Timothy Black
Mosse & Mosse Associates (Marlborough, Massachusetts)
Reported by PLANADVISER Staff
Black began his career on Wall Street in the ’80s and received his CPA designation in 1988, taking a job with KPMG. In 1991, he moved to Fidelity where, over the course of a number of years, he worked in the investment management side of the business, as well as the distribution side. Black also worked in the sales arena at both Fidelity and then Cigna (later acquired by Prudential), before being lured away by Mosse & Mosse to be a retirement plan adviser. His career background provides an interesting backdrop for his current role as an adviser, Black says, because he understands how the revenue, expense, and distribution models all come together.
In advising plans, Black says there are so many that are underutilizing the solutions or offerings they have. That is why, when taking on a new client, “search is the last thing we want to do,” Black says. Most of the recordkeepers in the business are very good, and many plan sponsors “don’t need a new car, but need a mechanic,” he explains. He tries to fill in the gaps in the plan with the current provider. This means maintaining many recordkeeper relationships; his 40 plan sponsor clients are placed with about 20 different providers. “I can’t move client platforms just because it’s easy for me,” Black says. “Each deal has to be evaluated.”
Black’s latest quest is to transition plan sponsors and participants away from the focus on plan participation and savings rates, instead focusing on replacement ratios. “My favorite part of the business is participant outcomes,” he says. This focus is supported by Mosse & Mosse’s personalized gap analysis.