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InvestmentNews: Retirement Plan Advisers Could See Increase In Business Under SECURE Act Thumbnail

InvestmentNews: Retirement Plan Advisers Could See Increase In Business Under SECURE Act

With the Setting Every Community Up for Retirement Enhancement (SECURE) Act passing in December 2019, small businesses have to approach retirement differently. And that means financial advisors also have to change how they work with small business owners.
Mike Hennessy, CEO and founder of Harbor Crest Wealth Advisors, sat down with InvestmentNews to discuss the doors that are now open to financial advisors in this new legislative environment. “For instance, if an advisor’s ‘secret sauce’ is developing and overseeing low-cost plans for small businesses, then scalability is now on the table in a manner that didn’t exist before the SECURE Act,” Hennessy said.
Hennessy, who works with small business owners, will also start offering 401(k) advisory services, thanks in part to the changes introduced by the SECURE Act. “It increases your stickiness” with small-business clients, Hennessy said. “It’s helping them navigate that intersection of their personal and business finances.”
The SECURE Act also will be transformational for employer-sponsored retirement plans. But advisors will have to close the deal. Hennessy pointed out that other attempts to increase the number of workplace retirement plans have fallen short of expectations. “Absent advisors getting in there and selling the plans, I’m hesitant to say we’ll see a massive uptake of plan adoption by employers on their own,” Hennessy said.
InvestmentNews is the leading source for news, analysis, and information essential to the financial advisory community. Since 1998, their standard of editorial excellence and deep industry knowledge has allowed them to educate, inform, and engage the most influential financial advisors. Through their weekly newspaper, website, newsletters, research, events, videos, and webcasts, InvestmentNews provides exclusive and up-to-the-minute news, as well as actionable intelligence, that empowers financial advisors to serve their clients and run their businesses more effectively whenever, however, and wherever they need it.