The 2019 defined contribution playing field is littered with potential disruptors that threaten to undermine the relatively stable plan retention metrics of the last decade. First, the pace of consolidation among all of the key players – asset managers, record keepers, distributors – is at an unprecedented level. Second, while plan sponsors continue to pressure fees, they’ve simultaneously expanded their expectations for retirement plan success from “retirement security” to “overall financial wellness.”
Lastly, the increasing overlap between the value propositions of record keepers, intermediaries, and asset managers is causing confusion in the market. Taken together, these factors will cause sponsors to re-evaluate their retirement provider relationships creating retention problems for some and sales opportunities for others.
At our Senior Executive Forum on Oct 22, 2019 we discussed how these major industry shifts are driving a new approach to sales and relationship management. Agenda topics for the event included:
- Evaluating sources of differentiation amid changing sponsor evaluation criteria
- Proving value amid the competing value propositions of record keepers, intermediaries, and asset managers
- Building financial wellness into the sales conversation
- Leveraging technology and data analytics to improve service delivery
To access the meeting materials, please click here.