A Tough Question

I’m rarely at a loss for words, but I was recently asked a question that gave me …pause.

It was a simple question really—John Sullivan and I were being interviewed on the 401(k) Specialist podcast—and Brian Anderson asked “which session are you most looking forward to at the NAPA 401(k) Summit?”

I was only too happy to defer to John while I gave the question some thought. But in truth, it was a little bit like asking a parent to name their favorite child.  Now, there are some sessions I am more interested in than others—but to pick one? 

Well, I just couldn’t do it—and fortunately Brian didn’t try to box me in (I did allude to a specific affinity for the LIVE Nevin & Fred podcast session, however).  

In fact, we do approach our content a bit differently than most, I think. While it’s gotten to be pretty common for events to boast of the pedigree of their steering bodies, many, perhaps most—are essentially no more than figureheads to the actual agenda development. They’re a group to whom the folks doing the “real” work of planning, structuring and implementing the event keep updated, mostly for a sense of validation and the occasional course correct. Oh, and so that the event can “show off” the luminaries that have agreed to lend their name (and face) to promote its bona fides.

Your Summit Steering committee has spent nearly a year putting this all together—and leveraging YOUR input on topics, each has aligned themselves with a specific workshop—literally “owning” that session. That means fleshing out the focus, lining up speakers/panelists, developing a core list of key takeaways, conducting trial runs/practices, and ultimately making sure that all the materials are in on time—and that on “game day” everybody shows up and does their part. As a result, I can pretty much promise you that you won’t be able to attend every session you’d like. In fact, I’d be surprised if you don’t find yourself torn between multiple sessions all going on at the same time throughout the event.

There are, of course, a myriad of ways to build and structure events—note here that I haven’t said a word about our keynotes, or even NAPA After Dark (that has in just a few short years emerged as the pinnacle of industry networking events). But, aside from the practical information, valuable insights, vibrant networking—and yes, world-class entertainment—it’s worth remembering that among all the (other) things that set the NAPA 401(k) Summit apart—unlike every other advisor conference out there—your NAPA 401(k) Summit registration helps support the activities of NAPA—your advocacy, information and education organization—not the bottom line of some corporate media organization or some private equity firm. NAPA not only informs and educates—it literally is your voice with regulatory agencies and legislative bodies both here in the nation’s capital—and across the nation.

Indeed, that voice is particularly essential this year, as the attacks—both overt and the insidious passive-aggressive types—are out and about with an unusual vigor in recent months. This being an election year—and one that seems particularly fraught with concerns—makes the current environment all the more precarious. It’s not hyperbole to suggest that the fate of the 401(k) could be in the balance.

So, if you’re one of the record 2,800+ arriving in Nashville next week—please lend your voice, support the ARA PAC, and get ready to leave Nashville full of energy, ideas, and a renewed fervor to make a difference. 

While you’re there, please stop me (I’ll likely be running) and say “hey!” Make sure to thank the Summit Steering committee when you see them—and the ARA/NAPA conferences staff as well—cause something this big doesn’t even get off the ground without a LOT of careful/thoughtful planning and on-site execution! 

And if you haven’t (yet) applied to be part of the NAPA DC Fly-In Forum—well, today would be a good day to do so before it fills up as well!

- Nevin E. Adams, JD 

Awesome 'Sauce'

Earlier this year I went to an event in our nation’s capital called “Awesome Con.”

As event names go, it’s a bit corny, but if it evokes a reference to Comic-Con, well that’s the point. Awesome Con is a mixture of cosplay (dressing up like your favorite comic book, gaming, or anime characters), celebrity meet-and-greets, and forums where like-minded individuals can not only learn, but debate plot lines, scientific trends that affirm (or refute) science fiction, and sit in on panels by some of the industry’s leading minds (and artists). No, I didn’t dress up – but I very much enjoyed getting to meet (and get autographs from) Marvel Comic’s Stan the Man Lee (see photo), Doctor #10 (David Tennant), and Eliza Dushku (of Buffy the Vampire Slayer fame), among others).

To be honest, I didn’t attend my first – the first – 401(k) Summit with that kind of anticipation. I had accepted an invitation to speak at an event – not that unusual – but at what was then a pretty unusual event – a conference for advisors who worked with retirement plans. What was even more unusual is that it was sponsored by ASPPA, a group I hadn’t previously associated with advisors. But what a remarkable event it turned out to be, both in terms of content, and the opportunity to meet and network with individuals like Fred Reish (our industry’s own Stan Lee?), and so many great advisors, many of whom would go on to be part of the group that would, a decade later, form the National Association of Plan Advisors.

A lot has happened since that first 401(k) Summit, most significantly the formation of NAPA itself. And a lot has happened to the NAPA 401(k) Summit since then – so much so that we now refer to it proudly, and with justification, as the nation’s retirement plan advisor convention. In an era where many advisors have chosen to cut back on such things, the NAPA 401(k) Summit continues to grow and expand.

This growth is both a function of the quality of the content and presenters – not to mention that of the attendees. Everybody is at the top of their game at the NAPA 401(k) Summit, and it shows. From those relatively humble, but promising beginnings, it has emerged as the must-attend event for advisors who are committed to the business of retirement plans.

As we reminded attendees last year, as important and impact-filled (and fun) as the NAPA 401(k) Summit is, it is much more than “just” a conference. This year more than most we’ve had the opportunity to see the impact that NAPA has on critical issues like the fiduciary regulation – creating and pushing for innovative solutions like the level-to-level fee exemption – and tax reform – pushing back against Rothification as a means of paying for corporate tax cuts, and outlining a set of retirement policy principles for tax reform ahead of the first reform proposals. And yes, in state capitals like Nevada, which is contemplating its own fiduciary standard, or in Oregon, Connecticut, and California, where state-run alternatives for private sector workers could be problematic.

But here’s the thing that many don’t appreciate. The NAPA 401(k) Summit is responsible for a significant amount of funding for our advocacy efforts on behalf of retirement plan advisors. That’s right – your registration fee doesn’t go to some private equity firm’s bottom line, nor does it simply act to keep a conference company in the business of organizing conferences – it supports advocacy efforts on your behalf, on Capitol Hill, with regulatory agencies, and – these days – in state capitals as well.

I know that April (still) seems a long ways off – but this year more than most the NAPA 401(k) Summit is that advisor experience you won’t want to miss. Even if you have been attending for years, you’ll get more from it than you can imagine – and your support will mean more to the benefit of the nation’s retirement system and retirement security than you may expect.

Join us. Your voice, more than ever, is needed. It’s going to be… Awesome.

Nevin E. Adams, JD

A Thankful Thanksgiving

Thanksgiving has been called a “uniquely American” holiday, and though that is perhaps something of an overstatement, it is unquestionably a special holiday, and one on which it seems appropriate to reflect on all for which we should be thankful.

Here’s my list for 2017:

I am thankful that – for the moment, anyway – it looks as though retirement savings will be largely spared tax reform’s ravages (though I’m not convinced that we’re out of the woods – yet). 

I’m thankful that participants, by and large, continue to hang in there with their commitment to retirement savings, despite lingering economic uncertainty and competing financial priorities, such as rising health care costs and college debt.

I’m thankful for the strong savings and investment behaviors emerging among younger workers – and for the innovations in plan design and employer support that foster them. I’m thankful that, as powerful as those mechanisms are in encouraging positive savings behavior, we continue to look for ways to improve and enhance their influence(s).

I’m thankful for qualified default investment alternatives that make it easy for participants to create well-diversified and regularly rebalanced investment portfolios — and for the thoughtful and on-going review of those options by prudent plan fiduciaries.

I’m thankful that those reviews are guided, in a growing number of situations, by the thoughtful input of advisors who are ERISA fiduciaries.

I’m thankful that so many employers voluntarily choose to offer a workplace retirement plan — and that so many workers, given an opportunity to participate, do.

I’m thankful that the vast majority of workers defaulted into retirement savings programs tend to remain there — and that there are mechanisms (automatic enrollment, contribution acceleration and qualified default investment alternatives) in place to help them save and invest better than they might otherwise.

I’m thankful that figuring out ways to expand access to workplace retirement plans remains, even now, a bipartisan focus – even if the ways to address it aren’t always.

I’m thankful that so many employers choose to match contributions or to make profit-sharing contributions (or both), for without those matching dollars, many workers would likely not participate or contribute at their current levels — and they would surely have far less set aside for retirement.

I’m thankful that the on-going “plot” to kill the 401(k)… still hasn’t. Yet.

I’m thankful to be part of a team that champions retirement savings – and to be a part of helping improve and enhance that system.

I’m thankful that those who regulate our industry continue to seek the input of those in the industry — and that so many, particularly those among our membership, take the time and energy to provide that input.

I’m thankful for all of you who have supported – and I hope benefited from – our various conferences, education programs and communications throughout the year.

I’m thankful for the constant – and enthusiastic – support of our Firm Partners and advertisers.

I’m thankful for the warmth with which readers and members, both old and new, continue to embrace the work we do here.

I’m thankful for the opportunity to acknowledge so many outstanding professionals in our industry through our Top Women Advisor, Top Young Advisor (Young Guns) and Top DC Wholesaler (Wingmen) lists. And thankful to have had such a tremendous response to the newest addition here - our Top DC Advisor Team list.
 
I am thankful for the blue-ribbon panels of judges that bring so much expertise and insight to those evaluations.

I’m thankful for the prospect of expanding the reach and impact of our work here to plan sponsors via the contemplated combination with the Plan Sponsor Council of America.

I’m thankful to be part of a growing organization in an important industry at a critical time. I’m thankful to be able, in some small way, to make a difference.

But most of all, I’m once again thankful for the unconditional love and patience of my family, the camaraderie of an expanding circle of dear friends and colleagues, the opportunity to write and share these thoughts — and for the ongoing support and appreciation of readers…like you.

Thanks for all you do to help make our nation’s retirements better.  

Have a VERY happy Thanksgiving!

- Nevin E. Adams, JD