To say retirement saving is big business would be an understatement. As of the end of last year, Americans had saved $25.3 trillion in retirement accounts, with $2.9 trillion in employer-sponsored defined benefit plans such as 401(k)s, per data from the Investment Company Institute.
Beginning in June, retirement advisors must officially begin to adhere to a series of new fiduciary regulations. As a practical matter, however, the so-called "fiduciary rule" has already led to procedural changes at many firms, even though the rule a) will not be officially enforced until 2018 and b) remains under review by the U.S. Department of Labor.
One result of the fiduciary rule: some advisors have exited the retirement space. In its latest issue, Leader’s Edge magazine took a closer look at the retirement advisory field -- and the opportunities potentially available to firms entering the field as others leave.
Plexus Financial Services executive vice president and practice leader Allison Winge was among the industry experts interviewed by Leader's Edge. She told the magazine she has seen more advisors start to specialize in retirement plans.
However, Winge suggested that merely dabbling in retirement planning was not advisable.
"Assuming the fiduciary rule does pass, I would only recommend it if the advisor is wanting to specialize in the retirement plan space," Winge told Leader's Edge, which is published by the Council of Insurance Agents and Brokers (CIAB).
The full story, with more insight from Winge, can be found on the Leader's Edge website.
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