2021 RPA Roundtables
Where retirement plan providers can help
There are opportunities for retirement plan providers when it comes to helping businesses set up plans for their workers, as well as the chance to help employees make use of the plan, says Taylor Hammons of Kestra Financial.
Transcript:
[Taylor Hammons] I think the number one opportunity is focusing on coverage. And when I talk about coverage I see that from really two different perspectives.
One is, helping more businesses put in retirement plans. So driving, I think there is 5 to 6 million businesses that do not have a plan in place. We need to help them adopt more plans.
I think the second part of that though is not just putting the plan in place, it’s also helping the employees and the plan participants actually utilize the plan to help them save for retirement.
So it’s driving coverage at the plan level and the participant level.
The challenges really go to those opportunities – which is how do we do it? I mean at the business level we have, whether it’s federal or state mandates that are being talked about, so how do we compete with them? How do we complement them? How do we all work towards accomplishing the same goal, which is helping with retirement savings?
And then more so at the participant level. How do we really get in front of all of those employees? From the new, young hire, to the individual who is getting ready to retire and go into retirement.
Effectively servicing the whole work site is a huge challenge
