Ross Marino, who spent 12 years helping plan sponsors manage their 401(k) plans and who now trains advisors through his company 401(k)Rekon, says, "It's a great time to be in this space or to make a decision to move out."

"This isn't a part-time business where you do one or two plans every once in a while." A dabbler in this business is dangerous, Marino says, since missing steps can cause a 401(k) plan to become disqualified and taxable. Marino suggests advisors start with smaller plans as they learn the platforms and figure out how to work with different providers.

ERISA/retirement plan attorney Ary Rosenbaum of the Rosenbaum Law Firm in Garden City, N.Y., says financial advisors should get acclimated to the changing definition of fiduciary, the fiduciary process, the development of investment policy statements, participant education and plan expenses.