Joseph Cravotta

Manager of Institutional Services,
Henderson Brothers Financial Partners

Business at a Glance as of 12/31/24

• Location: Pittsburgh, Pennsylvania
• How many retirement plan assets do you have under advisement? $3.8B
• What is your median plan size (in assets)? $3.2M
• How many plans do you have under administration? 260
• How many participants in total do you serve? 56,000
• Parent firm: Not applicable

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

Cravotta: Creating access to qualified plans has long been a core challenge in the retirement plan industry. Too many companies historically avoided offering plans due to perceived cost, administrative burden or lack of understanding. Fortunately, recent legislation and state mandates are moving the needle by encouraging broader adoption of plans. As access improves, our next challenge emerging is ensuring these new plan sponsors and their participants receive the right support.

This next phase requires a focus on two critical areas: providing scalable, efficient plan vehicles and delivering impactful support tools and service models. As an industry, we’ve already made meaningful strides with structures like pooled employer plans, which can be an effective way for plan sponsors to streamline administration, outsource some fiduciary responsibilities and offer simplified, cost-effective investment solutions.

What also excites me is our ability at HBFP to maintain high-touch service even within this scalable structure. We’re leveraging PEPs and other group plan models, not just to reduce complexity, but to enhance quality of service. Just as importantly, our team of financial advisers is embracing technology to create personalized participant experiences—delivering education, guidance and planning tools that meet people where they are.

As plan advisers, one of our most important responsibilities at HBFP is to keep the focus on the client experience. Even as we embrace scalable plan structures like PEPs and integrate advancing technology, our focus must remain on delivering authentic, human-centered service. It’s this balance—leveraging innovation without losing the personal connection—that I believe will help us continue to drive plan adoption and deliver successful participant outcomes.

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

Cravotta: One of the best pieces of advice I ever received came from one of my first managers at Vanguard, Fran O’Donnell: always be there for your team and have their back. She didn’t just say it—she lived it, and I watched the impact that kind of leadership had. As I stepped into leadership roles myself, that advice stayed with me. Over the years, I’ve learned that while business strategy and client service are critical to success, the true foundation for great results starts with a team that trusts each other. As a leader, if you’re accessible, accountable and truly supportive, your team will show up for you and each other—and often go above and beyond. That’s when the real success happens.

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?

Cravotta: Broadening the makeup of the advisory industry is critical—not just to address the looming adviser shortage, but to ensure we’re building a pipeline of diverse, skilled professionals equipped to meet growing demand. With more companies expected to adopt retirement plans, efficiency can only take us so far—we need more well-rounded specialists.

While many people are familiar with roles like financial planner or investment analyst, I’d guess few even know that “retirement plan adviser” is a career path. Most of us found this profession by chance, not design.

Being a plan adviser can be rewarding and requires a unique blend of financial planning, investment acumen, technical plan knowledge and soft skills like communication and relationship-building. I think recruiting more people starts with elevating awareness of our profession. We have a great internship program at Henderson Brothers Financial Partners, and I get to introduce our role to three or four college students every year. We can also do a better job of delivering this message more broadly through relationships with universities and other young professional organizations.

I think our recordkeeper partners do a great job of developing individuals within our industry. As advisory firms, we should follow that lead—creating junior roles, structured career paths and mentoring programs that help young professionals grow into this specialized field. If we want to build a stronger, more sustainable industry, we can’t wait for talent to find us by accident—we have to be intentional in creating opportunities and making plan advising a destination career.

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?

Cravotta: Addressing the lack of youth and diversity in the financial advisory industry will take consistent, intentional action. For me, I can’t say I’ve been the best at it, but I think it starts with showing up in the right places. As I mentioned previously, building relationships at local universities is key, but it should not just be at the same handful of schools. Expanding our reach and recruiting from a broader range of institutions representing more diverse backgrounds and experiences is a great start.

Beyond that, it’s about creating long-term pathways into the profession. Internships are great; however, they can’t be the only entry point. I’d like to see our industry building more mentoring and apprenticeship-style programs that extend well beyond a single summer—programs that give young professionals the time, guidance and exposure they need to truly grow into this field.

I also think it’s important to potentially connect with individuals who may be in financial services already—especially those who started in traditional adviser roles but feel disillusioned or unsure of their next step. Many of them have the right foundation and just need a clearer path into the retirement plan side of the business.

PLANADVISER: What’s your favorite book or podcast?

Cravotta: My favorite podcast is The Rewatchables. Listening to my contemporaries talk about their favorite movies from the 80s, 90s and 2000s is a great trip down memory lane and a break from the daily grind. And now my 10-year-old son loves some of the same movies I do, so it’s something I can listen to and then rewatch the movie with him.

Securities offered through LPL Financial. Member FINRA & SIPC. Investment advisory services offered through Henderson Brothers Financial Partners LLC, an SEC registered investment advisor and separate entity from LPL Financial. Registration does not imply a certain level of skill or training. For more information about HBFP, or to receive a copy of disclosure Form ADV contact us or visit www.hbfp1893.com or adviserinfo.sec.gov/firm/summary/333732.