Three ways to grow your practice through retirement plan solutions

Retirement and workplace benefits have become a powerful avenue for financial advisors to deliver meaningful value to clients while expanding their wealth management businesses. With increasing demand for financial wellness and retirement planning, advisors who embrace this space can unlock new growth opportunities.

Here are three key ways retirement plan solutions can help you bring more value to your clients and grow your practice:

1. Help your business owner clients retain top talent

In today’s marketplace, a robust retirement benefits package is a must-have for attracting and retaining high-quality employees. Franklin Templeton’s recent Voice of the American Employer Survey found that 51% of turnover is attributed to voluntary terminations, with 37% of workers saying they have quit a job before solely because of low-quality benefits.

Two-thirds of small business owners don’t offer retirement savings options to their employees, citing administrative burden and upfront and ongoing costs as barriers to entry. But turnover is expensive, too – according to SHRM, replacing an employee costs anywhere from 50% to 200% of that employee’s salary – and available tax credits and incentives make establishing retirement plans more affordable than ever.

Research by Harvard Business School also shows that investing in employee well-being can boost morale and enhance productivity. By helping business owner clients implement competitive retirement plans, advisors can support their clients’ business success.

2. Expand your client base through workplace connections

Offering retirement plan services opens the door to a broader network of potential clients. Advisors who work with business owners gain access to plan participants – including employees, executives and their families – many of whom need personal financial planning and wealth management services. This creates a natural pipeline for expanding your retail client base while building long-term relationships rooted in trust and financial wellness.

One way to build relationships with these prospective clients is by providing educational opportunities such as onsite or virtual workshops, lunch and learns, or personalized consultations. These sessions can cover topics like maximizing 401(k) contributions, understanding investment options and planning for long-term financial wellness. Advisors can also collaborate with HR teams during open enrollment periods or plan transitions to help employees navigate their benefits. These touchpoints can enhance employee engagement and position your practice as a trusted resource.

3. Leverage technology to streamline and scale your offerings

Modern technology has made it easier than ever for advisors to manage retirement plans efficiently. Many of these platforms seamlessly integrate with your existing systems, offer built-in compliance support and reduce time spent on administrative tasks.

From turnkey products that help generalist advisors incorporate retirement solutions to fully customizable options for seasoned retirement specialists, today’s tech helps reduce fiduciary concerns, simplify plan servicing and enable advisors to focus on client relationships.

As Americans continue to prioritize financial wellness and retirement readiness, advisors who offer workplace retirement solutions are well-positioned to meet rising demand. By helping business owners build better benefits, expanding your reach through plan participants, and embracing technology, you can grow your practice while making a meaningful impact in your clients’ lives and businesses.

Raymond James is empowering financial advisors to meet the growing demand for retirement planning by offering innovative technology solutions designed to streamline plan management and reduce fiduciary concerns. These tools create operational efficiencies, enabling advisors to focus more on client relationships and practice growth. “These solutions allow advisors to seamlessly grow, scale, and manage their retirement plan business while focusing on what they do best,” said Don MacQuattie, senior vice president of Institutional & Retirement Solutions at Raymond James.

The firm’s expanded suite of retirement plan offerings includes fully customized solutions, turnkey programs and hybrid models tailored to fit any advisor’s business. With access to a broad range of vetted investment options and asset classes, advisors and plan sponsors benefit from increased flexibility and fiduciary protection. Whether serving a few clients or specializing in retirement plans, advisors can leverage Raymond James’ resources to deliver personalized service.