The retirement-to-wealth conversation has flipped, and retirement plan advisors should be paying attention to what’s coming the other way.
That was the argument at a Monday afternoon session of the NAPA 401(k) Summit, where Jon Anderson, Head of Workplace and Retirement at Cetera Financial Group, told attendees that wealth managers who used to avoid retirement plans are now actively building 401(k) books.
Colangelo agreed the direction has shifted, but had sharper words for why “convergence” became the term of art.
“This word came out of investment bankers’ mouths first,” Colangelo said. Private equity firms, he said, adopted it to package wealth and retirement businesses together and justify higher deal multiples. “It’s been around forever. They just packaged it up, made it look pretty.”
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