Treichel Shares how Recordkeepers and Advisors Can Collaborate to Serve Plan Participants

As the retirement plan industry evolves, recordkeepers and advisors are navigating new challenges in serving plan participants. Bonnie Treichel, Founder and Chief Solutions Officer for Endeavor Retirement, highlights that while advisors often serve high-net-worth clients, many participants rely solely on their retirement plan for financial advice.

Treichel emphasizes that there’s plenty of opportunity for both parties to work together, with recordkeepers offering financial wellness resources and advisors providing tailored advice based on asset thresholds or retirement needs. However, tension can arise when both parties compete for access to participant data and additional revenue streams.

The key to success is a balanced, collaborative relationship, where each understands the other’s strengths. For a closer look at the evolving dynamic between recordkeepers and advisors, click here: A Dual Quest for Participant Assets