Growing up, I was a pessimist. Then when I jettisoned a lot of the negativity in my life, I became a lot more optimistic. So I get a chuckle when people predict gloom and doom in the retirement plan business.
The business was supposed to be in trouble with fee disclosure as there would be a race to zero in fees and plan sponsors would terminate their plans. When the fiduciary rule was proposed so many advisors would jettison this business, that plan sponsors would have no help from advisors.
In the end, the business has survived and thrived. In 23 years, this business has flourished despite two terrible bear markets, negativity on a lack of fee transparency, and a pandemic. This business isn’t perfect, but it’s doing well.
