As the retirement plan industry continues to become more complex and specialized, a stark contrast between yesterdays advisor and the 21st Century Advisor has developed. In the past, retirement plan advisors wore multiple hats throughout the day; some would service small and mid-size 401(k) plans and then quickly switch gears to handle financial and investment planning for individual clients.
But new fee disclosure legislation, technological innovations, and a looming retirement crisis are driving an industry-wide evolution toward specialized retirement plan service and expertise. Todays retirement advisor must also navigate increased scrutiny from local, state, and national governments to address Americans savings woes, especially as defined benefit plans continue to decline.
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