Step three revolves around Decisions. Steve Jobs had a quote I love, “people don’t know what they want until they know what they can have.” Presenting our recommendations and showing the decision makers the differences in the Retirement Plan Efficiency reports allows us to more effectively collaborate with them and help them understand what they can have and the benefits of the recommendations.

The fourth step is Execution. Nothing happens until someone in charge signs paperwork. Once our decision maker agrees to implement, we step in to manage the process with as little interruption or disruption to their business. Our FinTech integration and automation leads to seamless workflows that puts all the plan partners in the best possible situations to manage the plan successfully. We measure everything on a recurring schedule and document everything needed as fiduciaries for our plan sponsor.

Hortz: How do you create value through thoughtful collaboration? What does that process look like?

LoDuca: At each step of our process I just outlined, there is a considerable amount of valuable discussion and feedback with the client and our FinTech partners. It is that continuous, iterative dialogue that assures we are all on the same page and customizing a solution that truly meets their needs and goals. We operate between the business owner and the service providers on service integration and on-going process management. This allows the business to continue to operate without having to divert time, attention or energy to that on-boarding project.

Hortz: What is technology bringing to the table?

LoDuca: We see the biggest benefits coming from better payroll integration with our 410(k) plans. The impact to our business clients is higher quality, lower cost programs that are truly hassle-free. Our FinTech integration solution automates 401(k) plan employee enrollment and separation, offers risk evaluation and asset allocation recommendation and provides high quality and very low-cost managed portfolios that match an employee’s risk tolerance. All of this leads to better employee engagement, enhanced financial wellness and better outcomes for the business and the participants. FinTech thoughtfully deployed makes our retirement plan client experiences significantly better than other traditional or packaged options.

Hortz: What best advice do you give to your business owner prospects on being more thoughtful on retirement plans?

LoDuca: Seek out fiduciary retirement plan providers first. Have a set of expectations or outcomes in mind when discussing your plan.  This provides a great starting point to understand what is available and possible for your business. Be cautious of payroll provider plans packaged and sold as upgrades to your payroll relationship. Avoid retirement plans and services that combined do not include full 3(16) and 3(38) fiduciary services.  Make sure your retirement plan includes modern technology solutions. Last, but not least, benchmark your plan annually to make sure your current 401(k) plan provider is performing as expected and they are continually doing all they can to keep your plan as well managed and cost effective as possible.   

True fiduciary advisors will continue to advocate for financial service cost transparency and ethical practices.  We believe capitalism works best when decision-makers are fully informed consumers.

The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We position our members with the necessary ongoing innovation resources and best practices to drive and facilitate their next-generation growth, differentiation and unique community engagement strategies. The institute was launched with the support and foresight of our founding sponsors - Pershing, Voya Financial, Ultimus Fund Solutions, Fidelity and Charter Financial Publishing (publisher of Financial Advisor magazine). For more information, click here.

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