Bill Chetney is often credited not only with helping plan advisors become an important part of the financial services industry, but helping define their persona as well.
Chetney founded NRP, which was eventually bought by LPL — bringing the largest indie BD to the forefront of the DC industry. So who better to ask what the future holds for the advisor sold DC industry?
“The three trends affecting DC plans include demand for lower cost investments, financial education and for advisors to be part of a tight knit group of like-minded colleagues,” Chetney says. As a result of these trends, he predicts, “Advisors will join super groups like GRP, where their buying power will dramatically lower investment costs while pooling resources to create high-level financial wellness programs.”
Leveraging these trends and opportunities, Chetney’s GRP is working with DCIOs to create multi-manager, white labelled CITs — and not just for target-date or target-risk funds. Prices on these tend to be half those of retail funds.
While GRP is recruiting advisors, there’s no need to move BDs or RIAs. And financial wellness has become a hallmark of GRP, which leverages the resources of Liz Davidson’s Financial Finesse services.
In other words, Chetney is putting his money where his mouth is — and perhaps once again creating a new reality for the advisor sold DC market. No wonder he is fond of saying, “The truth is that facts, while interesting, are largely irrelevant to reality.”
Opinions expressed are those of the author, and do not necessarily reflect the views of NAPA or its members.
