Broker Check

Hollis Lamon Speaks with PLANADVISER About Today's Retirement Plan Marketplace

Interview with Hollis Lamon 

Hollis Lamon, from Lamon & Stern Atlanta, speaks with Nationwide's PLANADVISER Managing Editor Lee Barney about the challenges, opportunities and solutions in today's retirement plan marketplace and how advisers can inspire plan sponsors and participants alike so that more people can successfully retire.

Serving a retirement plan is a log-term commitment.  Keeping up with the fiduciary standards isn't easy, you've got to stay on top of it.   
---Hollis Lamon

Customized Support by Lamon and Stern
Providing flexibility for plan advisers to improve outcomes.

Although the retirement plan industry continues to embrace the mission of improving outcomes for retirement plan sponsors and participants, the many options in plan design, fiduciary consulting, investments and enrollment can be overwhelming for advisers to navigate on their own.  Open architecture platforms and fund windows can offer participants best-in-class investment choices, while fiduciary support services can help to assure plan sponsor clients they are following proper due diligence.  As Rob Kissler, divisional vice president of Nationwide, puts it, "Participants are underprepared for retirement."  The answer is not just in top-down solutions such as plan design--but in truly engaging participants through enrollment and education, an area where advisers have opportunities to get support from their recordkeeping partners.

What do you view as the greatest opportunity for advisers right now?

Hollis Lamon:
It's not only helping people understand how a 401(k) works and its benefits, but also how much to contribute to take advantage of the employer match and other features.  There are other specifics such as what to do if a participant changes employers. Many choose to roll into an individual retirement accounts (IRA), but that may not always be the best option, since there may be a loan feature available if the participant moves into the new 401(k).  There is a lot of opportunity for advisers to help participants, and it is our responsiblity to work with providers who can help us execute on behalf of the participants. 

How do you keep your plan sponsors satisfied?

Hollis Lamon: 
In today's marketplace, it is especially important to be very hands-on, considering many participants don't have their own financial adviser.

We want to make sure that we educate not only the participants, but the plan sponsor as well. We want to be able to give plan sponsors the flexibility of a very open platform, while ensuring they retain control of how the plan is managed.

In addition, we do a thorough job, and Nationwide assists us in making sure that we follow through on the education plan we develop for eac plan sponsor.  We focu on taking excellent care of our plans, making sure that everyone is acting in the best interest of the participants. 

I would tell advisers to be proactive with their plan sponsors to make that they look out for their needs.    
---Hollis Lamon

Hollis Lamon Speaks With PLANADVISER About Today's Retirement Plan Marketplace