2024 Emerging Leaders — Liz Ulrichson
PLANADVISER: Where do you hope to take your career in the retirement industry in coming years?
Ulrichson: My goal is to make a meaningful impact by helping people achieve financial security and peace of mind. Finances can be daunting, often causing unnecessary stress. I want to help people learn to balance their financial needs today, while saving for their future.
As my career progresses, I envision growing my leadership abilities while managing the needs of our retirement plan clients, who collectively hold billions in assets and serve thousands of participants. This will involve consulting on plan design, investment management, fiduciary oversight, vendor selection and participant engagement. I will also continue with my current role of educating and advising participants to help them reach their financial goals.
Additionally, I’m passionate about sharing my financial expertise by teaching financial literacy to students. I believe that instilling a strong understanding of finances and a positive relationship with money from an early age will greatly benefit them in the long run.
PLANADVISER: How did you end up in the retirement advisory industry?
Ulrichson:My mother is a retirement plan adviser. She instilled in me the importance of saving, investing wisely and understanding 401(k) plans. Her guidance gave me a solid foundation in financial concepts, which I initially assumed was common knowledge. But that wasn’t the case.
My first year of college, I was undecided about my major when an advertisement on a bus sparked my decision to pursue a degree in financial counseling and planning. I chose this path because it aligned perfectly with my upbringing and personal interests. The program I enrolled in was one of the first undergraduate programs in Iowa to also satisfy the educational requirements for the Certified Financial Planner certification. Upon graduating college, I took a job in the call center of a major recordkeeper. It was harder than I expected, but I learned a lot, and I’m so thankful for that experience as it helps me better connect with the plan sponsors and participants I now serve as a retirement plan adviser at CAPTRUST.
PLANADVISER: What steps do you think will help improve the retirement industry and participant outcomes in the future (particularly ways in which your firm can help with that progress)?
Ulrichson:One of the most important ways the industry can improve financial outcomes for participants is by improving overall financial literacy. At CAPTRUST, we created a financial literacy program for students through our nonprofit, the CAPTRUST Community Foundation, which covers topics like budgeting, car ownership, compound interest and entrepreneurship.
CAPTRUST aims to help participants with various resources, including educational seminars, workshops and personalized consultations with a personalized projection that empowers them to make informed financial decisions.
Industry-wide, there have been effective plan design changes such as automatic enrollment, automatic escalation and the use of target-date funds. I believe that we will see improvements soon with additional income solutions and withdrawal flexibility.
It’s also crucial to leverage technology to improve accessibility and engagement. Everyone learns and absorbs information differently. The more information we make accessible on more platforms, the more participants we reach. It’s important to help participants realize that retirement planning is not a one-time event, but a lifelong journey.