The Convergence of Wealth Management and Retirement with Fred Barstein

May 10, 2022

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Wealth management and retirement planning are two important aspects of financial planning. While they are often discussed separately, the convergence of these two industries allows people to take a holistic approach to their finances and create a comprehensive financial plan that helps them achieve their financial goals.

In today’s episode, Jack talks with Fred Barstein, Founder and CEO of The Retirement Advisor University (TRAU) and The Plan Sponsor University (TPSU). He is also the contributing editor for WealthManagement.com's RPA Edge and Editor in Chief & Founder of 401kTV, a media channel helping mid-size and smaller companies better manage their defined contribution plans.

Fred talks with Jack about what he does to serve the DC 401k market, how wealth management and retirement can work together, and how big players in the wealth management industry are now focusing on retirement.

Key Takeaways

[01:11] - What Fred does to advance the retirement and advice space.
[02:52] - How Fred collaborates with institutions to help educate plan sponsors.
[06:19] - A look at the type of community Fred is part of.
[11:57] - How wealth management and retirement can work together.
[17:59] - The challenges the DC industry is facing today.
[21:18] - How big players in the wealth management industry are now focusing on retirement.
[25:52] - How retirement plan advisors are changing their strategies.
[29:08] - Fred’s three key takeaways.
[31:00] - Activities that Fred enjoys doing outside of work.

Quotes

[03:17] - "We saw that there were a lot of designations and it seems like there's a lot popping up. But the credibility of them, if you can just do it online and take a test, doesn't make you an expert. So, we wanted to have a designation and training that plan sponsors could be sure of or we are confident that this advisor is actually well trained and has the experience." - Fred Barstein

[08:24] - "Part of the reason that I work with wealth management is they want a platform. The DC industry wants to get into and speak to the wealth management industry. They see a huge opportunity in the convergence of wealth, retirement, and benefits." - Fred Barstein

[14:40] - "RPAs have a huge advantage over traditional wealth management when it comes to getting access and credibility." - Fred Barstein

[26:55] - "DC plans have now become a strategic benefit rather than tactical. Retirement plan advisors have moved from the waiting room with the rest of the salespeople to the boardroom talking strategy." - Fred Barstein

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