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Retirement planning prospects
As education efforts on the importance of saving adequately for retirement intensify, employers and their employees are finding increasing value in an adviser who can provide retirement services. The good news, says Fred Barstein, executive director of The Retirement Advisor University, is those advisers who are willing to truly invest in a retirement practice will quickly move ahead of those who just dabble in the field. Because few competitors sell DC plans, the adviser with a multiple disciplinary practice has an advantage, says Barstein. Selling different products to current clients is easier and cheaper than selling new clients current products or services leveraging administrative staff as well as technology across a greater revenue base.
Sure, there are many aspects to health care reform that are damaging to a benefit brokers business, but the overwhelming need of employers for compliance assistance with the Patient Protection and Affordable Care Act presents an unprecedented opportunity for brokers to rise to the level of trusted adviser and find new revenue in the process. Due to both the onerous compliance burden that PPACA is about to place on employers and clients' unfamiliarity with the new regulations, the agency that gets out ahead of the process should be able to offer this compliance service for a fee, says Nelson Griswold, president, Bottom Line Solutions. The key is to roll out a turnkey PPACA compliance program to clients and prospects now. A turnkey service can be a major differentiator ... if you're fast and first to market.