Business at a Glance as of 12/31/22
- Plan assets under advisement: $720 million
- Median plan size (in assets): $7 million
- Plans under administration: 13
- Total participants served: 6000
PLANADVISER: Tell us about your practice and how you got into advising retirement plans.
Sharp: Our practice involves several team members working on behalf of our plan sponsor clients to bring best-in-class retirement plan offerings to plan participants. I got into the business in the late 1980s doing participant education on this new thing called a “Cash or Deferral Arrangement,” now known as a 401(k). In those days, in most plans, participants had no voice in how their money was invested. Rather, we’d place Guaranteed Investment Contracts (GICs) to lock in a declared interest rate. My job was to educate participants on the benefits of saving for retirement using an overhead projector with flimsy clear plastic sheets. My, how times have changed!
PLANADVISER: As a retirement plan adviser, what do you take the most pride in?
Sharp: No doubt, the growth and breadth of team members, along with the tools/resources we use to provide value to our clients. We deliver independent advice at a very high level.
PLANADVISER: How do you grow your business? What changes to your practice or service model are you planning for 2023 or 2024?
Sharp: We believe the best way to grow the business is to continue to demonstrate to existing clients our commitment to service their plans and participants well. We will leverage those positive experiences by creating “word of mouth” referrals to our firm. We will continue to add team members as our block of business grows. Attending various industry meetings to keep on the leading edge of new ideas/planning is a cornerstone of what we do.
PLANADVISER: What challenges do you think the retirement plan industry faces and what role do you have in addressing and confronting those challenges?
Sharp: A challenge will be helping individual participants understand their various unique options with plan balances as they approach and enter retirement. With many regulatory requirements imposed on advisers, it will be a challenge to provide specific advice yet satisfy the DOL requirements associated with the DOL Prohibited Transaction Exemption 2020-02.
PLANADVISER: Please tell us about an important experience you have had as either a mentor or mentee.
Sharp: As we began to hire additional advisers, a key ingredient of our success has been to spend time with new advisers (mentees) to educate, role-play an upcoming meeting, involve that person in the meeting and then discuss what worked and what didn’t work after the meeting occurs. Only in that way can a new adviser grow more quickly and shorten the learning curve. Also critical is giving that person time to critique the mentor in terms of what the mentee liked and didn’t like during the actual meeting.
PLANADVISER: What advice can you give to your industry peers about developing successful experiences for both mentors and mentees?
Sharp: Make time and invest in your team! Mentors are very busy in their practice, yet it is critical that they consistently and regularly schedule quality time to invest in new team members. In so doing, mentees quickly see that the mentor really cares about them individually, as well as their unique career path growth. The investment of time by the mentor will pay handsome dividends for all parties involved. Stress and acknowledge the importance of a good work/family balance and provide the flexibility when required to help the individual be present with their family.