And the Winners Are…
That is a question we seek to answer every year in the process of selecting the PLANSPONSOR Retirement Plan Adviser of the Year award winners. Having been part of the process since we launched the award in 2004, I can honestly say I find this one of the most fun parts of my job.
In this issue, it is my privilege to introduce formally—and congratulate—our Retirement Plan Adviser of the Year, Stephen Dimitriou, and our Retirement Plan Adviser Team of the Year, Fiduciary Investment Advisors.
I’m asked often about the criteria for the award, which, while they have remained relatively consistent over the years—to identify the nation’s best advisers who are helping make retirement security a reality for workers across the nation—also have undergone some modifications consistent with changes in regulations, the markets, and the needs of those workers and plan sponsors. One example: When we launched the award, we placed a great deal of emphasis on the role of the adviser in encouraging high rates of deferral and participation. Today, the advent of a new generation of automated programs means that, while those factors clearly are significant, they do not necessarily tell the same story they once did in terms of an adviser’s contribution (though “selling’ those concepts to plan sponsors is not necessarily a slam-dunk, either). That—and an increasingly competitive mix of nominees—makes our jobs as judges a little bit harder perhaps, but it also gives us an opportunity to dig down into the inner workings and highlight those defining characteristics that, in the estimation of our judges, exemplify true excellence.
Each year, we are introduced to some incredible advisers doing really wonderful things for the betterment of plan sponsors, benefits managers, and participants across the country. It may sound corny, but I love the passion that they have for this business. Not only is that experience inspiring, we inevitably learn from these extraordinary advisers. As we did last year, we have asked all 10 finalists to share some of those insights by participating in a “virtual roundtable.” On page 28, you will find their insights on business-building ideas, practice management—and what advisers are doing wrong in the retirement plan marketplace. Our congratulations again to those finalists; your fine work and valuable contributions made the judges’ jobs harder than ever!
Of course, we could not accomplish any of this without the skill, insights, and dedication of a very skilled panel of judges (who also have a fair amount of passion for this business). This year, Editor-in-Chief Nevin Adams; Steff Chalk, CEO of the Fiduciary Consulting Group; and I served on both individual and team panels. Smith Barney’s John Mott, the inaugural winner of the award, and 2008 winner John Barry, with JMB Wealth Management, served as judges for the individual award, while Stephen Wilt, now with CAPTRUST, the leader of the inaugural team winner in 2007; and Barbara Delaney, leader of the team winner in 2008, contributed their insights for the team.
In this issue, you also will find out how to measure client satisfaction (“Happy Together“), and you will gain insights from our proprietary research on the impact of an adviser as well as insights on the micro-plan segment ( “Polishing a Client’s Retirement Plan” and “Small World“). You also will find insights on what the Obama administration has in mind on fee disclosure, as well as what the revised Form 5500 Schedule C will mean for your disclosures. We also continue our series on 403(b) plans with a focus on the higher education market.
I hope you enjoy the insights in this issue, and discover many ideas that will help you add value to your practice. I encourage you to find the things that can best serve your client base (even if it means borrowing some ideas from our finalists or winners). Here’s hoping I get a chance to “meet’ you, and learn more about your practice, during the awards process this fall. After all, the winners are all of us!