In another sign of normalcy returning to the industry, more than 200 retirement industry professionals gathered in person in Overland Park, Kansas this week for the 14th annual Qualified Plan Fiduciary Summit, presented by Qualified Plan Advisors.
The one-day event on April 19 was headlined by a keynote session from noted ERISA attorney Fred Reish, Partner, Faegre Drinker Biddle & Reath, LLP, who spoke on fiduciary perspectives. Reish briefed the audience on a wide range of pertinent topics, including 2022 litigation trends, proposed regulation on “Prudence and Loyalty in Selecting Plan Investments,” cryptocurrency, missing participants, cybersecurity, SECURE 2.0 legislation and implications of the Hughes v. Northwestern Supreme Court case.
Another session on innovation in participant solutions included presentations on guaranteed income from Income America President Matt Wolniewicz, financial wellness from Financial Fitness for Life’s Kyle Bingham, health savings accounts from Rob Massa of QPA, and advisor managed accounts from Morningstar’s Sean Klock and QPA’s Kevin Toledano.
The Qualified Plan Fiduciary Summit is focused on helping plan advisors and sponsors pinpoint innovative strategies for making their retirement plans more competitive. Event organizer Matthew Eickman, J.D., QPA’s National Retirement Plan Practice Leader, said the Summit stands out from other events because it’s not so narrowly limited to one group of people.
“It’s not a ‘plan sponsor conference’ or ‘advisor conference’ or ‘recordkeeper conference.’ It’s a retirement plan experience that allows industry professionals to collaborate with their contemporaries and other service providers who attack problems with different perspectives, skill sets, and experiences.”
Eickman said he thought perhaps the most poignant remarks of the day came from Sarah Simoneaux, President of Simoneaux Consulting Services, who served as the Summit’s opening presenter.
“She encouraged all attendees to ‘look for the helpers.’ The ballroom was full of helpers,” Eickman said. “It was full of people who have dedicated their careers to helping people with their retirement futures, and it was uplifting for Sarah to remind them of the responsibility and opportunity they possess.”
“People are hungry to be back in person, interacting with other people, growing relationships, and engaging in conversation on a more personal level.”
QPA’s Matthew Eickman
Eickman, who also moderated a session on recordkeeper and money manager innovation and strategy in addition to speaking on “Thinking Like a Modern Day Fiduciary,” also stressed that the most noticeable aspect of the event was the energy in the room—particularly after the previous year’s summit being virtual-only.
“People are hungry to be back in person, interacting with other people, growing relationships, and engaging in conversation on a more personal level,” he said. “We anticipate that energy will spill over into more action for the plan sponsor representatives and fiduciaries who return to work with an eye toward innovation and improvement.”
Attendee Kelby Meyers, CEO & Founder of Nestimate, said his biggest takeaway from the event was the way he thinks about the modern definition of fiduciary.
“When I typically think of fiduciary, I have thought of doing what is necessary to prevent legal recourse. The evolution of fiduciary seems to include the idea: ‘Did I go to the length to ensure the my participants have a better life than they did before?’ We see this in the Northwestern v. Hughes case, we see it in the financial wellness tools, state requirements for retirement plans, student loan repayment options, guaranteed income solutions, increased benefits for part-time employees, and many of sweeping regulatory changes in retirement plans,” Meyers said.
Among the many additional speakers were Fidelity’s Patrick Duffy covering cybersecurity, John Hancock’s John Robertson on the power of partnership, Empower’s Ken Munro on the value of managed advice, and MFS Investment Management’s Andy Tyndall on ESG investments.
Prime Capital Investment Advisors/QPA Executive Chairman Scott Colangelo and CEO Glenn Spencer provided opening and closing comments for the Summit.
SEE ALSO:
• New PEP from Qualified Plan Advisors Targets Employers of All Sizes
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
