Client Successes

With defined contribution plans and personal retirement accounts becoming the primary source for retirement funding, the financial services industry has become the “standard bearer” of retirement security. So it’s understandable that regulators in most major economies are increasingly focused on the servicing and guardianship of these assets. For example, the historic standard-setting investor protections, such as “suitability,” are being replaced by a “best-interest” standard, e.g., a fiduciary standard of care.

A major financial services company has a perennially profitable business model, offering highly personalized services through its financial consultants. However the firm also wanted to better position itself for further growth over the long term by establishing relationships with younger clients.

Today, financial advisory and wealth management firms recognize that they must have a significant presence in the retirement plan market. According to some estimates, over 70% of wealth management assets are earmarked for a household’s retirement. Yet one of the largest advisory firms lacked a meaning-ful presence in the retirement plan market, which was holding back asset gath-ering in the near term and would limit its long-term potential to acquire new clients.