The 401(k) space offers significant opportunity for financial advisors looking to expand their business and diversify their client base.

Given the relationship-focused nature of the retirement industry, financial advisors who pursue 401(k) plans have increased opportunities to develop relationships with business owners, highly compensated executives and numerous other employees. With so many changes taking place in the industry (and increasing scrutiny that business owners are facing to fulfill their fiduciary responsibilities), there is growing demand for financial professionals to provide guidance to plan sponsors, particularly in the sub-$10 million space, where administering a retirement plan is only a small part of a plan sponsor’s job.In addition to the retirement plan itself, lucrative openings exist for obtaining ancillary business that can lead to other investment planning prospects. Rollovers from new employees with prior retirement plans can be a potential revenue source for an advisor, as well as future IRA rollover dollars as participants head toward retirement.

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