As someone in the non-fungible token world (3 Guys NFT), I don’t understand why people will spend thousands and thousands of dollars on virtual trading cards or digital moments instead of something in physical form. But I’m a kid from Brooklyn, born in the 70s who started collecting baseball cards in 1979. It is not for me to understand why people will buy lots of money for digital items, but people are doing it and I want to take advantage of it.
Same with new ideas and situations in the retirement plan business, I would always from industry leaders who would scoff at new trends in the industry such as ERISA fiduciary services. How many third-party administrators do I know who jokes about ERISA 3(16) administration and had zero interest in offering it, that are now offering it?
We are all shaped by our experiences and the times we grew up in, but we should never let that be a chain that forces us to thumb our nose and trends in the industry that will leave us behind if we’re stubborn to change.