A majority of financial professionals who would like to expand their business see huge opportunities in the micro and small plan 401(k) market.
A series of surveys conducted by Guardian Retirement Solutions at its recent 401k G2 Summits also found that 51 percent of financial professionals view time management as a key challenge to doing business in the retirement plan market, followed by 39 percent who believe resource management is the biggest challenge.
More than 50 million Americans participate in employer-sponsored 401(k) plans, with about $3 trillion in assets. Ninety percent of all 401(k) plans are small businesses with less than $10 million in total plan assets and 80 percent of all 401(k) plans are in the micro market, with less than $2.5 million in assets.
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