Happened to be in Monaco for the first time the other day and spotted the usual assortment of luxury yachts in the harbor. One of my fellow tourists remarked on how great the owner must be to have been able to afford that yacht. Yes, the yacht (pictured) is impressive. And not to knock the owner's achievements (whatever they may be) but I take a slightly different view on greatness and how it relates to the 401k.
First, what makes a person great? Perhaps these traits?
A person becomes great by embodying key traits that inspire and positively impact others. Here are the core pillars that define greatness:
1. Character and Integrity
Greatness begins with unwavering integrity — doing the right thing even when it's hard or unseen. People trust and respect those who consistently align their actions with their values.
2. Purpose and Vision
Great individuals have a clear sense of purpose. They are driven by a vision larger than themselves, whether it's improving their community, industry, or the world at large.
3. Resilience and Discipline
Adversity reveals greatness. The ability to persist through challenges, learn from failures, and maintain discipline in pursuit of long-term goals separates the exceptional from the average.
4. Generosity and Empathy
True greatness is rooted in how people treat others. Empathetic leaders who empower, uplift, and mentor others leave lasting legacies.
5. Lifelong Learning and Growth
Great people never stop growing. They seek knowledge, embrace feedback, and continuously evolve to become better versions of themselves.
6. Positive Influence
Greatness is measured by the positive impact one has on others — inspiring, motivating, and creating change that benefits those around them.
In short: Greatness is about character, contribution, and impact. It’s not about fame or status but the ability to leave people, places, and ideas better than you found them.
Turning that lens to the 401k space and using the plan sponsor as an example, did the plan sponsor follow their fiduciary duties to the letter and do everything they could for the exclusive benefit of the employees? Did they do everything they could to help an employee retire with dignity? That is the mark of greatness.