Advisors who offer retirement plans see them as part of their broader wealth management services rather than a dedicated business, leaving many scrambling to keep up with fiduciary rules, build scale and grow relationships with their clients, according to research from Fidelity.
However, some advisors have gone beyond accommodating retirement plans to deliberately growing their business. Earlier research from Fidelity shows that there are opportunities for advisors who focus on retirement plans. The 2013 Fidelity Plan Sponsor Attitudes Survey found 84 percent of sponsors relied on an advisor in 2013.
Some of the research Fidelity conducted in developing the program identified common attributes among high-performing retirement plan advisors. “Those advisors are very bullish on the market,” Kelleher said. “They experienced really significant growth over the last five years and are very bullish on the growth that they believe they’ll achieve over the next five. They also have been very deliberate, and that’s really the key message of this program: If they want to accelerate their growth, they have to be deliberate.”
As for advisors who do decide to expand their retirement plan business, Kelleher doesn’t anticipate they will abandon their other wealth management services, either. In fact, advisors who have added retirement business have said it’s increased referrals.
Originally published on ThinkAdvisor. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.