Two Big Initiatives for SIA Group

Securities Industry Association President Marc E. Lackritz opened the SIA’s Independent Broker/Dealer Conference in Atlanta April 24, saying that the association is working on two big initiatives this year: pension reform and management of expenses.

There is “tremendous opportunity” for broker/dealers today, especially in the retirement savings and distribution arena, Lackritz said, where some 76 million baby boomers are retiring or preparing to retire, many without a traditional defined-benefit pension plan. Now on their own as far as saving for retirement, “most people are overwhelmed by the number of choices,” and “complications in trying to plan for the future,” says Lackritz, adding “most people spend more time planning their next vacation than they do for their retirement.” He cites the array of defined contribution vehicles, and said the SIA would like to see contribution amounts increased, and defined contribution choices refined into a “couple of simple plans.”