PLANADVISER: How is your team/process/structure unique? How has it evolved?
Spectrum Investment Advisors: We are unique in the following areas:
- Our patented Spectrum Investor® Communication Process uses the simplicity of colors to communicate investing as illustrated by our tagline, “Colors Simplify Investing®”.
- Thousands of employee one-on-one meetings nationwide helping them execute investment and contribution decisions while acting in a fiduciary advisory role to the plan participant.
- Retirement Coaches. Seasoned investors who have retired from successful careers and are now helping others do the same. They provide a distinct, holistic perspective by sharing their lifetime investment experiences.
- As a fiduciary adviser, we focus on retirement readiness by implementing custom benchmarking tools, including our patent pending Spectrum SIRRP Score®, to aid plan sponsors in administering their plans.
- Spectrum Investor® Coffee House Educational Series held three times a year in our office, which provides our clients with a comfortable atmosphere to in which to learn about a wide array of topics from financial market updates and financial planning strategies to investing in your health and leadership skills.
- Seven shareholders, ethnically and gender diverse as well as multi-generational, that bring over 150 years of combined retirement plan experience with bilingual capabilities in Spanish, as well as a formal succession plan in place.
- Advancement of retirement planning cause through our involvement at the local and national level by several of our team members. Some of them include board of directors of Wisconsin Retirement Plan Professionals Ltd, (WRPPL), Retirement Plan Advisor Council, NAPA 401(k) Summit Steering Committee, and Washington D.C. Fly-In.
- Retirement industry leadership by serving as panelists and speakers at industry events and achieving leading certifications such as the Accredited Investment Fiduciary, Certified Behavioral Finance Analyst, and Global Fiduciary Steward.
PA: Describe any particular noteworthy initiatives you have led with your customer base in the past 12 months (investment, education, plan design or communication).
SIA: Two specific communication initiatives are: 1. Conducting on-site financial wellness and pre-retiree seminars focused on holistic financial planning and empowering them in their retirement readiness, and 2. Individual advice call center for plan sponsors with multiple locations, which allows the plan participants to sign up for a one-on-one consultation online with one of our retirement coaches for individual advice.
PA: How do you grow your business? What changes to your practice or service model are you planning for 2016?
SIA: We co-sponsor an annual Retirement Plan Investment Seminar with the Wisconsin Institute of CPAs, now in its 11th year. This year’s seminar will feature Bradford Campbell, nationally recognized ERISA Attorney, and Bruce Johnstone, Senior Marketing Investment Strategist at Fidelity, returning to speak for the fourth time. We also host a Fiduciary Summit with Fred Reish, award winning expert in fiduciary matters.
We have begun offering discretionary 3(38) advisory services as well continued refinement in the plan fee structures through institutional pricing, flat dollar fees, per participant and customized services.
PA: What have you done in the past year to improve participants’ retirement readiness?
SIA: We focus on retirement readiness in a holistic way. We start with plan design structures such as auto-enroll, auto increase, and stretch match features. We then implement communication strategies that focus on retirement readiness by targeting education via age groups, financial acumen, and investment experience to drive engagement and activity in the plan beyond the automatic features. Results are captured and evaluated for further refinement and ongoing strategies.
PA: As a retirement plan adviser, what do you take the most pride in?
SIA: Our team’s dedication to improving retirement savings for plan participants through advice. Our holistic approach to retirement planning involves the participant and provides them with the information necessary to take ownership of their own retirement readiness plan. We have also invested in our community by hosting in the last three years over 50 events at our Coffee House, representing 27 different community and civic groups, including the local Chamber of Commerce.
BUSINESS AT A GLANCE
LOCATION: Mequon, Wisconsin
TOTAL PLAN ASSETS UNDER ADVISEMENT: $1.3 billion
MEDIAN PLAN SIZE (IN ASSETS): $9.2 million
TOTAL PLANS UNDER ADMINISTRATION: 120