The eventual effect of COVID-19 on this business

Ary Rosenbaum
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Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When fee disclosure regulations were promulgated in 2012, you could see the changes a mile away. While some chicken littles thought the sky was falling, I knew it would lead to a more competitive marketplace and there would be no race to zero. While the COVI-19 pandemic doesn’t seem to be ending anytime soon, it might be a good time to ponder what changes this pandemic will have on the industry. I see two major changes:

1) There will be less business travel and there will be fewer mass gatherings. While I envision starting the regional That 401(k) Conferences again, That 401(k) National Conference might become a virtual event. I suspect those plan providers will think twice of allowing their professionals free reign in travel.

2) Virtual enrollment meetings are going to be more prevalent. Allowing plan providers the opportunity to enroll participants and provide plan/investment information virtually will allow plan providers to trim costs in travel (and possibly staff).

3) Push to adopt-disclosure regulations. Most plan sponsors will opt-in, it only makes sense to save money on mailing and paper.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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