Businesses in the retirement plan industry don’t collapse overnight. It’s never sudden. Like Sears, the decline drags out over years—death by a thousand paper cuts. One day you’re a major player, the next you’re just a name people remember from a conference ten years ago. The truth is, most long-term failures in this business are slow and quiet, not loud and explosive.
And here’s the kicker: these businesses could change course, but rarely do. Why? Because real change requires a cultural shift, and that’s hard—especially when the same leadership that got the business into trouble is still firmly in control. You can’t expect a different result when the same people keep making the same decisions with the same mindset that’s already led to a slow death spiral.
Leadership inertia is a killer. If the people at the top refuse to acknowledge the need for transformation, nothing happens. Maybe you’ll get a new logo, maybe a shiny new website—but the core business, the stale strategy, and the tired value proposition? Still there. Still ineffective.
If your business has been stagnating for a while—losing clients, losing market relevance—the worst thing you can do is double down on what’s not working. The best option? Change course. Admit that what you’ve always done isn’t cutting it anymore. That’s not a weakness—it’s awareness. And it’s the first step in pulling out of the nosedive.
In this industry, survival isn’t guaranteed. But reinvention? That’s still possible—if the leadership has the stomach for it.
