PLANADVISER: Tell us about your role at your firm and your current responsibilities? How do you contribute to your firm/team’s growth and progress?
Jaramillo: As the director of relationships, my role includes a variety of responsibilities. We created this title to emphasize the enhancement of all relationships, not only with clients, but also with our operational staff, service staff and strategic partnerships. My primary responsibilities are to oversee our retirement plan client service operations, corporate operations and recordkeeper due diligence, while also serving as a senior relationship manager to key retirement clients.
I manage our retirement plan client service team to ensure everyone’s roles and responsibilities are well defined, while designing systems to deliver a one-of-a-kind client experience. I lead a weekly “workflows meeting” with our client service team to review processes, resolve any outstanding issues and convey goals of our organization to those of us tasked with implementing it. I believe that scaling a business does not mean having to sacrifice a tailored experience for the client.
I take personal responsibility for the growth and progress of our firm in the retirement plan client operations, workflow management and our corporate operations. To do so, I commit to fully understanding all aspects of the corporate retirement plan advisory process and the changing landscape of operations, technology, compliance and workflow management that impacts Finspire.
PLANADVISER: What are the most common operational challenges in a retirement plan advisory firm? How do you manage those?
Jaramillo: Common challenges in a retirement plan advisory firm arise from a misalignment in team mindset. Finspire started with three employees in 2018. Through organic client growth, we now have 10 employees who all have very diverse backgrounds, wear a few hats and, more importantly, have a mindset for service. As we continue to grow, our team members’ roles will become more focused and our systems will continue to evolve with the input from each team member. All team members are tasked with providing input and participating in the operational improvement.
Communication, team-building and feedback are the building blocks for addressing our evolving business. We will grow more efficiently, serve better and develop better operational proficiencies when we do it together. Our weekly workflow meetings focus on process management, workflow improvement and systems development. We review bottlenecks, address concerns and collaborate on areas of needed improvement every week. All team members have a voice, from their view, and have an opportunity to impact our overall strategy. Our goal is to “find time” so we can have more of it to focus on client service. Operational improvement is a result of collaboration, communication and alignment as a team.
PLANADVISER: For people who don’t understand this space; how would you describe your job to get someone excited about pursuing something similar?
Jaramillo: I would first focus on letting them know that we are in the service industry, which means our primary goal is to be of service to others. Being of service can be an extremely rewarding career, especially when you fully understand and appreciate that the results of your efforts, ultimately helping thousands of American workers of various backgrounds reach their retirement goals.
I see the role of an operations director and relationship manager—director of relationships, in my case—as being somewhat akin to being the drummer in a band. While the singer is the one who gets the most attention and adulation, it is the drummer’s role to keep the beat of the band and make sure all the musicians are working in concert. A role in service operations, corporate operations and retirement relationship management is an ideal position for those who love being part of a team and do not necessarily crave the spotlight, but instead draw satisfaction and joy from creating processes, fixing problems and enhancing the lives of clients and their fellow employees.
I would also make sure to convey that this is a challenging job, but also one that is incredibly rewarding and genuinely fun!