Three years after the Setting Every Community Up for Retirement Enhancement Act made it easier for companies to add annuities to their retirement plan options, the momentum is growing for educational programs in this area that are tailored to the needs of advisers.
New and existing players in the market have ramped up efforts to help advisers understand and compare annuities for plans and consider how to communicate those options to sponsors and individuals.
Efforts include deep-dive webinars and events, the development of a methodology and a professional development certificate that advisers can earn on retirement income.
“There hasn’t been a lot of practical education on what’s needed to fulfill the annuity safe harbor requirements in the SECURE Act,” says John Faustino, the head of Fi360, a Broadridge company, which trains financial advisers how to be fiduciaries and set up the Retirement Income Consortium. “We’re seeing a lot of questions about why lifetime income, fiduciary requirements, and differentiating yourself as an adviser around this knowledge.”
