Steven Gibson

Director of Retirement Plan Services,
Rehmann Financial

Business at a Glance as of 12/31/24

• Location: Ann Arbor, Michigan
• How many retirement plan assets do you have under advisement? $343.9M
• What is your median plan size (in assets)? $13.2M
• How many plans do you have under administration? 13
• How many participants in total do you serve? Approximately 5,000
• Parent firm: Not applicable

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

Gibson: Like most retirement plan advisers, I did not aspire in my youth to enter this field, as I didn’t even know it existed. However, I always dreamed of being involved in something bigger than myself. This idea of selfless service first led me into the military, where I developed a strong sense of duty and a desire to help others. After my military service, I sought to continue making a positive impact and found my calling in the retirement plan industry.

I began consulting on retirement plans in 2008 at a large independent RIA. Starting my career during the Great Recession was eye-opening and life changing. Conducting my first participant education meetings during such a tumultuous time highlighted the importance of financial security and planning for the future. It was then that I realized the profound impact I could have on individuals’ lives by helping them prepare for their retirement.

In 2020, the RIA I was working at was acquired by a mega RIA aggregator. Personally, I did not find the future particularly intriguing, working with a hodge-podge of other acquired advisory shops. Instead, I decided to join the immensely talented team at Rehmann. At Rehmann, I work directly with a select group of complex plans and share my expertise across our greater client base, which consists of over 300 retirement plans. This practice model allows me to leverage my experience and passion for helping others, ensuring that our clients receive the highest level of service and support.

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

Gibson: Our team is unique for several reasons, with the biggest differentiator being that we are a thoughtfully curated group of specialists. In our industry, it’s common to see advisers trying to wear too many hats, which can lead to being spread too thin. It’s challenging to be an expert in plan design, investments, education and compliance for dozens of clients, while also even potentially providing individual wealth services, which requires a completely different skillset. This is why, at Rehmann, we have dedicated education specialists, an independent research team, third-party administration specialists, compliance experts, IT consultants, HR consultants, access to employee benefit plan auditors and plan design gurus.

As a dedicated retirement plan adviser, I can tap into these resources to provide a truly unique experience for our clients. Instead of being “jack of all trades and master of none,” we are a group of masters who have honed our individual crafts. Another reason our advisory practice is unique is our willingness to work on startup plans. Rehmann’s ability to provide third-party-administrative services allows us to offer custom, boutique plans for employers of any size. While many advisers in our industry avoid small plans, drop them into one-size-fits-all solutions or charge significant minimum fees, we ensure that every client receives a tailored solution that meets their specific needs.

PLANADVISER: What type of plan sponsor is your typical client (location, size, industry, design elements, etc.)? Please describe your average service model and deliverables.

Gibson: There is not really a typical plan sponsor client. They are diverse, spanning various industries and geographical locations. They range from small to midsized companies to large corporations, with a significant presence in the Midwest and Florida. These clients operate in industries such as manufacturing, health care, technology and engineering.

In terms of size, clients range from small startup plans to large plans exceeding $100 million in assets. The design elements of their plans are tailored to meet the specific needs of their workforce and organizational goals.

Rehmann’s service model is built on a foundation of personalized, high-touch service. I begin with a comprehensive plan analysis to understand the unique requirements of each client. This is followed by strategic plan design and advisory services, which align with the client’s objectives. I provide customized plan design illustrations that optimize benefits and cost efficiency, along with assistance with adherence to SECURE 2.0, ERISA and other relevant laws and regulations. Additionally, I develop a participant engagement strategy and provide participant education to help employees understand and maximize their benefits. Ongoing plan management includes investment reports, fee benchmarking by service provider, compliance checklists, board reports, milestone timelines, development of meeting agenda and notes, formal fiduciary training and more.

By maintaining a client-centric approach, I ensure that each plan sponsor receives tailored solutions that drive value and support their long-term goals.

PLANADVISER: What are three of the most important issues your plan sponsor clients face with their company retirement plans? What actions do you take to assist them in overcoming those issues?

Gibson: Three key issues my plan sponsor clients face are: navigating an ever-changing regulatory and product environment; addressing participant engagement; and understanding and reducing fiduciary risk.

First, the regulatory landscape and product developments are constantly evolving. SECURE 2.0, ESG funds, adviser-managed accounts, retirement income strategies, auto-portability—the list goes on and on. I help clients wade through the noise and focus on the critical issues that need to be addressed. By providing clear guidance and prioritizing key actions, I ensure they don’t get overwhelmed by less important details.

Second, participant engagement is often lacking, leading to suboptimal retirement outcomes. While automatic features have increased participation rates and deferral rates, it has also led to a decrease in active engagement, as many participants do not take further steps to understand or optimize their plans. To address this, I implement a robust education and communication program that helps participants understand their plans. By empowering them to take an active role in their retirement planning, it ensures they can fully appreciate and benefit from their retirement plans.

Last, understanding and reducing fiduciary risk is crucial for plan sponsors. An in-depth initial plan analysis helps clients understand where they may be taking an unnecessary amount of risk. On an ongoing basis, regular plan reviews, fee benchmarking, documentation of decisions and training help in meeting their obligations and minimizing risk.

PLANADVISER: What’s your favorite book or podcast?

Gibson: My favorite book is “Thinking, Fast and Slow,” by Daniel Kahneman. This book delves into the science of decisionmaking and explores the dual systems of thought: the fast, intuitive system and the slow, deliberate system. I find it fascinating because it provides deep insights into how we process information and make decisions. It has helped me understand how people can arrive at different conclusions, even when working with the same set of assumptions. The book’s exploration of cognitive biases and heuristics have allowed me to better understand and improve my own decisionmaking processes.