PLANADVISER asks Hollis Lamon, President of Atlanta's Lamon & Stern, what he views to be the greatest opportunity for retirement plan advisers currently. He says it’s not only helping people understand the ins and outs of how a 401(k) works and its benefits, but also things like how much to contribute to take advantage of the employer match and other features. There are also other specifics such as what to do if a participant changes employers. Many choose to roll into an individual retirement account (IRA), but that may not always be the best option, since there may be a loan feature available if the participant moves into the new 401(k). This all needs to be explained better to participants.
"When we started working with retirement plan participants, we quickly realized that there was a tremendous need for advisers who actually spend time with both plan sponsors and participants," says Lamon.
Hollis focuses on the fact that there’s a lot of work that goes into working with both plan sponsors and the participants, making sure everyone is doing everything correctly. He suggests that advisers should be proactive with their plan sponsors to make sure that they look out for their needs. He also recommends that younger people getting started in the business should partner with experienced advisers.
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