Workplace Retirement Voice: Why Wealth Advisors Should Embrace Workplace Retirement Plans

For many wealth advisors, workplace retirement plans are either a burden or an afterthought, according to John Kutz, National Retirement Plan Strategist at Franklin Templeton. He and his team explore why embracing these plans can benefit their practice and their clients.

Wealth advisors haven’t historically embraced workplace retirement plans as part of their practice. We think they should. There is a pressing need to address the coverage gap in retirement plans. And, the landscape of wealth management is changing, along with changing perspectives on retirement.

State-mandated plans open the door to promote savings, enhance benefits for employees, and even prompt business owners to seek more tailored solutions, compared to what the state offers. The role of financial professionals has evolved in recent years, and clients today are looking for a more holistic approach, which incorporates all aspects of financial well-being.

Retirement plans for small to mid-size business can now offer:

  • Outsourced fiduciary responsibility and administrative burdens can be minimized.
  • A way to avoid introducing another advisor into a relationship with a client.
  • A potentially more attractive privatized option to state-run retirement options.
  • The workplace is a very efficient gateway to engage and interact with the next generation of savers and investors.