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?
Riccardi: As director of retirement plans, I lead a team committed to delivering exceptional support and strategic guidance to plan sponsors and participants. I oversee daily service operations with a focus on regulatory compliance and industry best practices, while continuously working to build and maintain strong, trusted client relationships.
I work to deliver seamless service and proactively address complex issues as they arise. I am actively involved in client onboarding, plan design consultations and ongoing plan reviews to ensure each retirement plan aligns with our clients’ objectives and fiduciary responsibilities.
I am also responsible for identifying opportunities to improve processes, implementing best practices and contributing to the growth and retention of our retirement plan business. I foster a team culture grounded in accountability, collaboration and continuous improvement. Through coaching, targeted training and regular feedback, I support team members in strengthening both their technical knowledge and client relationship skills.
I also lead efforts to streamline workflows, reduce inefficiencies and enhance the overall client experience to ensure our service model evolves to meet the changing needs of plan sponsors and participants.
I firmly believe that a happy client is not only a loyal one, but also your best form of advertising.
PLANADVISER: What are the most common operational challenges in a retirement plan advisory firm? How do you manage those?
Riccardi: Retirement plan advisory firms operate in a complex and continuously evolving regulatory environment. As a result, we face two main types of operational challenges: strategic, such as keeping up with regulatory changes and ensuring ongoing fiduciary compliance; and tactical, which include maintaining data accuracy, coordinating with multiple service providers and delivering a consistent client experience across plans of varying sizes.
One of the biggest challenges is keeping up with shifting DOL, IRS and ERISA regulations. To manage that, we implement strong internal compliance protocol, ongoing team education and maintain access to ERISA counsel. Accurate data management is essential to ensure participant and plan-level information remains consistent across all platforms.
Clear communication is critical because plan sponsors and participants have different needs. We take a proactive, personalized approach offering fiduciary reviews for sponsors and educational support for participants. From a technology perspective, we prioritize cybersecurity and operational efficiency by using integrated systems that streamline workflows, protect data and maintain the high-touch service that differentiates us.
Ultimately, the way we manage these challenges is by having the right mix of people, processes and technology, combined with a culture that is committed to continuous improvement and client advocacy.
PLANADVISER: What are the skills that are most needed to be successful in your role?
Riccardi: Success in my role requires a strong combination of technical knowledge, client service skills, attention to detail and organizational ability. A solid understanding of retirement plan types is essential, along with knowledge of ERISA, IRS limits and Department of Labor regulations and guidelines. Strong client service skills are equally important. Building and maintaining professional relationships with plan sponsors, advisers and third-party administrators requires clear and professional communication. The ability to resolve issues diplomatically and efficiently, including troubleshooting contribution errors, participant concerns or data discrepancies, is also critical.
Comprehensive analytical and compliance expertise is critical. Reviewing plan data, supporting audits, maintaining data integrity and managing Form 5500 filings all require attention to detail and a strong regulatory mindset. Proactively identifying issues and recommending process improvements further enhances effectiveness.
Excellent time management and organizational skills are crucial for overseeing multiple plans, meeting strict deadlines, working with internal teams and ensuring service level agreements are met.
The key to success in this role comes from combining retirement plan expertise with the ability to manage client expectations, maintain operational excellence and ensure compliance within a highly regulated environment.