Transitioning from plan education to wealth management

Retirement plan advisors that are not connected to a wealth management division are dwindling. A plan advisor shifting from basic education paid for by the plan to a wealth management relationship needs to take extra caution and build clarity from the beginning.

Bonnie Treichel, Founder and Chief Solutions Officer at Endeavor Retirement states, “Retirement plan advisors have to be very clear about the line between plan advice and when they are moving into an arrangement that is wealth management for a separate fee.” She goes on to explain that “clear is kind.” Advisors should not be afraid to charge a fee and state that fee from the outset.

To learn more, click here to read From Plan Education to Wealth Management.