Tag: Petronio

SRP Hits NAPA’s “Top” Lists

In the last month, SRP and its Managing Directors have been recognized on three different “Top” lists by The National Association of Plan Advisors (NAPA).

Kristen Deevy, Managing Director, Rocky Mountains and Lisa Petronio, Managing Director, Upstate New York were named on the 2018 NAPA Top Woman Advisors list in late November. Lisa was honored as Captain this year, her second year on the list. Kristen was honored as an All-Star for the fourth year in a row. The list recognizes the contributions of the top women financial advisors who specialize in serving retirement plans. This is the fourth annual NAPA Top Women Advisors list, produced independently by the National Association of Plan Advisors. NAPA asked the nominees to respond to a series of questions, both quantitative and qualitative, about their experience and practice. Those questionnaires were then reviewed on an anonymous basis by a panel of judges and voted on by the public. The lists were drawn from nearly 500 nominations submitted by NAPA Firm Partners. Roughly 15,000 votes were cast in support of these individuals.

In December, SRP was named to the inaugural list of the NAPA Top DC Multi-Office Firms and 14 of our offices were named to the NAPA Top DC Advisor Teams list. Unlike other lists, the Teams list focuses on individual firms, or what may be referred to as a team, or office. While the Multi-Office list focuses on capturing the DC assets of an entire firm, or a multi-office arrangement.

Jeff Cullen, Managing Partner for SRP, said, “We are excited to have so many of our advisors and offices recognized on these lists by NAPA, and in the case of Kristen and Lisa, recognized year after year. Each of these advisors and offices is dedicated to creating the best possible retirement outcomes for the companies and employees that they work with and for. We are honored that their commitment to clients, participants and the industry has been recognized.”

 

 

Who should serve on my retirement plan committee?

Do we need a retirement plan committee?
If your plan requires an independent audit, you should have a retirement plan committee in place and meet regularly. Your auditor is likely to request committee meeting minutes as part of their audit. Smaller plans are moving to adopt this best practice, as it creates proof of prudent fiduciary process. When you’re responsible for making decisions that impact the financial livelihood of others, this is best practice you want to adopt.

How many representatives should be on the committee?
The committee should be large enough to share the responsibilities – but not too big to make it unmanageable. The most efficient committees have between three and seven members. The larger and more complicated the plan, the more committee members are likely to be involved to share the workload.

Who should serve on the committee?
Some positions on the committee may seem obvious, seeking to include representation from various functions in the organization – notably finance, HR and legal. Sometimes plan sponsors choose to include other key representatives on the committee.

  • If the plan includes both union and non-union employees, you may consider including a union representative on the committee.
  • If the plan sponsor is a not-for-profit organization, you may consider including a board member or finance committee member on the committee.
  • The plan sponsor may consider having individuals representing key divisions, functions or constituents serve on the committee.

Ultimately, committee members are taking on personal liability by serving as a fiduciary to the plan. All committee members must take their role on the committee seriously and be willing to dedicate time to reviewing materials in advance, asking challenging questions and employing strategic thinking for the plan.

Do I need investment expertise to serve on the committee?
While having some level of investment expertise is certainly helpful when serving on a committee, it is not required. Most plans hire a retirement consultant to assist with educating the committee, preparing investment monitoring reports and making recommendations to the committee. The committee member should be engaged in the learning process, willing to ask questions and make decisions based on information learned from their consultants.

Should there be term limits?
This concept is gaining traction, especially for larger organizations with larger committees. For smaller organizations, this can be challenging as there may not be any other suitable representatives. Each plan should evaluate their circumstances to determine if this makes sense for their organization.

 

7 SRP MDs Named to FT 401 Top Retirement Plan Advisors

Strategic Retirement Partners is pleased to announce that seven Managing Directors; Kristen Deevy (Colorado), Craig Dewey (Virginia), Mark Forbes (Oklahoma), Lisa Petronio (New York), Mike Pierce (Maryland), Phil Senderowitz (Florida), and James Worrell (Rhode Island) have been named to the 2018 edition of the Financial Times 401 Top Retirement Advisers. The list recognizes the top financial advisers who specialize in serving defined contribution (DC) retirement plans, such as 401(k) and 403(b) plans, across the US.

SRP’s 2018 FT 201 Top Retirement Plan Advisors

This is the fourth annual FT 401 list, produced independently by the Financial Times in collaboration with Ignites Research, a subsidiary of the FT that provides business intelligence on the asset management industry.

The FT 401 is one in a series of rankings of top advisers developed by the FT in partnership with Ignites Research, including the FT 300 (independent RIA firms) and the FT 400 (broker-dealer advisers).

“Each of these advisors is dedicated to creating the best possible retirement outcomes,” said Jeff Cullen, Managing Partner of Strategic Retirement Partners. “We are honored that their commitment to clients, participants and the industry has been recognized by Financial Times.”

Financial advisers from across the US applied for consideration, having met a set minimum of requirements. The applicants were then graded on six criteria: DC assets under management; DC plan growth rate; specialization in DC plans; years of experience; advanced industry credentials; and compliance record. There are no fees or other considerations required of advisers who apply for the FT 401.

The final FT 401 represents an impressive cohort of elite advisers: the “average” adviser in this year’s FT 401 has 20 years of experience advising DC plans and advises $1.26 billion in DC plan assets. The FT 401 advisers hail from 38 states and Washington, D.C., and DC plans on average account for 81% of their practices’ total assets.

The FT 401 is one in a series of rankings of top advisers developed by the FT in partnership with Ignites Research, including the FT 300 (independent RIA firms) and the FT 400 (broker-dealer advisers).