Why the retirement industry needs to see significant changes

Why the retirement industry needs to see significant changes


Here it comes—another informational resource that’s going to needlessly recite all of the negative savings statistics of Americans, bemoan the selection of certain types of funds, and ultimately, use a bunch of industry jargon in an effort to sound more qualified to industry insiders. Creating that type of resource wouldn’t be worth your time. Or ours.  

It’s time to change the conversation from the standard industry noise—evolving fiduciary standards, state-mandated retirement plans, and a stock market that’s constantly changing—to discussing fundamental changes that plan providers and those saving money need to make in order to actually have a shot at getting the retirement they want.

In the history of the United States, ingenuity and innovation have driven progress. Henry Ford didn’t dedicate his life to breeding a faster horse. The Wright brothers weren’t in the catapult business. Retirement savings is no different. Trying to make 30-plus year-old products somehow better isn’t going to work. We can’t just continue to blame individuals for not saving enough. All of us involved in the retirement savings process are responsible for creating an environment to promote that savings for everyone. It’s time to rethink the whole process.

That’s where we come in. PAi has dedicated many years to developing a retirement plan alternative, a service called CoPilot, that encourages saving for retirement while also including your financial advisor. Correct us if we’re wrong, but we think talking about an inclusive, flexible platform that makes sure you’re on the path to your desired retirement is a whole lot more valuable than hearing (again!) about the contrasting benefits of target date funds versus risk-based portfolios.

With that, we look forward to building an engaging community wherein we hope to facilitate conversations that bring about real—and positive—changes that lead to people actually realizing their retirement dreams. That’s what matters to us.

If you’re at all confused as to how this entire message was written without once referencing “smart beta” or “Forex,” this isn’t the place for you. For the rest of you wanting to be part of the positive change, welcome.