The COVID-19 pandemic has certainly put the kibosh on a lot of things in the retirement plan industry such as some of my regional conferences that were scheduled in Houston, St. Louis, and Minneapolis. There have been some changes put forth by the pandemic that are temporary (such as working from home) and I think there are some changes that are going to be permanent.
One of the positive aspects of the pandemic was the ability of the industry to adjust, without any major disruptions. One thing that stood is how online meeting tools such as Zoom and Webexhave made things for all of us in meeting our clients and other providers. I believe that while in-person enrollment meetings won’t go the way of disco, but I believe that many providers will push for online meetings after the pandemic concludes because of the cost and time savings through online meetings. Saving in time and travel may benefit plan sponsors in the long run, especially if a plan provider charges the plan sponsor with travel costs. While in-person meetings have that personal touch, plan sponsors and plan providers may opt to continue with online meetings for the savings it comes with.
