They Grow Up So Fast

However, lately I have a reason to be saying those things at work as well. PLANADVISER is celebrating its fifth anniversary, and I find it amazing how much has happened since this publication put out its first issue—and how much we have grown.

In the grand scheme of time, five years is not that long. However, it has been long enough to see a number of changes in our industry. The cover story of that issue was titled “Now What?” responding to the passage, and signing into law, of the Pension Protection Act (PPA) that summer. (Yes, it has been five years—did you think automatic enrollment and auto-deferral increases would be more prevalent by now? I did. Some things in that law still aren’t resolved—we’re still waiting for clarification about the “fiduciary adviser,” aren’t we?)

However, the PPA was not the only thing happening in the retirement plan industry in 2006; it was also the year that the first wave of revenue-sharing lawsuits was filed and the year that the Securities and Exchange Commission (SEC) introduced rule 22c-2. Now, while we might not still be talking about 22c-2, we are still talking about, and feeling the effects of, the revenue-sharing lawsuits, and I think it still remains to be seen what long-term effects those will have on retirement plans. We’ve already seen more cases brought by smaller plans, so there are definitely ripple effects. Fee disclosure, an increased focus on “fiduciary,” and a trend for advisers to be more independent are all trends we’ve seen over the last five years, examined in more detail in our cover story “The Game-Changers” (page 28).

As for changes here at PLANADVISER, we have increased our e-newsletter from a couple of times per week to daily. We have brought you new columnists, a revamped Web site, enhanced Web content, and plan even more online enhancements in the future. In the last month, many of you have been hounded by me asking you to take part in our annual survey, as we continue to bring you competitive research you clamor for. I appreciate your willingness to help as we pursue that endeavor. Of course, there is the PLANADVISER National Conference. About to celebrate its fifth anniversary this year, we strive to bring you the best conference the industry has to offer.

In this, our fifth anniversary issue, we profile five “legends”: individuals who, in our opinion, have made a “significant personal impact on the retirement plan industry and the advisers who support it” during the past five years (page 34). We also have Q&As with advisers inducted this year into the PLANADVISER Hall of Fame (page 36). Our columnists, Steff Chalk (page 68), Marcia Wagner (page 70), and Nevin Adams (page72), also have reflected on the past five years and what it has meant to all of you—and them.

I opened the first issue saying, “Your role in helping employers—and ultimately participants—make choices that are well-reasoned, prudent, and consistent with the requirements of ERISA is a vital service. With your help, more Americans will enjoy a secure and dignified retirement.” It was true then, and even truer now. It’s advisers like you, those committed to the retirement plan business, that are helping guide plan sponsors through their fiduciary responsibilities and aiding in providing their participants with a strong savings vehicle. Thank you for all you give to our industry.

—Alison Cooke Mintzer, Executive Editor