Phil Parker

Workplace Financial Advisor,
Everhart Advisors

Business at a Glance as of 12/31/24

• Location: Dublin, Ohio
• How many retirement plan assets do you have under advisement? $821.8M
• What is your median plan size (in assets)? $9.9M
• How many plans do you have under administration? 31
• How many participants in total do you serve? 14,050
• Parent firm: Not applicable

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

Parker: We have a dedicated team of workplace financial advisers assigned to every retirement plan we support. This team meets weekly to share best practices and continually enhance the resources and educational support we offer to plan participants. To reach and engage a broad audience, we host a monthly webinar series covering a wide range of financial topics, designed to educate and empower participants at every stage of their financial journey. We also take a proactive approach by regularly reaching out to employers to schedule on-site or virtual group education sessions. Speaking to the entire company allows us to tailor our messaging based on the plan’s demographics and specific needs, creating more relevant and effective learning experiences. While on-site, we combine group education with one-on-one consultations to provide participants with personalized advice that fits their unique financial situations. In addition, we maintain an open-door policy through our dedicated helpline, encouraging participants to reach out any time for guidance, beyond just the scheduled sessions. This consistent, intentional engagement fosters trust and breaks down barriers that might otherwise prevent participants from seeking financial help. Many individuals who may have felt intimidated by the idea of working with a financial adviser are now confidently building their financial futures with guidance from their company’s workplace financial adviser. The relationships we form are so meaningful that some employers view us as an extension of their own team, essential to their culture and their overall success.

PLANADVISER: What does success mean for your practice? What metrics do you use to measure success?

Parker: Our benchmark for success across all the plans we advise is clear: 90% participation, a 10% average contribution rate and 90% enrollment in target-date funds. Achieving these goals requires more than just strong plan design; it demands meaningful engagement with participants. Encouraging someone to contribute 10% of their income toward long-term savings is a significant ask. To get there, we focus on clearly communicating why saving for the future matters and how to do it in a way that’s accessible and actionable. We believe education is only truly effective when it drives real behavioral change. For me, success is measured not just by the number of sessions delivered, but by the tangible results: increased enrollment, higher contribution rates and smarter investment choices.

PLANADVISER: Please describe your service model in serving participants (including frequency of work, as well as how you are compensated).

Parker: My service model is to try to engage with as many participants as possible on an individual basis while also offering content and value to all my participant base. Everhart Advisors University is our monthly webinar series that we produce to share financial education broadly. It provides quality information to participants and builds credibility as an adviser. I proactively reach out to sponsors to schedule group education, as well as individual consultations. The group education varies in topics but is specific to the plan’s demographic, an area that we feel needs improvement, like enrollment, or a topic beneficial to the participants, like budgeting. The one-on-one consultations are where I find the biggest impact, because that’s where participants receive specific advice with actionable steps to improve their financial situation and work towards their goals. I’m available to participants outside of the scheduled education. The usual rhythm of education is annual; however, I do have a plan that is as frequent as every other week. Compensation is based on assets under management.

PLANADVISER: What are three of the biggest challenges that plan participants face today? How are you helping to address them?

Parker: Lack of participant engagement and financial literacy. Advisers, recordkeepers and plan sponsors work diligently to build high-quality retirement plans designed to help participants grow wealth over time. However, many employees still lack a clear understanding of how their plans work, how much they need to save or how to invest wisely. This often results in under-saving, poor asset allocation or adopting investment strategies that do more harm than good. While there are plenty of educational resources available, the reality is that those who seek them out are often already on the right track. That’s why I take a more proactive and personalized approach, combining group education sessions with one-on-one consultations. This strategy not only encourages better saving habits and more strategic investing, but more importantly, helps participants build a tangible, actionable plan for retirement, rather than simply hoping it all works out. When people understand what they’re working toward and have a clear road map for how to get there, they’re far more likely to stay engaged and succeed. By connecting with employees regularly and building trust through consistent, personal interactions, I help instill confidence in both their financial plan and in me as their adviser.

PLANADVISER: What’s your favorite book or podcast?

Parker: I’m a “Lord of the Rings” nerd.