In a year unlike any in recent memory, we asked advisors what they thought the biggest issues would be for their practice over the next 12 months.
As part of the third annual NAPA 401(k) Summit Insider, in September we asked the advisor attendees of the 2020 NAPA 401(k) Summit—virtually—to do so, and, using a four-point scale, from “not at all” to “very important” several specific issues of concern were consistently cited—both internal issues like client retention, succession planning, scaling your practice, attracting and retaining talent—and external concerns, such as cybersecurity, competition and the 2020 election, as you can see in the graphs below.
Other issues:
We are not seeing a current issue with client retention but given regulatory changes and macro events, we could see this as an opportunity for our firm.
The rules have become more difficult and punish the good advisors.
The election will be potentially game changing for our industry.
Race to zero with fees. We’ve never worked harder for our 401k clients.
Planning on staying 100% virtual.
Nothing at this time. It’s all about retaining and winning new business.
I believe that cybersecurity is very much underrated and misunderstood. This affects everyone in the retirement world.
DOL response on PEPs clarifying rules and exemptions.
Connecting with clients and participants remotely.
As always if we focus on what we can control and deliver value at a reasonable price the rest is just noise. The challenge is to continue getting paid a reasonable fee for the amount of risk and effort. I believe the answer is in creating a scalable business model.
Adapting to a virtual world.
