The 401(k) market is booming for qualified plan advisors, but advisors who specialize in group retirement plans are few and far between.
Working with 401(k) plans is time-consuming and “it is hard to find someone willing to learn the business. You have to get someone early on in their career,” said Jania Stout, practice leader and vice president of the Fiduciary Consulting Group at PSA Financial Services Inc., based in Hunt Valley, Md.
The industry has evolved much in the past 15 years. The 401(k) plan, designed as a supplemental retirement vehicle to Social Security and pension plans, is now expected to shoulder most of the retirement load. This evolution has led to more regulation to make sure participants are treated fairly, are offered the best benefit and that conflicts of interest are vetted and corrected as soon as possible, Grantz said.
A lot of new regulations have been adopted in the past few years and more are coming including changes to the Securities and Exchange Commission’s and Department of Labor’s fiduciary standards.
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