I was pleased to attend the NAPA 401(k) Summit helping my friends at Alliance Benefits Group at their booth.
One vibe that I got from the event was a common one. The fear of the fiduciary rule and the fear of tax reform and how it will impact the retirement plan business. The fear is the fear of the unknown and that is something I usually only experience when I need a medical test or procedure. I remember getting all panicked about getting my wisdom teeth pulled out or when I got a colonoscopy because I didn’t know what to expect.
What I will say is what Maureen McGovern sang about The Poseidon Adventure (she actually didn’t sing it in the movie by the way, neither did Carol Lynley) in “The Morning After”. She sand there has got to be a morning after and I’m telling you that there will be.
The retirement plan industry will survive and thrive, no matter the change. It survived the Tax Reform Act of 1986, OBRA ’93, and it survived fee disclosure. As long as the Federal Government doesn’t go crazy and privatize the retirement plan industry, we’ll still be here.
