April 20, 2011
--- Insights from the Retirement Plan Adviser and Adviser Team of the Year winners and finalists. ---
In our recent issue, PLANADVISER introduced the winners and finalists for the 2011 PLANSPONSOR Retirement Plan Adviser of the Year and Adviser Team of the Year awards (see the March-April 2011 cover story). We recently conducted virtual interviews with each of them*, and asked them to share their insights on business-building ideas, practice management—and what they think advisers do wrong in the retirement plan marketplace.
PA: What about this business are you most passionate?
Michael Kozemchak: Helping the American workers understand their financial needs in retirement and then prepare for them
Stephen DesRochers: We actually make a difference; ok, it’s not world peace but, when we walk into a room and participants swarm around to tell us how they used our tips to save money, or how we see the plan inflows rise after a meeting, it means we helped them seriously consider their future. If an employer doesn’t care about participants’ future, and they are out there, they are not a good fit for our team. We are going to do what’s necessary to help participants face the truth and be prepared to retire with dignity. It takes a lot of effort, but it’s worth it.
John Spach: Doing it all right. I want clients to see a plan consultant as representing their interest, controlling their cost, and helping their people. It’s not about us.
C. Todd Lacey: I am the most passionate about participating in an industry that is helping tackle the monumental challenge of helping more Americans achieve a financially successful retirement. Most people are not on track to have enough money at retirement and will, therefore, have to save more, work longer, or both. The only proven way to make a meaningful, positive impact on savings rates is to provide in-person, individualized participant guidance (call it guidance or advice, it really doesn’t matter). Knowledgeable advisers need to sit with participants and help them make the necessary changes to give them a better chance of retiring one day. Contributing to this cause is, by far, the part of this business that I am most passionate about.
Phillip Steele: Having the ability to evaluate and influence the behavior of plan sponsors and participants to achieve an improved outcome at retirement is what drives me each day. Having a unique and effective approach to participant education is a big part of that passion.
Daniel Peluse: Without question, we are most passionate about educating and providing one-on-one guidance to our clients and their participants. While all of the other services we provide to our clients are extremely important to the overall plan’s success, we feel that creating a sense of comfort for the participant regarding the plan tools and features as well as their available investment options is truly the most important.