The Advisor's Playbook for Group Retirement Success

Group retirement is often the opportunity benefits advisors put off. On an episode of the ‘18 minute experts’ podcast, Kevin Sorhaitz, National Vice-President, Actuarial & Investment Consulting at People Corporation, makes a strong case for moving it front and centre.

Make collaboration your default

Advisors who are benefits-first sometimes hesitate to lead retirement discussions. Perhaps it’s because markets feel outside their control. The solution is not avoidance; it’s teaming up. When a benefits consultant partners with a group retirement specialist, clients see better service, better tools, and often better fees. Plans end up harmonized and optimized. The advisor keeps the relationship and expands value without acting as a solo expert.

Action for advisors: build a standing partnership model. Co-scope discovery, let the retirement specialist own fund menu and governance design, and you continue to lead the total-rewards strategy. Your client gets one integrated experience.

Turn “me too” into “made for you”

Many buyers see retirement providers as interchangeable. An advisor’s real edge is unbiased analysis beyond carrier materials, coupled with current knowledge of solutions and trends. When the menu, fees, and platforms look similar, the differentiator is your independent recommendation and your ability to tailor a plan to the sponsor’s goals.

Action for advisors: document your advisory stance. Spell out how you evaluate investment menus, fees, education supports, decumulation tools, and member experience. Package that method so prospects see the value of your independence.

Shifts from 2024 and 2025 that will continue to matter

• Streamlined investment menus. Too many choices overwhelm members. The push is toward concise lineups - roughly a dozen funds - plus clear decisions on target date versus target risk architecture. Your role is to remove duplication and simplify choice.

• More tax-advantaged options. Growing interest in group TFSA and the newer first home savings account requires you to align plan design with workforce demographics and savings behaviour.

• New entrants. Banks and fintechs increased activity with sponsors, hinting at more competition and potential fee pressure. Advisors should anticipate questions about robo-style options and be ready with a point of view.

• Governance and member outcomes. Updated capital accumulation plan guidance (CAPSA Guideline #3) pushes sponsors to refresh governance policies and step up member education, especially for mid-career employees and those nearing retirement.

• Decumulation, done practically. More demand for retiree tools that help members convert assets into income streams. Advisors should map the sponsor’s decumulation posture and ensure the recordkeeper experience supports real decisions at retirement.

Start where plan sponsors feel the impact

Sponsors want to attract and retain talent. A well-run retirement program helps. People Corporation’s research with Angus Reid, surveyed retirees and found that employer-sponsored retirement programs materially improve financial security and standard of living versus going it alone. Use that anchoring logic in discovery and renewal meetings.

Action for advisors: connect plan design to workforce outcomes. Show how streamlined menus, tax-advantaged savings options, and improved education drive engagement and perceived value - then tie that to retention.

Budget is a barrier - solve it with an integrated view

Standing up a new plan or improving an existing one requires dollars and internal buy-in. Look for savings on the benefits side at renewal and redeploy part of that relief to fund retirement features. Integration beats isolated negotiations.

Action for advisors: present a combined benefits-retirement pro forma. Model modest trend savings in health and dental, then show how those dollars spin up a TFSA, FHSA, or improved member education without a net new budget.

Execution is where sponsors feel the difference

Sponsors remember smooth implementations more than clever ideas. Harmonization across plans and a frictionless rollout drive the wow factor. Keep the focus on member communications, clean data, and measurable adoption.

Action for advisors: run an implementation scorecard. Track milestones, member-facing assets, enrolment rates, and early usage of tools. Share a post-launch wrap-up that makes the sponsor’s internal champions look good.

Listen to the full episode of ‘18 minute experts’ with Kevin Sorhaitz to dive deeper into partnership models and the practical steps advisors can take now.