When it comes to small retirement plans, the opportunity for financial professionals is significant. Today, nearly three-quarters of small businesses currently do not offer a retirement plan. But that's predicted to change—and quickly.
In fact, of the 28 million small businesses in the United States, 10 percent—or 2.8 million—plan to add a retirement plan within the next 12 months alone. And more than 48,000 small retirement plans (>$5 million in assets) are expected to change service providers. This was 90 percent of the total estimated takeover sales activity and a nearly 26 percent increase from the previous year.
Since 90 percent of small businesses use a consultant or financial professional to help with retirement plans, there is tremendous potential for those who know how to sell and service small plans efficiently.
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