A majority of financial professionals who would like to expand their business see huge opportunities in the micro and small plan 401(k) market.
A series of surveys conducted by Guardian Retirement Solutions at its recent 401k G2 Summits also found that 51 percent of financial professionals view time management as a key challenge to doing business in the retirement plan market, followed by 39 percent who believe resource management is the biggest challenge.
More than 50 million Americans participate in employer-sponsored 401(k) plans, with about $3 trillion in assets. Ninety percent of all 401(k) plans are small businesses with less than $10 million in total plan assets and 80 percent of all 401(k) plans are in the micro market, with less than $2.5 million in assets.
According to research by the Department of Labor, the 401(k) market is expected to rise to $4 trillion by 2015, which creates a major opportunity for financial professionals to grow their business, said Steve Davis, national sales manager at Guardian Retirement Solutions.
Survey respondents were also worried about fiduciary responsibilities and government regulations.
At the end of the summits, 100 percent of respondents said they were likely to take on more retirement business after learning how the right support partners can help them effectively manage their business.
A mutual insurer founded in 1860, The Guardian Life Insurance Company of America and its subsidiaries are committed to protecting individuals, business owners and their employees with life, disability income and dental insurance products, and offer funding vehicles for 401(k) plans, annuities and other financial products.