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Barstein: Nothing is Hard

What do plan sponsors really want from their DC plans? The honest answer today, says industry insider Fred Barstein, is nothing — no costs, no work and no liability. For plan advisors dedicated to improving outcomes and working with plan participants, this reality can be disheartening.

“Delivering ‘nothing’ can be hard,” Barstein writes in his latest “Inside the Marketplace” column in NAPA Net the Magazine. But it’s getting easier as out of pocket costs have been lowered, advisors that are part of teams are taking over a lot of the work, and best practices as well as outsourcing will minimize liability. So after delivering “nothing,” nothing is hard, even helping to improve outcomes. “Because if all that plan sponsors care about are fees, funds and fiduciary,” he says, “the death spiral of lower advisory fees will only continue and the real value of experienced, dedicated and passionate plan advisors will be minimized.”

In addition to Barstein’s regular “Inside the Marketplace” column, the Fall 2015 issue of NAPA Net the Magazine inaugurated NAPA’s lists of the top women advisors in the industry in four separate categories. Judy Ward also discussed the potential pitfalls of managed accounts, while Nevin Adams debuted his new “Polling Places” column highlighting some readers who shared their experiences with the client firing process. The issue also featured insights from contributors Jerry Bramlett, Warren Cormier, David Levine, Brian Graff, Don Trone, Joseph DeNoyior, Jania Stout and Steff Chalk, along with the debut of columnist Lisa Greenwald Schneider.

To view Barstein’s column, click here and select “Nothing is Hard.” And to view a pdf of the full 52-page issue, click here.

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