In conjunction with National 401(k) day, BMO Global Asset Management released a new episode of their podcast series, “Better conversations. Better outcomes,” in an effort to highlight 403(b) plans.
The episode, titled “Finding opportunity in tax-exempt markets,” shines a light on these plans, available to employees of government and tax-exempt groups including schools, religious institutions and hospitals. It provides actionable ideas for plan advisers looking to expand businesses in this marketplace. While the tax-exempt marketplace holds $1.6 trillion in assets in the U.S., less than half confer with an adviser or consultant.
Other topics concerning the marketplace and covered in the podcast include entities and organizations in the tax-exempt market, nuances of the market, why organizations fail to have a current adviser, and how advisers may help clients with their main needs.
Kevin Kidwell, vice president of national tax exempt sales for OneAmerica, serves as the expert guest on the episode, where he covers the tax-exempt market and steps an adviser can take to succeed in this particular marketplace.
“Many advisers are looking to grow their practices, and may already have the knowledge and expertise from working with other retirement plans to tackle 403(b)s and other types of tax-exempt plans,” said Ben Jones, managing director of intermediary distribution for BMO. “This presents a great opportunity for advisers and non-profit groups alike, as needs and skills converge.”