With Fidelity’s newest Plan Sponsor Attitudes survey released, we have a lot of great new data to take a look at when it comes to plan sponsors and their 401k plans. The biggest headline that 401kSpecialist noted is that Plan Sponsors’ biggest worry has shifted from reducing costs to educating participants to how to effectively prepare for retirement. This represents a lot of great new openings for advisors and fiduciaries. Instead of just focusing on the costs of the plan, it may be a good idea to also be sure that you can provide the best education to plan sponsors and their participants in prospecting efforts. However, cutting costs on the participant level, and preparing for retirement are entirely separate, and as a financial advisor this is a great opportunity to educate new clients on this matter.
Tools that we develop here at Larkspur-RiXtrema like the 401kFiduciaryOptimizer are designed to not only cut costs, but help participants save money for their retirement by finding the lowest cost, best performing funds for their 401k plan.