Douglas E. Bermudez

Managing Director,
Strategic Retirement Partners

Business at a Glance as of 12/31/24

• Location: Los Angeles, California
• How many retirement plan assets do you have under advisement? $379.9M
• What is your median plan size (in assets)? $1.5M
• How many plans do you have under administration? 53
• How many participants in total do you serve? 14,412
• Parent firm: WELLth Advisory Services, LLC, dba Strategic Retirement Partners (SRP), an SEC Registered Investment Advisor

PLANADVISER: How is your team unique in the marketplace? How do you differentiate yourself from others?

Bermudez: Our team stands out because of the unique perspectives of all our diverse members. As an immigrant, I understand firsthand what it’s like to come from a community where financial planning and wealth-building can feel out of reach. Growing up, I saw the barriers people of color face when accessing the same financial opportunities others take for granted. This experience fuels my commitment to making these opportunities accessible to all.

What sets us apart is the genuine connection we build with clients. We don’t just offer traditional retirement planning; we strive to offer empowerment. We help people realize they have access to the same financial opportunities available to others. Our approach goes beyond numbers—it’s about breaking down financial barriers, aiming to restore confidence and creating a future of financial confidence and hope.

We’re not just helping clients plan for retirement; we provide the tools, support and mindset needed to achieve financial confidence. Our team is dedicated to ensuring everyone, regardless of background, feels confident in seeking a prosperous future.

PLANADVISER: What challenges do you think the retirement plan industry faces, and what role do you have in addressing and confronting those challenges?

Bermudez: The retirement plan industry faces several challenges, particularly for immigrants and underserved communities. Many people from these backgrounds lack access to financial education and the resources to navigate retirement planning. Growing up, I saw how financial opportunities were often out of reach for those who didn’t have the right knowledge or support. This creates a significant wealth gap and leaves many uncertain about their future. There’s also a level of mistrust toward financial institutions, which further discourages people from seeking help.

From my experience, I see my role as bridging that gap. I understand what it feels like to be in those shoes, so I work hard to make the process of retirement planning feel more accessible and personal. I simplify complex concepts and strive to ensure that my clients know they, too, deserve a fulfilling future.

More than anything, I want my clients to feel seen and heard. It’s not just about numbers—it’s about empowering them to believe in their own worth and helping them overcome the barriers that might be holding them back. I strive to build trust, making sure they feel confident in their ability to take control of their financial future. My mission is to ensure that everyone, no matter where they come from, knows that they have a right to financial confidence.

PLANADVISER: Why is it important to broaden the makeup of the advisory industry in the next five to 10 years? What advice can you give to industry peers about the need to get involved with recruiting more people?

Bermudez: Broadening the makeup of the advisory industry in the next five to 10 years is not just important; it’s essential for creating a more fair, accessible and compassionate financial system. As our society becomes more diverse, it’s crucial that the financial advisory profession evolves to reflect the experiences and needs of the populations it serves. A diverse industry brings a variety of perspectives that are vital for addressing the unique financial challenges faced by different communities, especially those who have been historically underserved or overlooked.

For many underserved groups, including immigrants and communities of color, financial services can often feel distant or unattainable. By diversifying the advisory field, we can bridge that gap, offering guidance to those who need it most. A diverse team helps break down cultural and language barriers, striving to create a deeper sense of understanding, especially among clients who may feel hesitant or excluded from seeking financial advice.

To my peers in the industry, I encourage you to actively seek out and support individuals from diverse backgrounds. Look beyond the usual networks and create inclusive hiring practices that prioritize representation. Offer mentorship and development programs that help nurture diverse talent, ensuring they have the opportunity to thrive and grow within the industry. By prioritizing diversity, we can create a stronger, more compassionate financial services community—one that is better equipped to serve everyone and build a more inclusive, equitable future for all.

PLANADVISER: When addressing the lack of youth or diversity in the financial advisory industry, how do you go about moving from words and ideas to action?

Bermudez: Moving from words and ideas to action when addressing the lack of youth and diversity in the financial advisory industry requires a clear, intentional approach. First, it’s important to actively recruit diverse talent by seeking out candidates from varied backgrounds, including younger professionals and those from underrepresented communities. This means looking beyond traditional networks and creating inclusive hiring practices that focus on representation.

Second, mentorship and development programs are key. One of the ways Strategic Retirement Partners does this is through our Young Leaders Group, which offers mentorship, training and networking opportunities to our young professionals entering the industry. This program has helped emerging professionals navigate challenges, build confidence and develop the skills they need to grow into leadership roles in the financial advisory field.

Lastly, it’s essential to create a culture of inclusion within the workplace. This means not only hiring diverse talent, but ensuring that they feel welcomed, valued and supported once they’re on board. By fostering an environment that celebrates different perspectives and ideas, we can ensure that young professionals and individuals from diverse backgrounds feel a sense of belonging and are motivated to stay and grow within the industry.

Taking action is about consistently prioritizing diversity at every level—from recruitment to mentorship to creating an inclusive culture—so that we can build a more representative and accessible financial advisory profession.

PLANADVISER: What’s your favorite book or podcast?

Bermudez: My Favorite book is “Who Moved my Cheese?,” by Spencer Johnson. It’s about how change is inevitable, and you must learn to be adaptable to thrive. This concept really resonates with me, especially in the retirement field, where change is constant. Whether it’s shifts in financial regulations, new retirement strategies or evolving client needs, being adaptable is a crucial skill. The book’s simple, yet profound, lessons remind me to stay proactive and flexible, no matter how unpredictable things can get.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services are offered through WELLth Advisory Services, LLC, dba Strategic Retirement Partners (SRP), an SEC Registered Investment Advisor. WELLth Advisory Services, LLC and Strategic Retirement Partners (SRP) are separate entities from LPL Financial.