Reimagining Retirement | Episode 1
Reimaging Retirement Webinar: Keeping Our Eyes on the Horizon
Chief Solutions Officer Bonnie Treichel, Endeavor Retirement, moderated a panel of industry experts as part of the Reimaging Retirement webinar series. They answered the questions: What is the biggest obstacle facing the financial services industry today? And what can financial advisors do to prepare for the future?
The panel included:
- Jamie Hopkins, Esq., LLM, CFP®, ChFC®, CLU®, RICP®; Carson Wealth
- Darla Mercado, CFP; CNBC
- Matthew Wolniewicz, AIFA
Key Takeaways Obstacles:
Increased risk of outliving savings
The panelists said there’s a good chance many Americans won’t have access to lifetime income. In fact, 30% of US retirees rely on Social Security for most of their retirement income. And with a volatile market and lower returns, it’s difficult for people to remain committed to a plan. The industry isn’t offering solutions that meet the needs of this population.
Next generation opposes 401(k) plans
Younger employees view the retirement industry as old school. They believe they can create a more profitable portfolio on their own. The industry must make employer plans more attractive to grow future business.
Retirement plans too complex
There are so many investment options in today’s 401(k) plans, employees are overwhelmed. So they don’t enroll. As a result, they’re missing their employer’s match. It will take educating employees about their options for them to be comfortable with investing. Ongoing employee education should be a priority, the panelists said.
- Develop a process to review client accounts quarterly, benchmark competitors, and reevaluate investment options to best serve clients.
- Use a more holistic approach when building a client’s plan. Besides savings, look at estate planning, cash flow, healthcare costs, and other pools of money.
- Provide employees with personalized education about investing.
- Develop a team of experts to meet the needs of plan sponsors and savers.
- Stay abreast of the many changes coming, like SECURE Act 2.0.
- Rethink and reframe. Continually ask, “is there a new way to do my job that will produce greater results?”
Incorporate the panel’s recommendations into your business and be ready for what the future holds.
- Retirement Income Consortium by Broadridge Fi360 to learn more about Retirement Income and in-plan solutions.
- SECURE 2.0 – https://www.thinkadvisor.com/2022/04/14/what-hopkins-levine-treichel-think-of-retirement-changes-in-secure-act-2-0/
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