Building the Next Generation of Retirement Plan Professionals

The retirement plan industry is at a pivotal moment as a wave of veteran experts begin to transition toward retirement. Firms across the country are facing both a challenge and an opportunity to ensure continuity of service while preparing the next generation of professionals to carry the industry forward. Internship programs and associate programs play an especially important role in the process of sharing knowledge with the next generation.

Why is developing the next generation of retirement plan professionals so important for the industry’s future?

As a large share of experienced advisors approach retirement, the industry faces a critical need to prepare new professionals to carry it forward. Investing in internships, structured training and mentorship helps build a strong talent pipeline, ensures continuity of service and strengthens outcomes for plan sponsors and participants. At its core, retirement plan administration is purpose-driven work helping people retire with security, confidence and dignity for years to come.

Research from Cerulli Associates, sponsored by Commonwealth Financial Network, found that close to 40% of financial advisors are expected to retire within the next decade and over half are above age 50. The shifting workforce underscores the importance of proactive talent development, not only to sustain the industry but to enhance the level of service provided to plan sponsors and participants for years to come.

At its heart, retirement plan administration is deeply purpose-driven work. Every plan we help administer represents individuals working toward a future where they can retire with confidence and dignity. That sense of purpose is what makes this industry so meaningful. We are not just managing processes; we are making a tangible impact on individuals’ financial futures. Our goal is to help individuals achieve financial security in retirement, so they can someday step away from work and fully enjoy the life they’ve built.

As retirement plans become more complex and client expectations continue to evolve, the demand for knowledgeable, service-oriented professionals is only increasing. It is a stable and resilient industry that remains essential regardless of market cycles. Today’s retirement plan professionals come from a wide range of backgrounds, bringing strengths in communication, problem-solving, data analysis and client service. Their diverse perspectives can strengthen outcomes for plan sponsors and participants alike. Careers across financial services continue to offer strong long-term prospects. The U.S. Bureau of Labor Statistics projects faster than average growth for many business and financial occupations over the coming decade, driven by increasing demand for financial expertise, regulatory oversight and retirement planning services.

For many professionals, retirement plan administration is not a career path they first encounter in school, even though it offers a wide range of meaningful opportunities. That is why intentional education, structured training and exposure to the field are so important. When firms create pathways for people to learn the fundamentals of retirement plan services, they help build a stronger pipeline of professionals equipped to support plan sponsors and participants over the long term. Just as important, a collaborative workplace culture allows newer professionals to learn from experienced colleagues while contributing their own perspectives, questions and ideas.

Mentorship plays a vital role in this process. Internship and associate programs can introduce students and early-career professionals to the lesser known but rewarding area of retirement plan administration services, while also giving established teams the benefit of fresh perspectives. Greenleaf Trust’s internship program, which partners with finance and accounting students from Western Michigan University, is one example of how early exposure can help broaden awareness of the profession. These exchanges strengthen both sides: newer professionals gain confidence, context and networks, while experienced teams sharpen how they communicate the purpose and impact of retirement plan administration. Mentorship accelerates learning, builds confidence, expands networks and develops future leaders.

What draws people to this highly regulated industry is a combination of purpose, stability and opportunity. It is meaningful work that makes a difference in people’s lives. Individuals can see the impact of what they do every day, knowing their efforts contribute to someone’s ability to retire with security and peace of mind. As teammates we regularly collaborate with other advisors and plan sponsors to provide the best solutions for those we serve. When we highlight both the human impact and the long-term career opportunities within retirement plan services, we open the door for more individuals to see themselves in this field.

By focusing on strong internal teams and investing in the next generation of retirement plan professionals, the industry can help preserve continuity, strengthen client service and advance the broader mission of financial security in retirement. Many professionals enter the retirement industry by chance, but they stay because of the impact, growth opportunities and strong professional community. Creating clear pathways into the field will help ensure that plan sponsors and participants continue to be served by knowledgeable, purpose-driven professionals for decades to come.