Industry Leader Interview, with Russell Hooker, EVP Nova 401k Associates
Dawn Hynes Question:
Moving into August, coming up on the start of Fall Selling Season, what’s your outlook for the 2021 Fall Selling Season?
Russell Hooker Answer:
I am cautiously optimistic. I think it’s the question we always ask around this time of year. When I’m talking to some of the record keepers and wholesalers, everyone seems to be having a tremendous year. So, I don’t know how to explain it, why it’s been so robust throughout all of this year, even throughout July. So, I hope it’s the same thing we see this selling season.
From an outlook standpoint, I think we have a lot of positive things from a TPA standpoint to talk about. I think the prospects of Secure Act 2.0 getting passed is really high. I’ve seen some things in there we can really pivot on to create a sense of urgency to either do a plan or improve a plan
I see the advent of the state, and in some cases local – New York City – plans coming online. Those are opportunities for us as TPA practitioners to frame that up in such a way, that we can do better that you can make a choice versus someone else making it for you.
Then, frankly from another political angle, I think tax rates are probably on the rise. We are all in the tax-sheltering or maximizing the tax shelter for our clients. Politically you may not like that, but from a business stand point it’s a huge opportunity.
On the downside, we’re sitting here in August, the potential of Covid once again impacting our ability to get in front of things. I think if you don’t let that get you caught off guard and focus on those that are opportunities, I think it’s going to be really good.