Empowering Financial Advisors: Training and Retaining Talent in Retirement Plan Practices

by Mike Dullaghan of Franklin Templeton, 2/26/25

In today’s rapidly changing retirement landscape, financial advisors play a crucial role in guiding workplace savings plan participants toward financial stability and retirement readiness. As the US retirement market continues to grow, with assets projected to reach $52 trillion by the end of the decade,¹ the demand for skilled financial professionals has never been higher. To meet this demand, it is essential to focus on training and retaining advisors in retirement plan practices.

“As the US retirement market continues to grow, with assets projected to reach $52 trillion by the end of the decade, the demand for skilled financial professionals has never been higher.”

Understanding the retirement market

The retirement market is undergoing a significant transformation, driven by technological innovations, regulatory changes, and evolving participant needs. Advisors must stay informed about these changes to provide the best service to their retirement plan clients. Our ACES presentation highlights key trends and strategies that can help advisors navigate this dynamic environment.²

Training financial advisors

In today’s competitive landscape, a training program may be crucial to help advisors master retirement plans and excel in client engagement. Training builds a knowledgeable, adaptable and trustworthy team.

Consider the following strategies:

Comprehensive education: Equip plan advisors with a deep understanding of retirement plan structures, investment strategies, and regulatory requirements. Enhance this learning by leveraging the expertise of Third-Party Administrators (TPAs), recordkeepers, asset managers, and industry associations.
Practical experience: Hands-on experience is key. Encourage new advisors to participate in client meetings, conduct plan reviews, and engage in prospecting activities. This practice may build real-world skills and confidence.
Relationship building: An example of a powerful relationship-building tool can be for an advisor to say, “I don’t know, but I will get back to you.” The process of finding an answer and getting back to a client or prospect can build credibility and confidence. This approach not only demonstrates integrity but also strengthens an advisor’s credibility with clients.

“A powerful relationship-building tool can be for an advisor to say, ‘I don’t know, but I will get back to you.’ This approach not only demonstrates integrity but also strengthens client credibility.”

Mentorship and support: Pair new advisors with experienced mentors to provide guidance, share best practices, and offer feedback. These relationships foster professional growth and often reinvigorate mentors with fresh perspectives and innovative ideas.

Retaining talent in retirement plan practices

Retaining skilled financial advisors may be key to staying competitive. It’s not enough to attract top talent you need to create an environment where they feel valued and supported. Consider the following strategies:

Career development opportunities: Offer continuous learning and development programs to help advisors stay current with industry trends and enhance their skills. Providing clear career progression paths can also motivate advisors to stay with your firm. Our annual Voice of the American Workplace Survey found that 75% of companies report career advancement is a key expectation among their employees.³
Recognition and rewards: Acknowledge and reward advisors for their hard work and achievements. Recognition can come in various forms, such as performance bonuses, awards, or public acknowledgment of their contributions. Nominating deserving team members for industry accolades, such as “Top 40 under 40,” further validates their contributions and can encourage a culture of excellence.
Work-life balance: Promote a healthy work-life balance by offering flexible work arrangements and encouraging advisors to take time off when needed. A supportive work environment contributes to job satisfaction and reduces burnout. Be mindful, the work of plan advisors often occurs outside of traditional working hours due to client needs. Recognize that plan advisors often work outside of traditional hours due to client needs. Allowing them to adjust their schedules can significantly enhance job satisfaction and reduce burnout.

Conclusion

Training and retaining new financial advisors in retirement plan practices is essential for the continued growth and success of your firm. By investing in comprehensive education, practical experience, mentorship, career development, recognition and work-life balance, you can build a team of skilled and motivated advisors who are well-equipped to navigate the evolving retirement market.

As Benjamin Franklin wisely said, “An investment in knowledge pays the best interest.” By committing to the education and support of your financial advisors, you are enhancing their professional growth and ensuring the long-term success of your clients and your firm.

How Franklin Templeton Retirement can help

Whether you are a retirement plan industry veteran or novice, your Franklin Templeton Retirement team is available to enhance your practice. Visit our Retirement Plans Made Easy page to explore our comprehensive plan solution capabilities, including plan administration, fiduciary services, and investment menu oversight—all conveniently offered in a turnkey solution.

Invest in the future of your practice

One of the most frequent requests for help we receive is for help training and retaining the next generation of 401(k) advisors. Our award-winning ACES: A Commitment to Education & Service program is designed to help you build and preserve your retirement plan business. We are excited to announce a redesign to this program, so be sure to view the link above.

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Endnotes
^1.Source: Cerulli Report—US Retirement Markets 2024. There is no assurance that any estimate, forecast or projection will be realized.
^2. Source: Presentation-ACES-A-Commitment-To-Education-And-Service-RDCIO-ACESP.pdf
^3. Source: Franklin Templeton, 2024 Voice of the American Workplace Survey.

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