Phillip Senderowitz

Managing Director,
Strategic Retirement Partners

Business at a Glance as of 12/31/24

• Location: Orlando, Florida
• How many retirement plan assets do you have under advisement? $470M
• What is your median plan size (in assets)? $3.1M
• How many plans do you have under administration? 59
• How many participants in total do you serve? 17,463
• Parent firm: Not applicable

PLANADVISER: Tell us about your practice and how you began advising retirement plans.

Senderowitz: My journey began with a passion for finance at Charles Schwab, where I learned about the retail investor’s needs. However, my true calling came when I realized I could make a more significant impact on a larger number of people by helping small businesses and startups. I joined 401(k) Advisors in 2009, eventually becoming a founding member of Strategic Retirement Partners. Today, I specialize in serving small businesses, with over $470 million in assets under advisement and nearly 60 plans under management, one-third of which I’ve helped establish from scratch. I am committed to giving businesses the tools to offer retirement benefits to their employees—allowing them to compete for talent and provide for their workforce’s future.

PLANADVISER: What’s the best advice you’ve ever received and from whom did it come?

Senderowitz: The best advice I ever received came from my mother when I was young: ‘Be nice and courteous to everyone, because you never know who people know and how things could impact you in the future.’ This lesson has shaped how I approach my work in the retirement plan industry, where relationships are everything.

I make it a point to be helpful and professional, whether I’m working with a potential client, a competitor or a plan sponsor. The retirement plan industry is small, and you never know when a competitor may turn into an ally or when a sponsor from a startup plan is connected to someone overseeing a much larger plan. The care I take in helping others often comes back to me when that individual shares my name with others looking for a trusted adviser.

This philosophy has allowed me to foster long-term relationships, both with clients and peers, and it’s paid off by growing my business in meaningful ways. By always staying genuine and professional, I’m not only helping others, but also creating an ecosystem of trust and collaboration that benefits everyone involved.

PLANADVISER: What are the biggest stumbling blocks to adding more tax-advantaged retirement savings opportunities in the workforce? What are you doing to try and overcome them?

Senderowitz: The biggest stumbling blocks to expanding tax-advantaged retirement savings in the workforce include cost, complexity and accessibility. Many employers, especially smaller businesses, believe offering a retirement plan is too expensive or administratively complicated. Additionally, many employers are unaware of the incentives available to them, like the SECURE 2.0 subsidies, which can offset much of the cost of setting up a plan.

I actively work to overcome these barriers by advocating for retirement-friendly legislation and, for the past decade, by attending the NAPA Fly-In, where I have helped shape policies aimed at increasing access to retirement savings. One key focus looking forward is pushing for targeted subsidies to help nonprofit organizations, a critical but often overlooked sector in our retirement system. Additionally, I support extending access to low-cost investment vehicles like collective investment trusts , which can further reduce fees.

At the same time, I work directly with small business owners to educate them on the benefits of offering retirement plans and how they can take advantage of these incentives. By combining advocacy and direct education, I am helping to create a more inclusive retirement system that enables workers across all industries to save for a secure future.

PLANADVISER: What are the biggest challenges to getting small businesses or startups to start a defined contribution plan?

Senderowitz: Small businesses face challenges like cost, administrative burden and uncertainty about employee participation. Many owners don’t realize that SECURE 2.0 subsidies can cover most of the upfront costs, and they worry about the time it takes to manage a plan. However, I help demystify these concerns by offering solutions that simplify the process, such as automated systems that handle almost all administrative tasks. I also show employers that employees want retirement plans, which is why over 80% of participants in the plans I manage are actively saving. By providing education and actionable support, I help employers see that implementing a plan is not only easy, but also beneficial for both them and their employees.

PLANADVISER: What’s your favorite book or podcast?

Senderowitz: My favorite book is “Atomic Habits,” by James Clear. I reread it regularly because its principles of small, consistent actions are directly applicable to both my business and my clients’ retirement savings habits. By encouraging small, incremental steps—like automatic enrollment and automatic escalation—I help clients achieve significant long-term results. Just as personal growth builds over time with tiny habits, retirement savings also grow exponentially, leading to financial security for employees. This approach not only guides my business, but also shapes how I advise clients to build sustainable retirement plans.