A Look Back at 2015

The cover story in this issue, “Vantage Point,” takes a look at what our editorial staff considered to be the biggest news stories of this year. Certainly, one of the most critical developments was the Department of Labor (DOL)’s proposed fiduciary redefinition.

Then there was the Supreme Court decision in Tibble v. Edison, which underscored fiduciaries’ ongoing duty to monitor investments. And investors got a wake-up call in August, when market volatility returned with a vengeance, highlighting the importance of having a diversified portfolio.

In July, the DOL issued Field Assistance Bulletin (FAB) 2015-02 on the use of annuities in defined contribution (DC) plans. The DOL said the selection date for an annuity is when the annuity provider and contract are selected for distribution of benefits to a specific participant or beneficiaries—or the time the annuity provider is selected to  supply annuities as a distribution option for participants or beneficiaries to choose at future dates.

Then of course, there was the ongoing recordkeeper consolidation—which has appeared to be a trend for a few years now, so perhaps it is due soon to lose its trendsetter status and become an industry staple. Lastly, we considered the ongoing evolution of buzzwords such as “retirement readiness,” “outcomes” and “financial wellness”—this last example particularly as sponsors begin to realize how productivity suffers when their workers feel financial stress.

As this is our year-end issue, our reviews don’t stop with the cover story. We also look back at 2015’s PLANADVISER National Conference, providing you with a condensed roundup of the event. You will find recaps of 11 of the sessions that took place at the September conference, which was attended by hundreds of retirement plan advisers and industry experts looking to learn about leading-edge best practices. This year’s speakers included many of our PLANSPONSOR Retirement Plan Advisers of the Year and PLANADVISER Top 100 advisers, as well as industry executives, top attorneys and—a first for PLANADVISER—a member of the U.S. Securities and Exchange Commission (SEC).

As you assess how your practice evolved during the year, and your success and profitability metrics, we supply some context to help you judge those numbers, in “Gaining Perspective.” The story and accompanying data contain the 2015 PLANADVISER Practice Benchmarking Survey. It gives you valuable insight into areas where your competitors expect to experience growth and external pressures, as well as how their firms evaluate and recommend defined contribution plan providers and recordkeepers, and the services they receive from their custodians. Do you employ the same standards in your own decisionmaking process? The survey is a must-read if you want to benchmark your practice against your competitors’.

Are you already implementing your plans to expand your business next year? “Spreading the Word” takes a look at how formal marketing can help you attract new business or build a brand. Marketing efforts begin with you setting clear goals for what you want to be known for. However, some small shops shun marketing and, instead, rely solely on referrals. This article can help you decide if you want to go the marketing route, the referral route or a combination of the two.

Our Capitol News column in this issue examines a bipartisan effort by four lawmakers who, in early November, challenged the DOL’s proposed fiduciary rule by outlining seven legislative principles they believe must govern retirement advice and retirement plan advisers—such as the requirement that plan advisers work in the best interests of the investor, and that conflicts of interest in compensation and fees be disclosed in simple language.

We hope these insightful pieces will help you improve your practice and drive better results for your clients as you reflect on 2015 and plan for the next 12 months.

PLANADVISER Updates
Many of you already subscribe to our daily PLANADVISERdash newsletter; we are pleased to let you know we have introduced a new publication, in addition to our daily news roundup. The PLANADVISER Weekend newsletter is delivered each Friday afternoon and includes two sections: a list of the five most-read stories of the week and five articles our editorial team has curated: items we think you may have missed or that center around a topic or theme. If you aren’t receiving it, please visit planadviser.com and sign up today.

Besides that online addition, we have a number of changes and new sections planned for PLANADVISER magazine in 2016. We look forward to introducing these to you in the next issue and, as always, welcome your feedback.