Top 401(k) advisor George Fraser embodies the positive impact plan sponsors, and by extension plan advisors, can have on the lives of their employees.
At the 401(k) Summit in Las Vegas, John Sullivan interviews George Frazier of Retirement Benefits Group. Frazier explains that his focus is on serving average American workers, many of whom earn less than $40,000 annually and often live paycheck to paycheck. He emphasizes that financial stress for this group is less about retirement and more about immediate needs, like paying for a flat tire or a family meal.
Frazier’s strategy is to communicate in relatable, practical terms. For instance, he equates Social Security—about $1,000 monthly—to having $250,000 in a 401(k), helping employees view it as a significant asset. From there, he encourages contributions by framing them as “pennies from every dollar” rather than percentages, making saving seem manageable. Automatic enrollment, escalation, and re-enrollment into diversified funds further boost participation, often reaching over 90%.
He shares a powerful success story about a security guard earning $17,000 annually. After Frazier suggested quitting smoking and redirecting the money into his 401(k), the guard stopped immediately. Six years later, he had consistently saved $1,500 annually—life-changing progress on a modest income.
Frazier concludes that his role is to teach people how to save when they might not otherwise know how. His personalized, empathetic approach highlights how retirement advisors can transform lives, even for those with limited financial means.