Client Service July 20, 2020

15th Anniversary of RPAY: John Barry

One difference between now and 2008 in terms of running an advisory practice is the “technology dividend,” says John Barry, that year’s winner of the PLANSPONSOR Retirement Plan Adviser of the Year award.
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John Barry, registered principal with JMB Wealth Management, was named PLANSPONSOR Retirement Plan Adviser of the Year in 2008.

He says, in the past 12 years, the focus of his practice has largely remained the same. What has been the biggest difference, he says, is the “technology dividend.”

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“It is quite remarkable how much technology has saved us in terms of time and resources,” Barry says. “We have become so much more efficient, with many more clients. The team has not grown. If anything, it has shrunk. In 2004, we had two more people. Today, it’s just three of us.”

Barry was a retirement-plan-practice visionary, for, as early as 1995, he knew he wanted to focus on 401(k)s pretty exclusively. He could see that this was—and in some sense still is—an underserved market.

Besides technology, JMB Wealth Management’s service model has evolved in a few key areas. “Back in 2008, we looked at the investment piece of the puzzle only once a year,” Barry says. “Today, we analyze everything quarterly, and we are fiduciaries.”

When it comes to his relationships with strategic partners and peers, Barry says he works with fewer people in those capacities, too. “However, we have better relationships with our partners today,” he notes.

Asked if he is optimistic about the future of the retirement plan industry, he is quick to say yes—but transformed for the times. “To me, the commission brokerage business is either dead or close to dead,” Barry says. “If you aren’t doing advisory business, you will have problems today and in the future. Everything has gone advisory. Our business is 98% advisory and 2% legacy revenue, in most cases from individual retirement accounts [IRAs] that we rolled over. We get paid a small residual trail on those.”

Barry agrees that financial wellness programs have increased tremendously in importance and prevalence since 2008. “We didn’t focus on that 15 years ago at all,” he recalls.

After a long and successful career as a retirement plan adviser, Barry says he and the other members of his team are coping with the coronavirus lockdowns well.

“We have been very fortunate in that, for years, we have had a business contingency plan to work from home if needed,” he says. “For instance, we said we would do that if there was an unforeseen circumstance such as an earthquake. We haven’t missed a beat and are doing a lot more Zoom conference calls.”

Because the markets have largely recovered from their March lows, many clients seem to have calmed down, he says. However, at the height of the volatility and downturn, he had to do a lot to help participants keep their eye on their long-term goals, he adds.

As to what JMB Wealth Management is doing to help the community during the pandemic, Barry says his firm has always been committed to giving back.

“We have always been very involved with our community and do a tremendous amount of volunteer work,” he explains. “Additionally, we are here for anybody who needs help or has questions. Part of our service model is that any participant in any of our plans can call us, anytime.”

Asked for a piece of advice about pushing the industry forward, Barry shares the following: “It’s a very simple thing—do what is in the best interest of the participant. Then, everything comes together on all levels. Remember, plan sponsors are your client, too. Treat them equally as important as participants. Too often, advisers focus just on the plan sponsors. Take a holistic approach, and you will be successful.”

Client Service July 15, 2020

15th Anniversary of RPAY: Steve Wilt

Steve Wilt, member of the PLANSPONSOR Retirement Plan Team of the Year in 2007, now works at CAPTRUST. He says he is as busy as ever, though he can now leverage the resources of a national firm.
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Steve Wilt, above and below right. Wilt is currently with CAPTRUST, but was part of The STAR Group at Merrill Lynch in 2007.







When Steve Wilt won recognition as part of the PLANSPONSOR Retirement Plan Adviser Team of the Year in 2007, he was with The STAR Group at Merrill Lynch. In 2009, he left to join CAPTRUST Advisors as principal and vice president.

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“The goal was to strictly become an institutional adviser and to no longer offer wealth management services,” Wilt says. “When I won the award, I was a hybrid adviser, serving wealth management, 401(k) plans, pensions and nonqualified accounts. My passion was always in the retirement business, though, and I began to realize you can’t be great at all things in this business.”

Wilt’s team, based in Akron, Ohio, is now comprised of six people, but his book of business is five times as large, which he attributes to the help of his team and CAPTRUST being a specialist firm with deep resources.

“I came to CAPTRUST with 12 clients, and we now have 70,” Wilt says. “Almost all of those have a 401(k). Roughly a third have a pension as well, and 10 have a nonqualified account. CAPTRUST is one of the leading retirement plan service firms. Our offering is so solid and undeniable that we are often one of the top firms in requests for proposals [RFPs]. We have a really good focus in working in northeast Ohio. The majority of our clients are within an hour’s drive.”

As to how the service model Wilt works with has changed since 2007, he says The STAR Group relied on external resources. “CAPTRUST has a centralized model,” he says. “All of the firm’s resources are available to me, so I can deliver better service to clients.”

Wilt also says two-thirds of CAPTRUST’s advisers are shareholders of the firm, which this has led to an “incredible culture.”

“We are all rowing in the same direction,” he says.

Wilt adds that CAPTRUST has great relationships with ERISA [Employee Retirement Income Security Act] attorneys and recordkeepers, as well as with other centers of influence.

“The network is critical to our growth,” Wilt says.

In terms of evolving client demands and expectations, Wilt says holistic financial wellness is more important than ever before.

“Plan sponsors are trying to find a way to take care of employees in a more holistic way and to reduce their financial stress,” he says. “All those pieces are top of mind for clients, especially as they look to hire new talent. I wouldn’t even call it a trend but a reality.”

As to how Wilt and CAPTRUST are managing during the coronavirus pandemic and lockdowns, Wilt says the effort has gone well.

“We quickly moved to virtual meetings with our plan sponsor clients, and this has allowed us to demonstrate our technological prowess and expand what we cover in our quarterly reviews,” he explains. “For participants, we have been offering virtual webinars and one-on-one meetings, either over the phone or via teleconference. Especially with the market having declined, we made sure to lean in and help participants. There is a lot to talk about in this environment.”

Wilt says the CAPTRUST Community Foundation (CCF) has raised $150,000 specifically to help organizations struggling because of the virus. “Our foundation is doing more than it has ever done, and it is entirely employee funded,” he says.

When it comes to improving retirement outcomes, Wilt says he believes it has a lot to do with “plan design, education and advice, driving down fees, offering solid investment choices and pairing with the right recordkeeper to ensure that participants are utilizing the plan appropriately.”

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