The March Towards Socialism: Impact On Advisors & The Retirement Industry

Branches of the federal government have become deeply involved in the pension and benefits world. The proliferation of complex and difficult to comply with regulations has set the stage for the growth of arbitrary power. The implications of The March towards Socialism are profound on a philosophical, economic and practical level. 401(k) plans have been under considerable attack and left to their own devices, policymakers could pursue a path that would weaken the nation as a global power and undermine self- reliance. To finance European Socialism, a VAT, reduced or eliminated corporate deductions for pension contributions and the elimination of tax-exempt growth for pension trust assets are real possibilities. To reduce the deficit, the government may also propose that in exchange for a guaranteed return, sponsors may eliminate fiduciary liability, discrimination testing, plan maintenance and governmental filings by "voluntarily" transferring their DC plan assets to the federal government. In addition to intense competition, advisors are in the crosshairs of enforcement, statutory, judicial and regulatory overreach. The impact of a socialized medical state could further increase competition as welfare benefit brokers gravitate to the pension industry. To find out what the industry must do to survive, join this insightful co-presentation by two of the industry's brightest minds.


Segment One
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Jerry Bramlett
President & CEO, NextStep Defined Contribution, Inc.
Jerry Bramlett is the President and Chief Executive Officer of NextStep Defined Contribution, Inc. In this role, Mr. Bramlett provides the vision for the firm's product and market strategy and well as their commitment to customer service. Jerry is widely regarded as a thought leader, visionary and activist within the 401(k) and defined contribution fields. His track record is one marked by an entrepreneurial spirit, a knack for generating results, a penchant for continuous innovation and an uncompromising commitment to customer service. Prior to leading NextStep, Mr. Bramlett was the President and CEO of Benefitstreet, a position he assumed in February of 2008. Having founded the company in 1983, he previously served as the CEO of The 401(k) Company. Jerry led that organization until its sale to Charles Schwab and Company in early 2007. At the time of the sale, The 401(k) Company had grown to 350 employees and served over 100 clients with approximately $25 billion in plan assets and more than 425,000 plan participants. Jerry is often listed among the DC industry's most influential people. He earned his B.A. from Southern Methodist University.


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