Big opportunities in small plan market
By National Underwriter
By Michael K.Stanley
Financial professionals are increasingly finding time management a major challenge to conducting business in the micro-to-small retirement plan market, a recent series of surveys found.
The surveys were conducted following Guardian Retirement Solutions 401(k) G2 Summits: Gain and Grow. A national series of interactive educational events for financial professionals, the Gain and Grow Summits were attended by close to 270 people in eight major markets across the country over the last 60 days.
At the conclusion of each of the summits, 65 percent of survey respondents indicated that they saw a large opportunity in the micro-to-small plan retirement market with 100 percent of respondents reporting they were likely to take on more business in this sector once they locate and utilize the proper support partners and learn how to navigate the nuances of the market.
With more than 50 million Americans currently participating in employer-sponsored 401(k) plans and most people falling in the small business to micro market, it is easy to see why financial professionals view this segment as a large opportunity.
Although time management was the key hurdle that respondents identified as keeping them from conducting business in the market, resource management (39 percent), fiduciary responsibilities (27 percent) and government regulations (23 percent) were also cited as reasons for staying out.
Originally published on LifeHealthPro.com