As advisors face stricter Department of Labor rules on fee disclosure for retirement plans, ING U.S. Investment Management has launched a program to help advisors in the defined-contribution (DC) retirement market outshine the competition.
ING’s program, “The Opportunity to Articulate Your Value,” offers practical guidance on how advisors can create a value proposition and a service commitment that address the needs of plan sponsors.
“The defined contribution marketplace has become more competitive for advisors and planners in recent years,” said Mark Spina, head of intermediate distribution at ING U.S. Investment Management, in a statement. “This trend may accelerate in light of recent fee disclosure regulations by the Department of Labor that went into effect in July.”
The new rules for DC plans such as 401(k)s require advisors and service providers to disclose a range of direct and indirect fees. As a result, advisors are feeling more pressure to justify their fees and explain their services while promoting transparency with plan sponsors.