TPA Benchmark

What’s your outlook for the 2021 Fall Selling Season?

Russell Hooker, EVP, Nova 401k AssociatesIndustry 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.

 

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