The challenges confronting many retirement plan advisers are familiar:
Despite the circumstances, “less than 20% of advisers have evaluated their practices and have a business plan in place,” Fidelity Investments’ Lisa Smith told a seminar audience at the NAPA/ASPPA 401(k) Summit this week. Where to start? The “old thinking” that advisers need to get beyond, argued Sue Kelley, a principal of Ann Schleck & Co. LLC, is simply focusing on looking at the numbers of plans you have added and maximizing revenues (including a significant proportion of asset-base fees) by offering a standard set of services.
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