> People who aren't provided financial services by their employer or investment company simply take their financial advice from free or traditional sources.
Yes, but since those folks are already ignoring the many for-pay services, what are you going to do differently.
The answer better not be "I'll take their list of choices and produce a plan" because folks at ricedelman.com (among others) have done that for years. (I mention him because he has a nationally syndicated radio show advertising his services. There are many others who don't. How are you going to complete with that?)
You seem focused on how the plan is created. I doubt seriously that that will be enough to make you successful in the 401(k) advice biz.
My free advice is to sell your investment tools as tools instead of saying that you're in the 401(k) advice biz. The tools are independent of 401(k)s.
Which reminds me, you keep saying "stocks". Do you really think that there are many 401(k)s that allow specific stock purchases but don't have employer-paid advisors? I haven't looked at a lot of 401(k)s but in my sample the (few) employers who allow individual stock purchases also have employer-paid advisors. Some of the plans with lots of fund choices (but no "individual stock" option) also have employer-paid advisors.
For the most part, the plans with no employer-paid advisors are the ones with crappy mutual fund choices and no "buy specific stock" option (with the possible exception of the employer's stock). What can you do for them?
Yes, but since those folks are already ignoring the many for-pay services, what are you going to do differently.
The answer better not be "I'll take their list of choices and produce a plan" because folks at ricedelman.com (among others) have done that for years. (I mention him because he has a nationally syndicated radio show advertising his services. There are many others who don't. How are you going to complete with that?)
You seem focused on how the plan is created. I doubt seriously that that will be enough to make you successful in the 401(k) advice biz.
My free advice is to sell your investment tools as tools instead of saying that you're in the 401(k) advice biz. The tools are independent of 401(k)s.
Which reminds me, you keep saying "stocks". Do you really think that there are many 401(k)s that allow specific stock purchases but don't have employer-paid advisors? I haven't looked at a lot of 401(k)s but in my sample the (few) employers who allow individual stock purchases also have employer-paid advisors. Some of the plans with lots of fund choices (but no "individual stock" option) also have employer-paid advisors.
For the most part, the plans with no employer-paid advisors are the ones with crappy mutual fund choices and no "buy specific stock" option (with the possible exception of the employer's stock). What can you do for them?