Leading the change in lifetime income for all

Last week, I had the pleasure of hosting another Nuveen’s Leaders in Lifetime Income event in partnership with Esti Buskin , Head of Nuveen Retirement Marketing. This flagship program for top retirement plan advisors and consultants is curated specifically for those who are committed to enacting real change.

Over the course of two days, we brought together advisors and experts from across the industry to discuss how we can improve retirement security for American workers. We collaborated on delivering lifetime income via product development, distribution and advice. The program included education, networking and marketing ideas designed to drive better outcomes for advisors and their clients. I think of this initiative as more of a marketing bootcamp for advisors than anything else. To drive real change, we need to be loud about lifetime income. So loud that the world takes notice. Or as Esti likes to say, we need to become the “Instagram influencers” of lifetime income. That is why we had a headshot lounge available to all in attendance, and our social media team was on site to provide custom LinkedIn profile optimization tips. A rising tide lifts all boats so we must take it upon ourselves to empower each other to spread this message.

As recognized leaders in 401(k) plan design, advisors are the essential link to driving the conversion of 401(k) plans from tax preferential savings vehicles to true retirement plans, allowing clients to offer their employees a guaranteed paycheck for life1. But the consistent feedback we’ve gotten is that retirement industry professionals must simplify the message so that it resonates with people and empowers them to act. Here at Nuveen, a TIAA company , we aim to equip advisors with the tools they need to help spread this message. While lifetime income is experiencing a rebirth in the corporate retirement industry, it has been embedded in our parent company’s DNA since its founding. For more than 100 years, TIAA has helped millions of participants earn lifetime income through their defined contribution plans and we’re just getting started. Please find below some highlights and key takeaways.

We were honored to be joined by some of TIAA and Nuveen’s brightest minds, including Mike Perry , Head of Global Client Group and Global Product at Nuveen, Eric Goldstein , Head of Corporate Strategy at TIAA and Bret Hester , General Counsel, Strategy, Policy & Operations at TIAA. Brett shared an overview of our Retirement Bill of Rights:

1.???? Every worker in America has the right to save for and achieve a financially secure retirement.

2.???? Every worker should have access to low-cost investment options that help provide ample income for a dignified retirement.

3.???? Every worker deserves clear information that allows them to compare saving and income options, make informed choices, and meet their retirement goals.

4.???? The public and private sectors share responsibility for helping every worker access retirement income that will last the rest of their lives.

We invite everyone – workers, employers and policymakers – to join our Coalition of Champions. Now is the time to act.

On top of Nuveen and TIAA experts we invited many industry leaders to share their high value-add insights, including Bradford Campbell , Partner at Faegre Drinker who joined to discuss the state of the industry. With the passage of The SECURE (Setting Every Community Up for Retirement Enhancement) Act 1.0 and 2.0, in 2019 and 2022, respectively, it’s imperative to stay up to date on the latest regulatory changes as the implementation of many of these key legislative provisions are still ongoing. Michael Maslansky , Chief Executive Officer of maslanksy + partners, led an Advisor Language Lab session, dissecting the words we use to describe lifetime income products. It’s not what you say; it’s what they hear. The term “annuities” often carries a negative perception of being complicated, and many people are uncertain about the benefits. Together, we must dispel the myths by learning to communicate more effectively.

We also welcomed Kevin T. Hanney, CFA , Founder and President of CapitalArts Global. Hanney was the former Senior Director of Pension Investments at Raytheon where he managed over $60 billion worth of retirement savings and won multiple awards for innovation and excellence in pension management. There is much to be learned from him. Vaibhav Sahgal , Principal at The Economist, previewed research advisors can use in their practice. Full findings of this top-notch program will be released early next year. Jeff Brown , Dean of The Gies College of Business at University of Illinois at Urbana Champaign, led a discussion on trends in retirement and choices of participants. As the world changes and different generations face different sets of problems, we must meet participants where they are at to adequately set them up for retirement. I’d be remised not to mention our volunteer activity with Junior Achievement USA which was a true highlight for us all. Our attendees participated in mock interviews with students from the local community. It is so important to educate the younger generation so they can become financially literate and begin saving for retirement as soon as possible.

The retirement business is a personal business. Retirement savings, or lack thereof, is relevant to every single person in some way, shape and form. We each have something at stake. Therefore, we each should each feel compelled to play an active role in the retirement industry revolution happening. This is exactly what makes me so passionate about our Leaders in Lifetime Income program and what motivates me to educate people across the entire financial services industry. Retirement professionals, from plan sponsors to consultants and advisors to recordkeepers, each have a role to play in spreading this message and creating better outcomes for participants.

Standing (pictured from left to right): Eric Hansen of Hartmann Astor Investment Consulting, Michael N Esselman of One Digital, Jeff Brown of University of Illinois at Urbana Champaign, Kevin T. Hanney, CFA of CapitalArts Global, Nicole Corning, CFP?, CRPC?, AIF? of Pathlight Advisors, Esti Buskin of Nuveen, a TIAA company, Erik K. Tappin of Morgan Stanley, Brendan McCarthy of Nuveen, a TIAA company, Geoff Keeling, CFA , Jessica Fox, CRPS? of Nuveen, a TIAA company, Jeffrey Cullen of Strategic Retirement Partners, Lisa (Garcia) Drake, CPFA, AIF? of SageView, Scott Steves of Arthur J. Gallagher & Co., Benny Goodman of TIAA and Tom Pitney of TIAA. Sitting (pictured from left to right): Delphine Hunt, CRPS?,PPC ? of One Digital, Renee Scherzer of One Digital, Philip Chao 趙希麟 of Experiential Wealth, George Fraser, CRPS, AIF, PPC, CBFA of Retirement Benefits Group, Jania Stout of One Digital, Michael E. Morris, CRPS, C(K)P, NQPA of Pensionmark.

Thank you to all the advisors who joined us and shared their invaluable insights with the group!

Interested in learning more about Nuveen Retirement Investing? Email us or call us at 888-842-5433. Read the lifetime income edition of our defined contribution publication, next and subscribe to receive our latest insights straight to your inbox.

Endnotes

1.???? Paycheck refers to the annuity income received in retirement. Guarantees of fixed monthly payments are only associated with fixed annuities.

This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

Nuveen, LLC provides investment solutions through its investment specialists.

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