“How do we compare to...?” “How do we measure success?” As a retirement plan advisor, you probably hear this from plan sponsors, participants and others in your firm. So, what’s the answer(s)?
Those questions don’t only apply to your business, of course. You probably also ask yourself this question as it relates to your own career path.
Being in the retirement plan business for three decades, I have been asked and asked my self these questions many times and in many different ways.
What is apparent is that the definition of “Success,” as it relates to comparisons, has changed and will continue to change. Many advisors have used participation rates, deferral rates, diversification, income replacement and many other methods to determine if the plan is successful. Are these really helping us change people’s lives?
- What will we use in the future?
- How do I determine if my firm is successful?
- Are participants really successful if they have a large enough account balance, or is there something else that should be used to determine participant success?
- Where am I going and how do other advisors measure their own success to help develop their own career?
If you’ve got those questions… well, during our session at the NAPA Summit, we will discuss these topics and many others. Check out “Win When: Not your parents’ definition of success” at https://napasummit.org.
Early bird registration rates expire THIS WEEK!
Doug Prince is the CEO of ProCourse Fiduciary Advisors.
