Justin Londergan

Partner, Ardea Fiduciary Advisors

Business at a Glance as of 12/31/24

• Location: Lexington, Massachusetts
• How many retirement plan assets do you have under advisement? $1.2B
• What is your median plan size (in assets)? $35M
• How many plans do you have under administration? 28
• How many participants in total do you serve? 10,815
• Parent firm: Global Retirement Partners

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

Londergan: I began advising retirement plans in 2013. I support both corporate and nonprofit clients. At the beginning of my career, I built my practice the old-fashioned way: I pounded the pavement. I made cold calls, cold calls and more cold calls. Did I mention cold calls? Against what seemed like all odds at times, I started to get traction, and within a year, I had $100 million under advisement. As I started connecting with nonprofits, it became clear to me that the nonprofit market was grossly underserved. As I listened to each prospect’s story and challenges, certain themes emerged which helped me fine-tune my approach in a way that offered real and original value. Over time, I refined my service model with existing clients while continuing to connect with new prospects. Cold calls continued, but with hard work and dedication, referrals started to roll in, too. My practice grew, culminating with founding Ardea Fiduciary Advisors. During my journey, I continued to grow and evolve my practice around my unique energy, coupled with my belief in efficiency, innovation and value. At the end of the day, we are in a service business that is oriented towards helping our clients while also making their lives easier, and that is what I strive to do.

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

Londergan: Ardea Fiduciary Advisors stands out as an independent team in the midst of a consolidating industry. Our nimble approach allows us to tailor our services to meet clients’ individual needs. Beyond our expertise, experience and professional designations, what truly sets us apart is our unwavering commitment to prioritizing relationships. At Ardea Fiduciary Advisors, we place immense value on connecting with our clients. We firmly believe that cultivating positive energy and fostering genuine, caring relationships not only enhances our lives but also builds mutual trust, understanding and success. And let’s face it—it feels pretty good. What differentiates us is our:

• Energy: We believe in the power of positive energy to shape productive and meaningful relationships.
• Efficiency: We understand the value of clients’ time and strive to deliver comprehensive solutions efficiently and around their busy schedule.
• Innovation: We endeavor to continually evolve and adopt new technologies and strategies that will enhance clients’ experiences.
• Value: Our agile approach allows us to offer a higher level of service, at lower cost, while maximizing return on investment.

PLANADVISER: Please tell us about an important issue that your 403(b) plan sponsor clients face and what actions you have taken to assist them in overcoming that issue.

Londergan: Our 403(b) clients are broadly connected through their shared focus on the importance of helping their plan participants successfully prepare for a retirement with dignity. This is an ongoing challenge, and one of the areas we have focused on is the importance of lifetime income, both on the core investment menu, but also—more recently—embedded within the QDIA. Other critical initiatives we regularly lead to help 403(b) sponsors face their challenges:

• Adopting a formal fiduciary governance process;
• Reducing vendor and investment expenses;
• Transitioning from proprietary, annuity-based menus to open-architecture menus that include mutual funds; and
• Regularly reviewing, considering and adding plan design features that drive positive savings rates and enhance retirement outcomes, including automatic enrollment.

Throughout our journey with clients, we also regularly host all-employee town hall meetings to educate employees about these improvements. We are proud to keep our 403(b) plan sponsor clients at the leading edge of the market with the goal of offering our employees a best-in-class retirement plan. And along the way, our clients benefit from a close relationship with a single point of contact, aimed at making their lives simpler, not more complicated.

PLANADVISER: How did you get started advising 403(b) plan sponsors? What advice would you give other advisers wanting to enter this market?

Londergan: I got started advising 403(b) plan sponsors after I recognized that they were grossly underserved and in need of specialized guidance. After many failures—but also some wins—cold-calling, I eventually grew my client base to the point where word-of-mouth and referral business also began to roll in. For advisers who want to enter this market, I must emphasize that 403(b)s are very different from 401(k)s. Structurally, there are similarities, but the differences are nuanced, yet significant. Advisers need to educate themselves on both the general philosophical differences between plan sponsors of the two, but also the literal differences on issues like individual contracts, annuities, sales timelines and vendor considerations. If you want to be successful helping clients in this market, you need to be very committed, as the challenges associated with 403(b)s do not encourage a “dip a toe in” mentality for the average 401(k) adviser. I value mentorship and am always willing to discuss strategies and ideas with other advisers interested in exploring this space.

PLANADVISER: What’s your favorite book or podcast?

Londergan: “Influence: The Psychology of Persuasion,” by Robert Cialdini, which really helps you understand what motivates you and your clients and prospects in relationships.