It’s said so often it’s now cliché. If advisors take time away from the office (and their revenue-generating activities) to attend an industry event, it’d better be worth it.
They want specific, actionable ideas they can immediately implement.
It’s something of which the National Association of Plan Advisors (NAPA) is fully aware. In a crowded marketplace with so many choices, how do they ensure the standards are high and promises are kept?
To say it’s an obsession is a bit much, but “laser-like focus” certainly applies, especially with members of the steering committee for its high-profile 401(k) Summit, held this year at Caesars Palace Las Vegas, April 7 – 9, 2019.
As an example of the clout that the conference has, Preston Rutledge, assistant secretary of labor for the Employee Benefits Security Administration, is scheduled to speak.
In this hyper-charged political environment, where every word is guarded and opinions pressed to the vest, if Rutledge will be there, maybe advisors should as well.
And that’s really the thrust of the Summit; it’s a veritable who’s-who of pundits, personalities and professionals together in one spot.
“There is power in the quality of the people that attend,” says Chad Larsen, president and CEO of Denver-based retirement plan firm MRP and this year’s conference co-chair. “There are pros and cons now that it’s gotten bigger, but there is definitely power in critical mass. You get enough people that are all focused on similar things, even though we all do them a bit differently, and it’s an amazing opportunity to learn. I have a great deal of respect for my peers that I love interacting with and sharing ideas.”
Taking Ownership
One competitive differentiator to which the conference lays claim is the manner in which the content is developed and the sessions structured. Steering committee members solicit input from fellow advisors in keeping with the peer-to-peer focus, but then take “ownership” of the subject matter moving forward.
“It’s changed from what it used to be, and that change has been very positive,” Larsen notes. “Way back when, the agenda committee would come up with topics which would then flow up to the steering committee. But there was kind of a disconnect.”
Today, the agenda committee fleshes out key topics that NAPA members have hit upon. They also discuss topical ideas among themselves in the spirit of “co-op-tition,” to get ideas from different geographic locations and business models so that all perspectives are considered.
Once the topics are finalized, each committee member takes ownership of one or two particular workshops about which they’re passionate.
“That means we identify the subject matter experts. And we’ve moved away from the moderator/panel format to some degree and allow the subject matter expert to really take over and go deep, which you can’t always do with the moderator/panel format. We want people to be able to say things that maybe everybody’s not going to agree with but is nonetheless thought-provoking, but attendees will walk away saying, “Wow I’m glad I attended.”
So, what are key themes they’ve identified this year?
“What’s going on with mergers and acquisitions is huge in our industry right now,” Larsen says. “We’re all dealing with it in some form or fashion. Some think that’s the trend of the future and some are contrarian and saying maybe it’s not. So, we’re going to have two different workshops on M&A. One is on the front end and covering the things that you should be thinking about even years before a sale (if it’s even a viable option). What lead to it and what is the key decision factors? If the decision to engage in M&A is made, then the second session on the topic will cover the available options—aggregation firms, outright sale, etc.”
Practice Management Precision
It’s part of a larger practice management focus than what’s been offered in the past, which Larsen, a Summit veteran, says is the fullest he’s seen.
“Practice management ideas are different than practitioner ideas. I love being able to go deep in practice management and see how others are improving upon the processes and the deliverables we give our clients.”
While it’s good for the firm’s principal to attend and then share with the team what was learned upon returning to the office, the practice management focus is also a great excuse to have additional staff attend.
“I learned several years ago that it’s hard to come back and infuse those new ideas across the entire team. There’s something about having team members at the conference with you. Last year, we had seven of us in Nashville and this year we’ll have even more in Las Vegas. It’s the ideas they each took from the conference that will help us collectively as a team. It’s a large part of their long-term professional development.”
And while the after-hours fun is always first-rate, it’s the quality of the content to which Larsen continually returns.
“It is THE retirement plan advisor convention. They have good and compelling events surrounding it, and that’s always nice, but ultimately for me to go to a conference, it’s about the content itself, what I learn and, most importantly, what I can apply.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
