Industry Insight from Fred Barstein
Update on The Retirement Advisor University (TRAU)

More than any other service we have launched, the reception by the defined contribution (DC) industry to The Retirement Advisor University (TRAU) in partnership with UCLA’s Anderson School of Management Executive Education has been the greatest we have ever received.  Whether it is the timing or the concept, the industry, including record keepers, investment managers, broker dealers, and particularly advisors have gotten more excited than we have ever seen.  We thought it was worthwhile to give a bit of an update based on that level of interest.

To review, TRAU is a practical training program for advisors focused on or interested in the DC industry.  The designation, C(k)P (Certified 401(k) Professional) will be awarded to those advisors who successfully complete the program, which includes a 3 day on-site  instructor-led classroom session as well as online classrooms and instructor-led virtual classrooms (webinars).  The advisor must also have a minimum of 10 plans under management, $30 million in assets, and 3 years experience.  For less experienced advisors, there’s a certificate program focused on the basics a DC advisor needs to practice; more experienced advisors will spend more time on sales and marketing, business management, and techniques to improve outcomes for DC plans and their participants.  Industry professionals that sell to and service advisors will be eligible for training and the designation.  Along with faculty from UCLA’s Anderson School of Management, particularly those focused on behavioral finance, the “instructors” will include industry professionals, providers, and almost 40 top DC advisor practitioners selected especially for their experience and impact on the DC industry, as well their willingness to give back.  There is an “instructor” training session scheduled for June 7-9, and there are currently two slots open for advisors who are interested and qualified.

At the June 7-9 inaugural training session for founding lecturers at UCLA, along with presentations by UCLA Anderson professors, including Professor Shlomo Benartzi and industry professional Fred Reish, the group will focus on finalizing the curriculum and the details for the entire program.  MassMutual [See Profile] has established the first scholarship fund which will be used to offset tuition costs for the founding advisor lecturers.  The first training session for advisors is scheduled for September 29^th - October 1^st at UCLA, with the next session to be held in conjunction with the DCP Institute at The Breakers in Palm Beach from December 8-12.  We are grateful for the overwhelming interest and support received for TRAU and we welcome input and participation from the entire industry.  Together we can help dedicated DC professionals to hone their craft to enable their clients to be more successful in retirement, as well as help sponsors identify truly dedicated DC advisors.

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