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FT SPECIAL REPORT

Top 401 Retirement AdvisersThursday May 28 2015 www.ft.com/reports | @ftreports

Change is in the airInside Pivotal legal decision and proposed new rule could transform the industry Page 2

Inside

Americans havenot saved enoughNest eggs areinadequate, but is acrisis avoidable?Page 3

Driving away thedabblersGreater scrutinymay benefit thosewith specialist skillsPage 3

New savers hatebig numbersDaunting targetsare off-putting foremployeesPage 4

Meet the advisersThe ambitiousentrepreneurdefining her brandPage 4

More on FT.comWhy low fees arenot always a bargainft.com/top-401-advisers

The eliteprofessionalsA-Z of the FT’s topadvisers by state,plus methodologyPage 8

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:Jam

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RESEARCH PARTNER

2 | FTReports FINANCIAL TIMES Thursday 28 May 2015

Top 401 Retirement Advisers

A mericans have savednearly $7tn for retire-ment by investingin employer-sponsoreddefined contribution

(DC) retirement programmes, suchas 401(k) plans, according to dataproduced by the Investment Com-panyInstitute.

In US 401(k) pension pro-grammes, a company may pay anamount of money into the plan thatmatches the amount that anemployee pays into it — with taxadvantages forboth.

The plans are known as 401(k)after the clause in tax law which gov-erns them. Under current tax laws,employees are not taxed on themoney invested in their 401 (k) —the money is only taxed once thepension saver draws down the funds.And in 401(k) plans, employees canchoose from a range of funds avail-able fromtheprovider.

Plan advisers serve employers byexplaining how these plans shouldbe designed, and which dozen or soinvestment options should beofferedoutof thousandsavailable.

In the past, advisers were a little-known but critical component of theUS DC pension system, which isbecoming the single biggest pool ofretirement savings in the country.However, advisers are now beingthrust centre stage as two develop-ments are poised to transform thisarea of the retirement industry overthe next few months. In this context,the Financial Times publishes the FTTop 401, its inaugural list of top DCplanadvisers intheUS.

The first change comes from theDepartment of Labor, which pro-posed rules in April that would, forthe first time, require financialadvisers to act solely in investors’best interests when advising oninvestment products for DC retire-mentaccounts.

The proposal, spelt out over hun-dreds of pages, would require strictdisclosures of how plan advisers arepaid, including commissions andbonuses that may be tied to recom-mending specific products. Thedepartment estimates this newstandard could save Americans$17bn a year by reducing conflictedadvice(See page 3).

The second change stemmed fromthe US Supreme Court. This month,the court unanimously ruled thatEdison International violated itsduty to employees by using higher-priced investments in its retirementplan when lower-priced versions ofthe identical investments were avail-able. The ruling affirms that employ-ers have a duty to monitor costs

continually, putting more pressureon the retirement plan adviserstaskedwithscrutinisingsuchprices.

Together, these changes are likelyto spur many less-committed finan-cial advisers — those for whom offer-ing advice to DC retirement plans is asideline — to stop working with DCplans.Moreof thebusinesswill fall tospecialist advisers, who often devotemost or all of their practice to thiscomplicatedbusiness.

The changes are also likely toaccelerate other shifts already underway in the business, which arehighlighted in this report. Planadvisersare likely tooffermoreserv-ices for employers seeking to out-sourceelements, suchas takingcom-plete responsibility for the invest-ment menu (rather than just con-sultingonit).

Advisers are likely to becomemore involved in steering employeestowards long-term planning. Asemployers grow increasingly wor-ried that Americans are not savingenough for retirement, they areworking with advisers to take action,such as automatically enrollingemployees intoDCplans(see Page 6).

These trends are reflected in ourlistings on pages 8 to 11, which offersa snapshot of the leading financialadvisers who specialise in DC pen-sion plans offered by corporate, non-profitandgovernmentemployers.

We have produced a list of an elitegroup of advisers. The average pro-fessional in the FT Top 401 has beenadvising DC plans for 18 years andmanages $770m in assets. The meth-odology isexplainedfullyonpage8.

These advisers saw their DC assetsgrow on average by 24 per cent overthe year. Only part of that growthwas because of rising markets, as theaverage FT Top 401 adviser also sawthe number of DC plans they adviseonrise13percent intheyearto97.

If intensified scrutiny and addi-tional responsibility gradually con-centrate more of the retirement planadvising business in the hands ofspecialists, the FT Top 401 advisersare likelytobenefit (see Page 3).

That isbecausetheseadviserstendto be DC plan specialists: advisers inthe FT Top 401 had on average 71 percent of total client assets in the DCplans on which they advised. And for17 per cent of the FT Top 401, DCplansrepresent theironlybusiness.

Advising DC pension plans isclearly complex, and is likely to growmore difficult as regulationincreases.

The FT Top 401 list aims to pro-vide a picture of leading plan advis-ers in a dynamic market on the cuspofchange.

Specialist skills count in a new eraOutlook Legal and regulatory changes will lead to a more demanding market for advice, writes Loren Fox

US total retirement market

Source: Investment Company Institute

$tn

0

5

10

15

20

25

2000 2007 2008 2010 2012 2014

IRAsDC plansPrivate sector defined benefit plansGovernment defined benefit plansAnnuity reserves

‘More of the business willfall to specialist advisers’

Jam

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FINANCIAL TIMES Thursday 28 May 2015 FTReports | 11

Plan segments served

Name Company City Meg

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Kocsis, David P. Peak Wealth Solutions Pepper Pike ✓ ✓

Kreinest, Christa J. Hauser Retirement Solutions Cincinnati ✓ ✓

Kulchar, David M. Oswald Financial Cleveland ✓ ✓ ✓

Lohre II, David M. Horan Cincinnati ✓ ✓ ✓

Lysaght, Tim Eukles Wealth Mgt Cincinnati ✓ ✓ ✓

Mabry, Anthony Merrill Lynch Wealth Mgt Clark Mabry & Ass. Columbus ✓ ✓ ✓

Maloyan, Rick Stratos Wealth Partners Beachwood ✓ ✓

Reiniger, David J. Reiniger & Ass. Westerville ✓ ✓

Renie, Stephen J. Morgan Stanley Wealth Mgt Cincinnati ✓ ✓ ✓

Robertson, Thomas G. Morgan Stanley Wealth Mgt Columbus ✓ ✓ ✓

Snyder, Charles Graystone Consulting Hudson ✓ ✓ ✓

Talmage, William H. Graystone Consulting Cincinnati ✓ ✓ ✓ ✓

Vordemesche, Christopher Graystone Consulting Cincinnati ✓ ✓ ✓

OKLAHOMA

Coble, Michelle R. Odyssey Financial Gp Oklahoma City ✓ ✓

Stith, Daniel C. Wealth Mgt Gp Oklahoma City ✓ ✓ ✓

Suchy, Brent M. Arvest Asset Mgt Tulsa ✓ ✓

OREGON

Daley, Erik Multnomah Gp Portland ✓ ✓ ✓ ✓

Fisher, Brett A. Merrill Lynch Wealth Mgt Portland ✓ ✓

Marshall, David P. Baird Portland ✓ ✓ ✓

Ulmer, Joshua Morgan Stanley Wealth Mgt Portland ✓ ✓ ✓

PENNSYLVANIA

Casciola, Gary M. TJS Financial Services Pittsburgh ✓ ✓

Catanella, Brian A. UBS Financial Services Philadelphia ✓ ✓

Catanella, Kenneth G. UBS Financial Services Philadelphia ✓ ✓

DeGroat, Andrew J. WhartonHill Advisors Fort Washington ✓ ✓ ✓

Fogli, Philip J. FRS Capital Mgt King of Prussia ✓ ✓

Foran, Jr., Gerald F. GFP Investment Services Bethlehem ✓ ✓

Foster, David T. Merrill Lynch Wealth Mgt The FWP Gp Pittsburgh ✓ ✓ ✓

Gilmartin, Edward J. Gilmartin Ass. Scranton ✓ ✓

Healey, Sr., Donald M. The Healey Gp Wormleysburg ✓ ✓

Kline, Alex P. Duncan Financial Gp Pittsburgh ✓ ✓

Levy, Victor Levy Wealth Mgt Gp Philadelphia ✓

Malcolm IV, Robert Roger BRS Network Pittsburgh ✓ ✓

McDermott, Kevin P. The Philadelphia Gp King of Prussia ✓ ✓

Pettis, Eric D. Comprehensive Financial Harrisburg ✓ ✓

Seyle, Rusty Merrill Lynch Wealth Mgt Seyle / Hamill / Hickey & Ass. Bethlehem ✓ ✓

Sides, Scott A. RBC Wealth Mgt York ✓ ✓

Wenz, John F. WhartonHill Advisors Fort Washington ✓ ✓ ✓

Wolfe, Noel J. Morgan Stanley Wealth Mgt Jenkintown ✓ ✓ ✓ ✓

PUERTO RICO

Rocafort, Franklin A. Rocafort Gp San Juan ✓ ✓

RHODE ISLAND

Sampson, Jim Cornerstone Retirement Advisors Warwick ✓ ✓

Worrell, James L. GPS Investment Advisors Providence ✓ ✓ ✓

TENNESSEE

Cohn, Jason J. Raymond James Nashville ✓ ✓ ✓

Colburn, Todd M. Northwestern Mutual Nashville ✓ ✓

Glasgow, Steven W. Avondale Partners Nashville ✓ ✓ ✓ ✓

Hall, Jeremy D. Baird Nashville ✓ ✓ ✓

Hooper III, A. Hale Baird Nashville ✓ ✓ ✓

TEXAS

Atherton, Donald C. UBS Financial Services The Woodlands ✓ ✓ ✓

Barton, Lucas M. Lockton Companies Dallas ✓ ✓ ✓

Birkofer, Joseph Legacy Asset Mgt Houston ✓ ✓

Coelho, Michael A. SageView Advisory Gp Austin ✓ ✓ ✓

Echols, Van A. PFG Advisors Lubbock ✓ ✓

Ellisor, Darrell W. Peak Financial Gp Houston ✓ ✓ ✓

Ellsworth, Stephen H. Baird Houston ✓ ✓



a pl

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Fernandez, Robert Gary Morgan Stanley Wealth Mgt Austin ✓ ✓

Griggs, Dennis D. Kainos Partners Jersey Village ✓ ✓

Hacker, Christopher S. Titan Retirement Advisors Houston ✓ ✓

Jerding, Mick Merrill Lynch Wealth Mgt Houston ✓ ✓ ✓

Kading, Todd A. LeafHouse Financial Advisors Austin ✓ ✓

Lasko, Matt UBS Financial Services Dallas ✓ ✓

Matustik, Deborah J. Pensionmark Retirement Gp - Austin Austin ✓ ✓ ✓

Moore, Janine J. Peak Financial Gp Houston ✓ ✓ ✓

Nathani, Salim A. Ameriprise Financial Sugar Land ✓

Netoskie, Neil C. Keystone Retirement Gp Houston ✓ ✓

O’Connor, Teri O’Connor Financial Services The Woodlands ✓ ✓

Peterson, Jr., Pete VisionPoint Advisory Gp Dallas ✓ ✓ ✓

Rathjen, Robert C. UBS Financial Services Houston ✓ ✓ ✓

Sinks, Tim Aspect Wealth Mgt San Antonio ✓ ✓ ✓

Smaistrla, Christian D. The Greensage Gp Tomball ✓ ✓

Stack, Joe Pensionmark Retirement Gp Dallas ✓ ✓ ✓

Thornton, Kenneth A. Thornton Capital Strategies Austin ✓ ✓

Triolo, James TRITIS Wealth Mgt Houston ✓ ✓

Vaughan, Robert UBS Financial Services The Woodlands ✓ ✓ ✓

Weaver, Neal M. Leafhouse Financial Advisors Austin ✓ ✓

Wenzel, Patricia S. Merrill Lynch Wealth Mgt Heuer / Wenzel Team Houston ✓ ✓ ✓ ✓

UTAH

Anderson, Kim D. Soltis Investment Advisors St George ✓ ✓ ✓

Dall, Corby 401k Advisors Intermountain Sandy ✓ ✓ ✓

Laurella, Carl L. Merrill Lynch Wealth Mgt P. L. & R. Gp Salt Lake City ✓ ✓

Moyes, James D. RedStone Advisors Lehi ✓ ✓

Roundy, Jeff Merrill Lynch Wealth Mgt P. L. & R. Gp Salt Lake City ✓ ✓

Welch, Kirk W. Moreton Retirement Partners Sandy ✓ ✓ ✓ ✓

VERMONT

Dubie, Christopher D. Morgan Stanley Wealth Mgt Burlington ✓ ✓

Mandracchia, Mike The Richards Gp Brattleboro ✓ ✓ ✓

VIRGINIA

Bethel, Lee V. Comprehensive Benefit Services Alexandria ✓

Clark, Colin M. Washington Financial Gp McLean ✓ ✓ ✓

DeNoyior, Joseph F. Washington Financial Gp McLean ✓ ✓ ✓

Hoff er, J. Cory Hermitage Wealth Mgt Richmond ✓ ✓ ✓

Hoff man, Lee Merrill Lynch Wealth Mgt Hoff man Whipkey Gp Vienna ✓ ✓ ✓

Maulfair, James E. AHT Retirement Services Leesburg ✓ ✓ ✓

Rogers, Kenneth Rogers Financial Harrisonburg ✓ ✓ ✓

Shipley, Courtenay Retirement Planology Alexandria ✓ ✓

Stanley, Craig M. Summit Gp of Virginia Virginia Beach ✓ ✓

Stone, Michael Business Benefits Gp Fairfax ✓ ✓

Strange, Allan Janney Montgomery Scott Richmond ✓ ✓ ✓

Tattersall, John Edward Parkway Financial Strategies Reston ✓

Whitmire, Jerry C. Morgan Stanley Wealth Mgt Alexandria ✓ ✓

WASHINGTON

Brown, Michael Clearpoint Financial Bellevue ✓ ✓ ✓

Cashman, Jeff rey Cashman Consulting Redmond ✓ ✓

McKay, James R. McKay Wealth Mgt / Retirement Services Tukwila ✓ ✓

Merriman, Scott M. RBC Wealth Mgt Seattle ✓ ✓ ✓ ✓

Raphael, Robert B. TRUEretirement Bellevue ✓ ✓

Roland, Chad A. Raymond James Spokane Valley ✓ ✓

Sanden, Trent V. UBS Financial Services Seattle ✓ ✓ ✓ ✓

Winslow, Edward Ken Morgan Stanley Wealth Mgt Silverdale ✓ ✓

WISCONSIN

Barden, Todd J. UBS Financial Services Brookfield ✓ ✓ ✓

Bowles, Jeff D. Merrill Lynch Wealth Mgt BTB Ass. Madison ✓ ✓

Kieckhefer, Robert A. The Kieckhefer Gp Brookfield ✓ ✓ ✓ ✓

Lanser, Bruce G. UBS Financial Services Milwaukee ✓ ✓ ✓

Parks, Thomas W. Graystone Consulting Milwaukee ✓ ✓ ✓ ✓

Vandermus, Roger L. Vandermus, Smith, & Ass. La Crosse ✓ ✓

Wachholz, Rob Packerland Brokerage Services Wausau ✓




The choice of retirement planadviser has long been a matterforcompanies,andunlikely tobe of interest to most employ-ees. But now, the advisers whoprovide guidance to definedcontribution (DC) plans sud-denly find themselves in thespotlight.

The reason? The US Depart-ment of Labor recently pro-posed rules that would rede-fine their duties. The pro-posal, championed by Presi-dent Obama and with a goodchance of becoming law,would add new responsibili-ties and disclosures aimed atstrengthening protection forinvestors.

Plan advisers are a crucialpart of the complex web ofvendors, consultants, and

salespeople that maintain thenearly $7tn in assets in theUS’s DC plan markets. Theseadvisers help corporate, non-profit and governmentemployers design and run DCretirement programmes fortheiremployees.

Advisers ensure plans arepriced fairly, follow best prac-tice (such as automation fea-tures), and offer employees avetted mix of investmentfunds.Andtheshiftingregula-tory landscape is likely towiden the appeal of planadvisers.

The DC plan system allowstwo models for advice. FT Top401 Advisers typically act inthe “best interest” of theretirement plan and its partic-ipants by providing unbiasedadvice. Other advisers pro-vide guidance that is simply“not unsuitable” for their DCplanclients.

The proposed rules willrequire all advisers to becloser to the “best interest”standard already provided byFTTop401planadvisers.

A lot of money is at stake.The Department of Labor hasestimated that its proposedrules could save investors$17bn a year by eliminatingretirement advice givenmainly to earn commissionand win bonuses for theadviser. Most advisers to DCplans would have to follow the“best interest”standard.

The department’s proposalhas proven contentious. Therule would almost certainlydrive away more of the advis-ers who dabble in the DCretirement plan business.That could further concen-trate retirement plan guid-ance in the hands of severalthousand advisers who havebecomeDCplanspecialists.

The industry has alreadymoved away from the oldmodel of the adviser whoworked on a handful of DCplans alongside a core clien-tele of wealthy individuals.The average DC plan adviserin the FT Top 401 has morethan 70 per cent of clientassets inDCplans.

That specialisation hasserved the DC plan marketwell. For many advisers, ittakes a commitment to themarket to master the Labordepartment, Internal Reve-nue Service and Securitiesand Exchange Commissionrules thataffect therunningofDC plans. Specialist adviserssimplify DC plan intricacies,whichbenefitsemployers.

Under the proposed rule,employers would rely moreon advisers. And employerscould scrutinise advisersmore closely than they doalready, particularly regard-ing feesandpotential conflictsof interest. This scrutinycould help DC plan specialists,who mostly already work tothe“best interest”standard.

Services offered by planadvisers are expanding,thanks largely to increasingconcerns about regulationand lawsuits. Many employ-ers entering into contractswith specialist plan advisersare taking legal responsibilityfor selecting, monitoring andreplacing plan investmentoptions, and are undertakingadministrativetasks.

If the rules are introduced,they would shift DC planadvisers’ duties towards morevalue-added services andoversight.

Ultimately, end-to-endservicing of DC retirementplan needs is the goal foradvisers — and specialist planadvisers are well positionedfor thefuture.

Regulation

A proposal for tighterrules could benefitDC specialists, writesTom Modestino

Greater scrutiny maydrive away the dabblers

The numbers do not add upfor millions of Americansnearing retirement. Theamounts saved for their yearsafter retirement are provingtoo small as the options shiftfrom safety nets such as com-pany pensions to self-admin-isteredaccounts.

Surveys show that manypeople have only modest nesteggs when they come to retire.

The Federal Reserve’s Surveyof Consumer Finances showsthat those aged 55 to 64 withretirement savings reported amedian sum of $103,200 in2013. That could provide lessthan $400 a month for reti-rees at today’s longevity rates,according to Falling Short, byCharles Ellis, Alicia Munnell,and Andrew Eschtruth, abook published last year thatconsidered the scale of theproblem. The authors recom-mended that policy makerstakeactionnow.

A broader analysis by theBoston College Center forRetirement Research foundmore than half of working-agehouseholds will not have

saved enough to maintainlivingstandards.

To some the prospects seemdire. “It is a looming crisis,”says David Marshall, a retire-ment plan adviser at RobertWBaird&CoinPortland,Ore-gon. “We want to make it an[important] topic, but not gointoapanic.”

Beyond those with small401(k) or individual retire-ment account (IRA) balancesare people with no formal sav-ings, says Kristen Deevy, vice-president for retirement plansatCoBizFinancial.

“There’s a huge group ofsmall employers that don’toffer plans because they can’ttake on the administrative

costs and fiduciary liability —and whose employees are notsaving,”shesays.

But others say that if policymakers and employers con-tinue their efforts to improveretirement schemes, a crisiscan be averted. “We can con-tinue to add to [the retire-ment plan model], to make iteasier for employees to partic-ipate and expand coverage,”says Kathleen Kelly, manag-ing partner with CompassFinancial Partners, an LPLFinancial affiliate that adviseson$4.8bninplanassets.

Despite the challenges,action can be taken to boostthe savings of those headinginto retirement, market

watchers say. One of the mostimportant, says CatherineCollinson, president of theTransamerica Center forRetirement Studies, is chang-ing Social Security, which lat-est estimates show will bedepletedby2033.

“Whether it involves raisingtaxes or reducing benefits orchanging the retirement age,it’s important to give workersas much time as possible toplan and adjust their expecta-tions,”shesays.

Retirees who realise theyhave not saved enough arealso pushing for change, MsCollinson says. “People areplanning to work longer,” shesays. “Baby boomers arechanging things, but policiesand employment practiceshaven’tcaughtupyet.”

Few employers help olderstaff to move into part-time orless demanding jobs, eventhough these veterans couldtrain the next generation ofworkers,MsCollinsonsays.

Another option could be tohelp small companies offerworkers without plans theoption of payroll-deductedIRAs,MsDeevysays.

Policy makers are alsoopening the door for olderworkers and retirees to earnretirement income through

annuities and other guaran-teed payout vehicles, MsKellysays.

Improvements could beintroduced at the plan level.While many plan sponsorshaveauto-enrolledemployeesinto defined contributionplans, the discussion hasshifted to “auto-escalation” —increasing employees’ contri-butions automatically, MrMarshall says. “If we auto-en-rol at 3 per cent, we find inmany cases it will still be there20years later.”

Auto-enrolling at higherrates or bumping up contribu-tions by 1 per cent a year areamong the options to bringemployees closer to an opti-mal 10 per cent rate, MsDeevysays.

Many employers are alsoconsidering better contribu-tion matches — drives to enrolnon-participating employees,MsKellysays.

Or, adds Mr Marshall, firmscould offer incentives by high-lighting how much they putinto participants’ pockets.“We have spent years focusedon fear and guilt: ‘You’d bettersave because Social Security isgoing broke’ or ‘Do you careaboutyourfamily?’”hesays.

“Maybe we’re supposed toaimforadifferentemotion.”

Inadequatenest eggsprompt fearsof a crisisSavings

Americans have notsaved enough, butthere is still time toact, says Tom Stabile

Celebrations: on hold for many — Alamy

Fastest growing features of US plans

Source: Ignites

Percentage among 401 (k) plan advisers in the FT list

0 0.1 0.2 0.3 0.4 0.5 0.6

Auto-enrolment

Qualified investment default

Auto-deferral escalation

Company match

ContributorsLoren FoxDirector of research,Ignites Research, an FT service

Tom StabileSenior reporter, FundFire Alts,an FT service

Tom ModestinoDirector of retirements marketsresearch, Ignites Research

Joan WarnerManaging editor, FinancialAdvisor IQ, an FT service

Emile HallezClare TrapassoReporters, Ignites

Aban ContractorHelen BarrettCommissioning editorsSteven BirdDesignerAndy MearsPicture Editor

For advertising, contactDennis Asselta +1 212 641 [email protected] or yourusual FT representative.All editorial content isproduced by the FT.Advertisers have no influenceover or prior sight of thearticles. Follow us on Twitter at@ftreports




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Cawthorne, Jr., Rich J. Alpha Pension Gp Lexington ✓ ✓

Ciovacco, Peter J. Graystone Consulting Middleton ✓ ✓ ✓

Cunha, Stephen M. Baystate Financial Wakefield ✓

Dimitriou, Steven Mayflower Advisors Boston ✓ ✓ ✓

Galuppo, Sandy Merrill Lynch Wealth Mgt The PES Team Boston ✓ ✓ ✓

Gibbons, Sean P. Coastal Capital Gp Danvers ✓ ✓ ✓

Hammond, Alfred Graystone Consulting Middleton ✓ ✓ ✓

Hoff man, Thomas E. KAF Financial Advisors Braintree ✓ ✓

Lewis, Greg Pinnacle Financial Gp Southborough ✓ ✓ ✓

Lloyd, Kenneth Mass Mutual Financial Gp Quincy ✓ ✓

McAvoy, John F. Waterstone Retirement Services Canton ✓ ✓

McEwan, Scott R. Morgan Stanley Wealth Mgt Boston ✓ ✓

McGarry, Sean C. Rockland Trust Hanover ✓ ✓

McLaughlin, Matthew P. Graystone Consulting Middleton ✓ ✓ ✓

Moriarty, Paul J. Moriarty Financial Gp Andover ✓

Paone, Mark Anthony UBS Financial Services Boston ✓ ✓

Roach, Thomas J. BBS Benefits Newton ✓ ✓

Sotell, Richard M. The Kraematon Gp Wellesley ✓ ✓ ✓

Traino, Jason M. Morgan Stanley Wealth Mgt Middleton ✓ ✓

Vacheron, Peter D. IBG Financial Partners Foxboro ✓ ✓ ✓

Vierra, Jr., Roger F. UBS Financial Services Rockland ✓ ✓

Weinberg, Hadley Arthur Weinberg Financial Gp Chestnut Hill ✓ ✓

MICHIGAN

Agbay, Anthony D. The Agbay Gp Troy ✓ ✓ ✓

Banwell, Linton F. National Planning Corp Rochester Hills ✓ ✓

Case, Steven National Planning Corp Bloomfield Hills ✓

Cho, Michael H. Morgan Stanley Wealth Mgt Farmington Hills ✓ ✓ ✓

Ciullo, Scott S. Plan Sponsor Consultants Marquette ✓ ✓

Danek, Scott M. Equanimity Wealth Mgt East Lansing ✓ ✓

Fitzgerald, Jessica S. Morgan Stanley Wealth Mgt Rochester ✓ ✓ ✓

Green, Keith D. Innovative Retirement Solutions Linden ✓ ✓

Hammond, Kimberly L. Merrill Lynch Wealth Mgt HC Team Muskegon ✓ ✓ ✓

Howell, Brett Merrill Lynch Wealth Mgt Grand Rapids ✓ ✓ ✓

Lepore II, Mario A. UBS Financial Services Birmingham ✓ ✓

Morabito, Maria Hantz Financial Services Southfield ✓ ✓

Spickler, Melissa Merrill Lynch Wealth Mgt The Spickler Gp Bloomfield Hills ✓ ✓

MINNESOTA

Adams, James K. Adams Consulting Gp Bloomington ✓ ✓

Ballin, Jessica R. 401(k) Plan Professionals Edina ✓ ✓ ✓

Dahlof, Ross Christensen Gp Minnetonka ✓ ✓

Habermann, Michael J. Associated Financial Gp Minnetonka ✓ ✓

Jacobs, David M. Jacobs Financial St Cloud ✓ ✓

McDonald, Jim Channel Financial Minneapolis ✓ ✓ ✓

Olson, Sharon M. Olson Wealth Gp Bloomington ✓ ✓

Ruotsinoja, Jacob ICON Financial Burnsville ✓ ✓

Stiles, Susan M. Stiles Financial Services Minneapolis ✓ ✓ ✓

Terhorst, Todd C. Diversified Wealth Mgt St Louis Park ✓ ✓

Thill, Rick Financial Resource Mgt Gp Minnetonka ✓ ✓

Whinnery, Brian RBC Wealth Mgt Minneapolis ✓ ✓

MISSISSIPPI

Griner, Stephen Raymond James Jackson ✓ ✓

Pierce, Lee H. Pierce Financial Hernando ✓ ✓

MISSOURI

Jones, Robert T. R.T. Jones Capital Equities Mgt St. Louis ✓ ✓

Nicklas, Kenneth N. Nicklas Financial Jeff erson City ✓ ✓

Voysey, David E. Merrill Lynch Wealth Mgt Voysey Fitzgerald Gp Kansas City ✓ ✓ ✓

NEBRASKA

Behlen, Wade Feltz WealthPLAN Omaha ✓ ✓

NEVADA

Casey, Michele Anne Morgan Stanley Wealth Mgt Reno ✓ ✓ ✓

Segarra, David J. Latus Gp, Ltd Las Vegas ✓ ✓ ✓



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NEW HAMPSHIRE

McLaughlin, Ryan L. CGI Retirement Services Hooksett ✓ ✓

NEW JERSEY

Blachman, Glenn A. Gateway Advisory Westfield ✓ ✓

Bojovski, Goran Merrill Lynch Wealth Mgt Gsell / Bojovski Gp Edison ✓ ✓ ✓ ✓

Fernandes, Joseph The 401k Gp Shrewsbury ✓

Friedman, Eric H. Ameriprise Financial Saddle Brook ✓

Goerner, Chad UBS Financial Services Princeton ✓ ✓ ✓

Greenleaf, Jamie D. Cafaro Greenleaf Red Bank ✓ ✓ ✓

Lisboano, Americo R. Merrill Lynch Wealth Mgt Montvale ✓

Lynch, Jerry F. JFL Total Wealth Mgt Boonton ✓ ✓

Marchiano, Michael D. Morgan Stanley Wealth Mgt Morristown ✓ ✓

McLane, Michael A. Redwood Wealth Advisors Edison ✓ ✓

McLaughlin, Michael A. McLaughlin Asset Mgt Haddonfield ✓ ✓ ✓

Nydick, Harris S. CFS Investment Advisory Services Totowa ✓ ✓

Oliver, Stephen A. Manhattan Ridge Advisors Bedminster ✓ ✓

Pearly, Kevin M. Merrill Lynch Wealth Mgt Hinds / Pearly Gp Summit ✓ ✓

Rieman, Jr., Davis J. SagePoint Financial Mahwah ✓ ✓

Scorzafava, Todd Greenberg & Rapp Financial Gp East Hanover ✓ ✓

Toth, Attila T. Portfolio Evaluations Warren ✓ ✓ ✓

NEW YORK

Annunziato, Paul Morgan Stanley Wealth Mgt Jericho ✓ ✓

Candella, Ted M. Merrill Lynch Wealth Mgt The Candella Labanca Gp New York ✓ ✓

Caza, Jeremy Thomas Sagemark Consulting Auburn ✓ ✓

Chasin, Gerald L. UBS Financial Services Uniondale ✓ ✓ ✓ ✓

Cunningham, Jr., John Arthur Alliant Insurance Services New York ✓ ✓ ✓ ✓

D’Aiutolo, Paul UBS Financial Services Rochester ✓ ✓ ✓

Delaney, Barbara J. StoneStreet Advisor Gp Pearl River ✓ ✓ ✓ ✓

Detterick, Jim J. Graystone Consulting New York ✓ ✓

Dimino, Steve RBC Wealth Mgt New York ✓

Eidlin, Mark Anthony Merrill Lynch Wealth Mgt Eidlin-Kilmer & Ass. Pittsford ✓ ✓ ✓

Kass, Jonathan Merrill Lynch Wealth Mgt The Kass / Freeman Gp New York ✓ ✓ ✓

Kilmer, Matthew A. Merrill Lynch Wealth Mgt Eidlin-Kilmer & Ass. Pittsford ✓ ✓ ✓

Kuttin, Jonathan S. Ameriprise Financial Melville ✓ ✓

Leahy, Dennis M. Lee, Nolan & Koroghlian Retirement Plan Services Garden City ✓ ✓ ✓

Mahoney, Kevin Merrill Lynch Wealth Mgt The Mahoney Gp West Nyack ✓ ✓ ✓

Monroe, Matthew C. Retirement and Benefit Partners East Syracuse ✓ ✓

Parker III, Douglas E. Sage Rutty and Company Rochester ✓ ✓

Schmidt, Brian D. NFP Endwell ✓ ✓

Scrivens, Robert J. Steadfast Risk Advisors Albany ✓

Smith, Eric W. Morgan Stanley Wealth Mgt Rochester ✓ ✓

Temple, Mark D. Retirement & Benefit Partners Slingerlands ✓ ✓ ✓

Tomasula, Anthony S. PPS Pension Services Williamsville ✓ ✓ ✓

Weir, Gary J. Frenkel Benefits New York ✓ ✓

Wilshinsky, Andrew R. Morgan Stanley Wealth Mgt New York ✓ ✓ ✓ ✓

NORTH CAROLINA

Blair, Michael E. Captrust Financial Advisors Charlotte ✓ ✓ ✓

Floyd, Trea Baird Charlotte ✓ ✓

Kelly, Kathleen A. Compass Financial Partners Greensboro ✓ ✓ ✓ ✓

Rauwald, Timothy L. UBS Financial Services Chapel Hill ✓ ✓ ✓ ✓

Schultheiss, Jonathon Gate City Advisors Greensboro ✓ ✓

Simons, Noel F. BB&T Scott & Stringfellow Charlotte ✓

OHIO

Broadbent, Jonathan R. Plan Partners Beachwood ✓ ✓ ✓

Clark, Jeremy Beacon Financial Partners Cleveland ✓ ✓

Duggan, Tony Merrill Lynch Wealth Mgt Cincinnati ✓ ✓

Everhart, Scott Everhart Advisors Dublin ✓ ✓ ✓

Fantozzi, Frank Planned Financial Services Cleveland ✓ ✓

Funkhouser, Brian J. UBS Financial Services Sylvania ✓ ✓

Hill, Benjamin (BJ) Blueprint Financial Cleveland ✓ ✓

Horr, Dennis R. Faith Financial Advisors Loveland ✓ ✓

Karban, Russell A. Savage & Ass. Toledo ✓ ✓




Persuading employers andemployees to contribute to a401(k) plan often leavesCourtenay Shipley feeling likea part-time lobbyist, writesEmile Hallez.

“You’re trying to getemployees to part with dollarsfrom their pay-check. Youhave to do it in a way that isreflective of their values.You’re always lobbying formore dollars.”

Ms Shipley, 35, establishedRetirement Planology, herAlexandria, Virginia-basedsolo advisory practice, lastyear and created her own jobtitle of “chief planologist”.

After graduating with abachelors degree in 2001 shehas enjoyed a varied career.She started at Horace Mann,where she sold 403(b) plans— a defined contribution(DC) plan for public entitiesand non-profits — to stateschools.

After stints atPrudentialSecurities andPrincipal Financial,she opened anindependentpractice in 2010.Two years later,she joinedFiducia Group as

one of four principals. But shefound she wanted to do thingsher way.

“I’m open to using Skype,and video conferences, andtools that make your practiceless expensive and easier. Iwanted freedom to define mybrand.”

Running a small businesshas made her sympathetic tothe companies she serves.

“I have sat on all sides of thetable,” she says. “There is somuch going on at any point intime — there are 1,000priorities nipping at yourheels . . . I have more patiencefor my [clients] now, knowing

the sheer volume of thingsthat come across your desk.”

Ms Shipley currentlymanages about $100m ofretirement plan assets among16 employers and 2,800participants, and she worksprimarily with smallerretirement plans.

The first question she asks401(k) clients is whether theyfeel they have a duty toprepare employees forretirement — or if they aresimply compelled to make agood plan available. Theanswer determines whetherthey should automaticallyenrol workers in the plan and

how they educate them aboutsaving.

“If you have a lot of lowerpaid workers, [employers] arereluctant to [automatically]take 3 per cent out of thoseemployees’ pay-checks,because that can mean theycan’t afford day care.”

One client, a constructioncompany, opted to not enrolits workers automatically.Instead, Ms Shipleyencouraged the company tooffer high matchingcontributions and a shortvesting schedule, whichmakes employees eligible forthose contributions quickly.

Case study The ambitious adviser determined to define her brand

I n a 2008 television commercialfor ING, the bank, people car-ried big orange numbers repre-senting how much money theywould need to save for a com-

fortableretirement.The advert echoed a best-selling

book from 2006, The Number by LeeEisenberg, which promised to helpreaders plan for long-term financialsecurity.

But according to several membersof the FT Top 401, when employeesjoin their company’s retirement sav-ings plan a number is the last thingthey need. That is because theamount people should save tends tobe large and intimidating and isunlikelytopromptquickaction.

“It’s like trying to boil the ocean,”says Joel Gershon, a Merrill Lynchadviser whose Chicago team man-ages $1.3bn in assets, $630m of it indefinedcontribution(DC)plans.

He and many of his peers believeplan members should focus on whatthey can do now in terms of savingincome.

The most effective plans enrolemployees automatically anddefault to an immediate 3 per centcontribution rate. While “that’s notenough for anybody unless they’reindependently wealthy”, says MrGershon,“itgets themstarted”.

Then, in group meetings, he moti-vates plan participants with hypo-thetical examples of how muchfaster an account grows over timewhenthecontributionraterises.

Similarly, instead of frightening

employees with multimillion dollarsavings goals, Blake Thibault andJohn Clark of Heffernan FinancialServices talk about their “retirementpaycheque”.MrClarksays it iseasierfor people to think in terms of need-ing income of $4,000 a month thantocontemplatestashingaway$2m.

Still, he says, “we stress that incre-mental steps are OK”. For example,the calculator may decree that a newemployee needs to save 10 per centof salary to meet retirement goals.“To someone [earning] a low wage,that’s impossible,” says Mr Clark,whose team manages $1.6bn, all inDCplans.

His firm encourages participantsto start small, maybe at 4 per cent,and to boost the contribution as theyreceive pay rises. Even for high earn-ers, saving the target percentageright from the start is often unrealis-tic. “You can’t go from 0 per cent to10 per cent, no matter what yourincomelevel,”saysMrClark.

One challenge for advisers is creat-ing interactive tools that inform andencourage rather than tyranniseplan participants. Many adviserscombine proprietary software withtoolsprovidedbycustodians.

To Troy Hammond, whose team at

Pensionmark Retirement Groupmanages $7.46bn in tax-deferredcontribution plans — 95 per cent ofits total assets under management —the custodians’ all-purpose grids aretoogeneric.

The assumptions are the same foreverybody. These tools “look at par-ticipants in a vacuum”, Mr Ham-mondsays.

In 2013, Pensionmark rolled out adigital portal that presents employ-ees’ financial resources in one place,including their cheque and credit-card accounts, and updates them inreal time. The portal gives plan par-ticipants a picture of their spendingpatternsaswellas theirsavings.

“Abigpartofhowmuchyousave isbudgeting,’ says Mr Hammond.“Nowwecanhaveintelligentconver-sationsthataremorerealistic.”

Instead of benchmarking employ-ees’ account balances against someenormous number, his team canshow them that saving $50 a monthon coffee can add an extra $500 amonthinretirement income.

Plan participants’ savings goalschange with their circumstances.Marrying, having children anddivorcing should prompt a review ofcontributionrates,adviserssay.

Many send out quarterly accountstatements to keep employees ontrack, but Merrill Lynch’s Mr Gers-hon recommends participants haveayearly financial review.

He says: “If a wealthy uncle passesaway and leaves you an inheritance,that should change how your plan is

driven — for instance, you can takeonlessequityriskthanbefore.”

Mr Thibault of Heffernan Finan-cial says it would be ridiculous toexpect a 20- or 30-year-old to caredeeply about retirement, so his firmtries to customise its advice to matchemployees’ lifephases.

Younger participants often wantguidance on debt management; newparents want to know how to makeroom for college tuition in theirbudget. An adviser’s job is to makesure retirement goals are not forgot-ten or lost among shorter-termfinancialobjectives.

Pensionmark uses social mediaand digital games in an effort to keepyoung people engaged with theirretirement plan. They can earnpoints for using the financial portal,watching a video about diversifica-tionorboostingtheirsavingsrate.

Points are redeemable for retailproducts and services, and plan par-ticipants can compete against oneanother and against other Pension-markclients.

“Meanwhile,” says Mr Hammond,“they’re saving more, getting moreengaged and learning more” — andcomingcloser totheirgoal.

Newcomers deterredby the big numbersEngagement Savings targets can be daunting, so advisers shouldencourage workers to start with modest amounts, says Joan Warner

‘Advisers make sure goalsare not forgotten amongshort-term objectives’

Avoid going for broke: advice needs to match life phases — Dreamstime

Going solo:Courtenay Shipley





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DISTRICT OF COLUMBIA

Carter, Murray Janney Montgomery Scott Washington ✓ ✓ ✓ ✓

Drew, Charles Merrill Lynch Wealth Mgt Taylor Drew Gp Washington ✓ ✓

Martin, Patrick Merrill Lynch Wealth Mgt Siegel & Martin Ass. Washington ✓ ✓

Siegel, Mark A. Merrill Lynch Wealth Mgt Siegel & Martin Ass. Washington ✓ ✓

FLORIDA

Alonso III, Manuel Benefit Strategies and Advisors/MML Investors Services South Miami ✓ ✓

Bastin, Thomas B. ERISA Fiduciary Advisors Weston ✓ ✓ ✓

Casanueva, Dominic J. Merrill Lynch Wealth Mgt The GBSDC Gp Sarasota ✓ ✓ ✓

Chepenik, Jason K. Chepenik Financial Winter Park ✓ ✓ ✓

Clark, Michael Keiron Orlando ✓ ✓

Conway, Adam K. Harbor Retirement Planning Tampa ✓ ✓

Deviney, Sean T. Provenance Wealth Advisors Fort Lauderdale ✓ ✓ ✓

Elobt, Keola West Point Business Gp Jacksonville ✓ ✓

Fraidstern, Steven Associated Investor Services Fort Lauderdale ✓ ✓

Larsen, Bradley L. ERISA Fiduciary Advisors Stuart ✓ ✓ ✓

Machlin, Roger S. Northwestern Mutual Tampa ✓ ✓

Magill, Rick Service Planning Corp. Fort Lauderdale ✓ ✓

Mitsis, John K. Merrill Lynch Wealth Mgt The Mitsis Gp Ponte Vedra Beach ✓ ✓ ✓

Montgomery, W. Michael Montgomery Retirement Plan Advisors Tampa ✓ ✓ ✓

Park, Kendall S. Merrill Lynch Wealth Mgt Jacksonville ✓ ✓

Rich, Rodney L. Rodney Rich & Company Pensacola ✓ ✓

Turner, Glen A. Merrill Lynch Wealth Mgt Boca Raton ✓ ✓

GEORGIA

Curtis, William C. Merrill Lynch Wealth Mgt Embleton Curtis & Ass. Atlanta ✓ ✓

Dagley, Jason Alpha Squared Alpharetta ✓ ✓ ✓

Fiore, Gregory Clearview Gp Atlanta ✓ ✓ ✓ ✓

Galvis, Alvaro Merrill Lynch Wealth Mgt The MG Gp Alpharetta ✓ ✓

Griff in, David T. Atlanta Retirement Partners Atlanta ✓ ✓

Harbour, Andrew Graystone Consulting Atlanta ✓ ✓ ✓

Kane, Michael M. Plan Sponsor Consultants Alpharetta ✓ ✓ ✓

Laschinger, James A. Alliant Retirement Services Alpharetta ✓ ✓ ✓ ✓

Lumpkin, Bobby Raymond James LaGrange ✓ ✓

Lusink, Brian Morgan Stanley Wealth Mgt Atlanta ✓ ✓ ✓

Meyer, Scott C. Arista Investment Advisors Alpharetta ✓ ✓

Rainwater, Kevin L. Atlanta Capital Gp Atlanta ✓ ✓

Rudner, Merv HomeTown 401k Atlanta ✓

HAWAII

Tsukazaki, Peter Tsukazaki & Ass. Honolulu ✓ ✓

Yasukawa, Karen UBS Financial Services Honolulu ✓ ✓ ✓

ILLINOIS

Banas, Robert M. UBS Financial Services Chicago ✓ ✓ ✓

Bjork, Sean C. Bjork Asset Mgt Northbrook ✓ ✓

Bonga, Bart Rothschild Investment Corp Chicago ✓ ✓ ✓

Ciesemier, Michael D. Morgan Stanley Wealth Mgt Chicago ✓ ✓ ✓

Coyner, Paul R. Morgan Stanley Wealth Mgt Lisle ✓ ✓

Czerniak, James A. The PrivateBank Chicago ✓ ✓ ✓

Dondanville, Dan Merrill Lynch Wealth Mgt Springfield ✓ ✓ ✓

Evans, Ryan F. Blueprint Wealth Advisors Chicago ✓ ✓

Fiumara, L. Rita UBS Financial Services Chicago ✓ ✓ ✓

Gelb, Jordan M. Merrill Lynch Wealth Mgt Northbrook ✓ ✓ ✓

Gershon, Joel A. Merrill Lynch Wealth Mgt J & R Gp Chicago ✓ ✓ ✓

Hilbrant, Stace 401k Advisors Chicago Wilmette ✓ ✓ ✓ ✓

Jenkins, Timothy K. Merrill Lynch Wealth Mgt J & R Gp Chicago ✓ ✓ ✓

Kret, Tom UBS Financial Services Barrington ✓ ✓ ✓

Lampsa, Brian Raymond James Chicago ✓ ✓ ✓

Mariani, Anthony N. Infinity Strategic Partners Northbrook ✓ ✓

Mattia, Joseph M. Midwest Plan Advisors Naperville ✓

Murray, Paul D. Morgan Stanley Wealth Mgt Deerfield ✓ ✓

O’Brien, Robert D. Merrill Lynch Wealth Mgt The OCH Gp Chicago ✓ ✓ ✓

O’Shaughnessy, Jim Sheridan Road Financial Northbrook ✓ ✓ ✓ ✓

Peluse, Daniel Wintrust Wealth Mgt Chicago ✓ ✓ ✓



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Radler, James R. Merrill Lynch Wealth Mgt J & R Gp Chicago ✓ ✓ ✓

Ratay, Mark Morgan Stanley Wealth Mgt Lisle ✓ ✓ ✓

Ribich, Michael C. Merrill Lynch Wealth Mgt J & R Gp Chicago ✓ ✓ ✓

Schallmoser, Peter A. Merrill Lynch Wealth Mgt Deer Park ✓ ✓

Warye, Russell Benefit Partners Financial Gp Libertyville ✓

Weiss, Adam R. TWG Benefits Des Plaines ✓ ✓

Yu, Limei UBS Financial Services Chicago ✓ ✓ ✓

INDIANA

Baker, Kristi K. Compensation Systems Indianapolis ✓ ✓

Cate, John C. Merrill Lynch Wealth Mgt The Cate Burton Gp Indianapolis ✓ ✓

Davis, Kelli J. Compensation Systems Indianapolis ✓

Denny, Andrew C. Shepherd Financial Carmel ✓ ✓

Lauck, George A. Neace Lukens Indianapolis ✓ ✓

Ludwig, John M. LHDretirement Indianapolis ✓ ✓ ✓

Matis, Joseph M. Morgan Stanley Wealth Mgt Indianapolis ✓ ✓ ✓

Stolle, Matt Merrill Lynch Wealth Mgt Indianapolis ✓ ✓

VerSchure, Timothy Lakeside Wealth Mgt Chesterton ✓ ✓

Winkeljohn, Tony J. Pensionmark Retirement Gp Fort Wayne ✓ ✓

IOWA

Brass, Stacie L. The Accel Gp Cedar Falls ✓ ✓

Kinney, Jr., Henry D. Sommers & Danforth Financial West Des Moines ✓ ✓

Lohman, Todd M. 401(k) Advisors Urbandale ✓ ✓ ✓

Olinger, Lisa Merrill Lynch Wealth Mgt Cedar Rapids ✓ ✓

Ormord, Brian Provident Investment Consultants Peosta ✓ ✓

WW

KANSAS

Burnich, Benaiah J. SageView Advisory Gp Overland Park ✓ ✓

Geringer, Gary Merrill Lynch Wealth Mgt Geringer, Laub and Ass. Wichita ✓ ✓

Morris, Vincent Bukaty Companies Financial Services Leawood ✓ ✓ ✓

KENTUCKY

Backert, Tony J.J.B. Hilliard W.L. Lyons Louisville ✓ ✓ ✓

LOUISIANA

Arman, Eric H. Northwestern Mutual Baton Rouge ✓ ✓

Dupas III, Emmett G. Northwestern Mutual Metairie ✓ ✓

Ellis, John Cothran UBS Financial Services New Orleans ✓ ✓

Harrison, Shawn Patrick CoSource Financial Gp Lafayette ✓ ✓

MAINE

Breton, Jennifer L. LebelHarriman, LLP Falmouth ✓ ✓ ✓

MARYLAND

Avallone, Mark Potomac Wealth Advisors Rockville ✓ ✓

Bell, Gregory M. Morgan Stanley Wealth Mgt Baltimore ✓ ✓ ✓

Charkatz, Ross Phillip Graystone Consulting Potomac ✓ ✓ ✓

DiFerdinando, Armando J. Financial Benefit Services Kensington ✓ ✓

Garber, Barry L. Deutsche Asset & Wealth Mgt Baltimore ✓ ✓ ✓

Gimenez, Ed Raff a Retirement Services ROCKVILLE ✓ ✓

Hobson, Gregory A. RBC Wealth Mgt Hunt Valley ✓ ✓

Lizzi, Brian G. TriBridge Partners Bethesda ✓ ✓

O’Connell, Michael V. Merrill Lynch Wealth Mgt Hunt Valley ✓ ✓

Prevost, Andrew The Meltzer Gp Retirement Plan Services Bethesda ✓ ✓ ✓

Soltoff , Howard M. TriBridge Partners Bethesda ✓ ✓

Spray-Fry, Thomas W. Heritage Financial Consultants, / Lincoln Financial Advisors Hunt Valley ✓

Trethewey, Robert SageView Advisory Gp Fulton ✓ ✓ ✓ ✓

Ward, C. Russell UBS Financial Services Hunt Valley ✓ ✓ ✓

Wilson, Chad J. Fiduciary Plan Advisors at HighTower Owings Mills ✓ ✓ ✓

Young, Suzanne M. Merrill Lynch Wealth Mgt Columbia ✓ ✓

MASSACHUSETTS

Adamic, Jason A. Merrill Lynch Wealth Mgt The Adamic Wolford Gp Boston ✓ ✓ ✓

Andonian, Gregg Baystate Fiduciary Advisors Boston ✓ ✓ ✓

Beynon, Charles M. Ameriprise Financial Charlestown ✓ ✓ ✓ ✓

Butler, Kevin A. Morgan Stanley Wealth Mgt Norwell ✓ ✓ ✓


The “sweet spot” for JasonChepenik’s Orlando-basedadviser business is small tomidsized 401(k) plans —those with between $5m and$50m in total assets, writesEmile Hallez.

This is a unique market, hesays. A midsized company’s$10m plan is large byOrlando’s standards, but thecompanies that run themoften have minimal resources.

“I like taking complicatedsubject matter and boiling itdown to something easy. I’mgood at it,” Mr Chepenik says.

“[Clients with] really smallplans are difficult to work

with, because they don’t havehuman resourcesdepartments. [Clients with]really large plans sometimesbelieve they know whatthey’re doing more than I do.”

Mr Chepenik began hiscareer about 20 years ago asan adviser for Legg Mason, aglobal fund manager.

His father, Barney, foundedhis own employee benefitsconsulting firm in 1973, whenthe company focused moreon health plans.

His father took him on as apartner about 15 years ago,marking the company’s shifttowards the retirement plan

business. The younger MrChepenik managed about$20m in retirement planclient assets at the time, whilehis father managed about$30m. Today, ChepenikFinancial has about $1bn indefined contribution assets inmore than 75 plans and withabout 35,000 participants.

Mr Chepenik has threerules when accepting clients:companies must have acommitment from leadersthat the plan is important tothem. They must be engagedin the decision-makingprocess. And they must bewilling to consider new ideas.

“I’m not there to repeatwhat someone did 10 yearsago,” he says. “[Clients] oftendon’t know how to measurethe success of theirplan . . . Just because youhave $20m in your plandoesn’t mean your plan isgood or bad.”

During initial talks about acompany’s benefit structure,plan sponsors often citehealth insurance as the mostattractive benefit.

But the ability ofretirement plans to attract,retain and reward employeesshould also be emphasised,Mr Chepenik says.

To explain the necessity ofretirement savings to 401(k)participants, he says he usesentertaining phrases that tiein with each business. Oneclient is a gun manufacturer.“I can go to them and say,‘Are you on target?’”

More important is ensuringthe plan is working properly

for its members.“I am that

middle groundbetween anentire life ofworking and thisdream [ofretirement] intheir head.”

Case study The adviser who believes retirement plans should be about retaining and rewarding staff

Jason Chepenik: makingdifficult subjects easyto understand


M any US companiesfind it makes financialsense to teach staffhow to budget, how tounderstand their

defined contribution (DC) pensionplansandtosaveforretirement.

Organisations such as Staples,Meredith Corp and Leviton Manu-facturing offer an array of “financialwellness programmes” with anemphasis on managing money andunderstanding DC — and specifically401(k)—plans.

Such programmes could soonbecome a standard part of benefitpackages and could even be a boonfor business. Workers free frommoney worries are less likely to suf-fer a financial emergency that forcesthem to miss work and are more pro-ductive, according to a 2014 Con-sumer Financial Protection Bureaureport.

“Larger companies have realised itmakes sense,” says Cynthia Meyer,resident financial planner at Finan-cial Finesse, a California-based com-pany that provides financial educa-tionservices tobusinesses.

Almost three-quarters of busi-nesses, including 90 per cent of bigcompanies, which had more than$100m in 401(k) plan assets said“financial wellness” would become astandard part of benefits packages inthe future, according to a Bank ofAmerica Merrill Lynch survey of1,020 companies. A quarter of plansponsors have strategies to help staffimprovetheir finances.

“They’re feeling an increasedresponsibility to not only offer the[retirement plan], but also to do eve-rything possible to get people to useit,” says Kevin Crain, a senior rela-tionshipexecutiveatMerrillLynch.

As defined benefit pension plans —where employers guarantee workersa fixed sum on retirement — arephased out, 401(k) plans havebecome the main retirement savingsschemes, says Mr Crain. But manyworkers are not contributing tothem,soaremissingoutoncompanycontributionstonesteggs.

Just 67 per cent of all workers and78 per cent of full-time workers saidthey or their spouses had retirementsavings, according to the EmployeeBenefit Research Institute’s 2015RetirementConfidencesurvey.

“Many people who are close toretirement are not properly pre-pared,” says Patricia Wenzel, a Mer-rill Lynch financial adviser listed inthe FT Top 401. Her Texas-basedteam at Heuer Wenzel & Associates

advises on about 50 401(k) plansand meets workers face-to-face tohelp them set up savings plans. Thefirm was overseeing more than$3.2bninassetsasofMarch31.

Other companies offer discountson health insurance plans for work-ers who complete questionnairesabout their spending and savingshabits and attend financial educa-tion workshops. Workers who finishthe programme at Meredith Corp, anIowa-based media and marketingcompany, can choose from healthcare insurance plans with lowerexcesses — or deductibles — of $750or $2,600. Those who do not are onlyoffereda$5,000excess.About98percent of Meredith’s 4,000 employeeshavefinishedtheprogramme.

Employees at Leviton Manufac-turing, which makes lighting prod-ucts, offers its 2,200 US workers$500 off their annual medical premi-ums after similar training. The com-pany sends quarterly mailings tostaff about money management,says Fran Ruderman, vice-presidentof human resources. Workers canalso have free one-on-one meetingsatworkwithfinancialadvisers.

Those adviser appointments areimportant, says Brian Lampsa of theChicago-based True North Retire-ment Partners of Raymond James.“Your auto-enrolment and yourauto-escalation [where employees’contributions are increased auto-matically] do a really good job on themargins of increasing the rightbehaviours,” says Mr Lampsa. “Butnothing moves the dial like a one-on-oneconversation.”

He also recommends companiesincrease their matching of 401(k)contributions.

“Cash bonuses get you short-termsatisfaction. Increased retirementsavings give you long-term employeesatisfaction,”hesays.

Employers help with budgeting skillsAt work Companiesare increasinglyoffering advice andtraining to staff,writes Clare Trapasso

Bite club: the vampire-themed finance game created by Staples

Some employers are going tounusual lengths to persuade theiremployees to engage withfinances. In an effort to appeal tomore staff members, Staples, thestationer, rolled out digital games— the vampire-themed Bite Club(above) in 2011 and Farm Blitz in2014 — to encourage itsemployees to make better financialdecisions.

In Bite Club, players must decidehow to allocate the profits from aclub for the undead: by paying offstudent loans; saving forretirement; or buying “bling” forthe establishment.

Of the 7,500 players, 11 per centwent on to enrol in the company’s401(k) programme, increased theirplan contributions or learned moreabout what they were investing in,says the company.

Farm Blitz, which was formallylaunched in January, asks gamersto decide how much debt thevirtual farm should take on.Players learn about such conceptsas compound interest.

“One of the biggest causes ofstress is financial stress,” says DanBaker, vice-president ofcompensation and benefits at theoffice supply chain. “[We want tohelp] people feel less stressed,more healthy, more productive.”

The company practises auto-enrolment and auto-escalation ofcontributions in its 401(k) plan. Ifan employee contributes 6 percent, it contributes an additional 3per cent. But only about 20,000 ofthe company’s 32,000 eligible USemployees use its 401(k) plan atany time.CT

Game on Digital role-play boosts savings

Workers having savedmoney for retirement

Source: Retirement confidence survey

Percentage of US populationaged 25 or over

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1994 2000 05 10 15

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Respondentand/or spouse



We aim to provide a list ofelite professionals whospecialise in advising USemployers on their definedcontribution (DC) plans,writes Loren Fox.

The Financial Times andIgnites Research, the FT’ssister company, contactedlarge US brokerages,independent advisers andother wealth managers toidentify qualified applicants.Our partner, BroadridgeFinancial Solutions, provided

data that helped to identifyadvisers specialising inserving DC plans, including401(k) pensions and other DCaccounts.

In total, 646 qualified, so 62per cent — or the top-scoring401 — made the list.Applicants were required tohave $25m in assets and atleast 20 per cent of theirclient assets in DC plans.

The qualifying adviserscompleted a questionnaireabout the nature of their

practice, the clients theyserve, their investmentrecommendations and more.We added that information toour own research.

The formula used to gradeadvisers was based on sevenfactors, which resulted in anumeric score. They were:

• DC assets undermanagement, which signalsexperience.

• Growth in DC planbusiness, measured bygrowth in both assets and the

number of plans the adviserservices. Growth is a proxyfor performance as well as forclient retention and ability togenerate new business.

• Specialisation in the DCbusiness, which is measuredby what percentage of theoverall assets managed bythe adviser are in DC plansand how that concentrationhas changed.

• Years of experienceadvising DC plans, whichindicates experience of

managing DC plan assets invarious economic andinterest-rate environments.

• Participation rate in DCplans advised. This looks atthe effectiveness of the DCplans under management bymeasuring what proportion ofemployees is participating onaverage.

• Industry certifications,which show the technicalknowledge that is importantin the specialised DC planindustry.

• Compliance record,because a string of clientcomplaints can signalproblems.

DC plan assets undermanagement accounted forabout 50 per cent of eachadviser’s score. Roughly one-third of the score derivedfrom growth in the adviser’sDC business (as measured inboth assets and number ofplans advised), and theconcentration of the adviser’sbusiness in DC plans.

Methodology How we compiled the list



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ALABAMA

Brown, Davis Raymond James Birmingham ✓ ✓

Coker III, H. Ben BBVA Compass Investment Solutions Montgomery ✓ ✓ ✓

✓

ARIZONA

Batt, Paul K. PKB Retirement Services Mesa ✓ ✓

Schlappi, Scott WealthPlan Advisors Scottsdale ✓ ✓ ✓

ARKANSAS

Majdan, Kelly Arvest Asset Mgt Lowell ✓ ✓

CALIFORNIA

Arbabi, Amir RBG - Retirement Benefits Gp Irvine ✓ ✓ ✓

Ballweg, Chuck Prosperity Financial Gp San Ramon ✓

Barry, John JMB Wealth Mgt /National Planning Corp Torrance ✓ ✓

Blach, Brian Joseph CBIZ Retirement Plan Services San Jose ✓ ✓

Bratincevic, Richard Morgan Stanley Wealth Mgt Pasadena ✓ ✓

Breaux, Randy Breaux Benefits Gp San Rafael ✓ ✓

Burford, Lon E. Genovese Burford & Brothers Sacramento ✓ ✓ ✓

Call, Christopher J. ABD Retirement Services San Francisco ✓ ✓ ✓ ✓

Castner, Michael Joseph Retirement Benefits Gp Irvine ✓ ✓ ✓ ✓

Clark, John M. Heff ernan Financial Services San Francisco ✓ ✓ ✓ ✓

Emerson, Kyle A. Renaissance Wealth Mgt Victorville ✓

Farrell, Curtis S. Financial Mgt Network Mission Viejo ✓ ✓

Fourcade, Renee UBS Financial Services Los Angeles ✓ ✓ ✓ ✓

Gainer, Patrick G. Financial Advocates Investment MgtNorCal Roseville ✓ ✓

Gerken, Jr., John H. Wealth Mgt Advisers Laguna Hills ✓ ✓ ✓

Gregory III, Paul Merrill Lynch Wealth Mgt Ganji / Gregory Carmel ✓ ✓ ✓

Hammond, Troy G. Pensionmark Retirement Gp Santa Barbara ✓ ✓ ✓ ✓

Handler, Gary Raymond James Beverly Hills ✓ ✓ ✓

Hansen, Isaac A. Trilogy Financial Services San Diego ✓

Hansen, Karl E. Vita Planning Gp Mountain View ✓ ✓

Hastie, Jr., William J. Hastie Financial Gp Salinas ✓ ✓

Hocking, Steven UBS Financial Services Irvine ✓ ✓

Johnson, Derek R. Merrill Lynch Wealth Mgt San Jose ✓

Josephs, Gary Scott Retirement Benefits Gp Irvine ✓ ✓ ✓ ✓

Justi, Jeff Advanced Retirement Solutions San Jose ✓ ✓

Keefer, Guy W. Keefer Pension Consulting Marina del Rey ✓ ✓

Ketchum, Daniel C. Raymond James Irvine ✓ ✓

Kokjohn, Thomas J. Morgan Stanley Wealth Mgt San Diego ✓ ✓

Mammini, Mike Mike Mammini Company / Lincoln Investment Planning San Diego ✓ ✓ ✓

Merzoian, Matt Retirement Plan Advisory Services Fresno ✓ ✓



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Messinger, Adam Merrill Lynch Wealth Mgt Oakland ✓ ✓

Morehead, David T. Retirement Benefits Gp San Diego ✓ ✓

Muth, Bryan A. Merrill Lynch Wealth Mgt Visalia ✓ ✓

Pai, Avi K. Provence Wealth Mgt Gp Irvine ✓ ✓

Pham, Tuyen L. Tutton Financial Services Santa Ana ✓ ✓ ✓

Prattes, Jason A. Pence Wealth Mgt Newport Beach ✓

Roland, William C. Spectrum Wealth Partners Petaluma ✓ ✓

Romero, Daniel S. Romero and Levin Wealth Mgt Santa Ana ✓

Schneiderman, James M. Morgan Stanley Wealth Mgt Beverly Hills ✓ ✓

Shiflet, Walker Merrill Lynch Wealth Mgt Thoman / Shiflet Gp Beverly Hills ✓ ✓

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White, Nate SLW Retirement Plan Advisors Lafayette ✓ ✓ ✓

Whyte, Iain A. Merrill Lynch Wealth Mgt Whyte / Muth Team Pasadena ✓ ✓

Wiese, Brian Morgan Stanley Wealth Mgt Los Angeles ✓ ✓

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COLORADO

Deevy, Kristen CoBiz Financial Denver ✓ ✓ ✓

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Watson, Tim Strategic Financial Partners Colorado Springs ✓ ✓ ✓

CONNECTICUT

Berkman, Brett S. Merrill Lynch Wealth Mgt The Angelone Gp Greenwich ✓ ✓

Callahan, Michael E. Edu4retirement Southington ✓ ✓

Decker, John Henry RBC Wealth Mgt Glastonbury ✓ ✓

Horton, Barnaby W. Merrill Lynch Wealth Mgt Horton / Aubrey Team Hartford ✓ ✓

Jacobs, John J. Jacobs Financial Partners Glastonbury ✓ ✓

Kral, Christopher J. Merrill Lynch Wealth Mgt Kral Brown Gp Fairfield ✓ ✓

Mendoza, Greg F. UBS Financial Services Hartford ✓ ✓ ✓

Michaels, Stephen Smith Brothers Financial Glastonbury ✓ ✓

DELAWARE

Pressler, Eric C. Newton One Advisors Newark ✓ ✓

Shumosic, Thom MidAtlantic Retirement Planning Specialists Wilmington ✓ ✓

A-Z by State

Elite professionals who advise companies



Persuading employers andemployees to contribute to a401(k) plan often leavesCourtenay Shipley feeling likea part-time lobbyist, writesEmile Hallez.

“You’re trying to getemployees to part with dollarsfrom their pay-check. Youhave to do it in a way that isreflective of their values.You’re always lobbying formore dollars.”

Ms Shipley, 35, establishedRetirement Planology, herAlexandria, Virginia-basedsolo advisory practice, lastyear and created her own jobtitle of “chief planologist”.

After graduating with abachelors degree in 2001 shehas enjoyed a varied career.She started at Horace Mann,where she sold 403(b) plans— a defined contribution(DC) plan for public entitiesand non-profits — to stateschools.

After stints atPrudentialSecurities andPrincipal Financial,she opened anindependentpractice in 2010.Two years later,she joinedFiducia Group as

one of four principals. But shefound she wanted to do thingsher way.

“I’m open to using Skype,and video conferences, andtools that make your practiceless expensive and easier. Iwanted freedom to define mybrand.”

Running a small businesshas made her sympathetic tothe companies she serves.

“I have sat on all sides of thetable,” she says. “There is somuch going on at any point intime — there are 1,000priorities nipping at yourheels . . . I have more patiencefor my [clients] now, knowing

the sheer volume of thingsthat come across your desk.”

Ms Shipley currentlymanages about $100m ofretirement plan assets among16 employers and 2,800participants, and she worksprimarily with smallerretirement plans.

The first question she asks401(k) clients is whether theyfeel they have a duty toprepare employees forretirement — or if they aresimply compelled to make agood plan available. Theanswer determines whetherthey should automaticallyenrol workers in the plan and

how they educate them aboutsaving.

“If you have a lot of lowerpaid workers, [employers] arereluctant to [automatically]take 3 per cent out of thoseemployees’ pay-checks,because that can mean theycan’t afford day care.”

One client, a constructioncompany, opted to not enrolits workers automatically.Instead, Ms Shipleyencouraged the company tooffer high matchingcontributions and a shortvesting schedule, whichmakes employees eligible forthose contributions quickly.

Case study The ambitious adviser determined to define her brand

I n a 2008 television commercialfor ING, the bank, people car-ried big orange numbers repre-senting how much money theywould need to save for a com-

fortableretirement.The advert echoed a best-selling

book from 2006, The Number by LeeEisenberg, which promised to helpreaders plan for long-term financialsecurity.

But according to several membersof the FT Top 401, when employeesjoin their company’s retirement sav-ings plan a number is the last thingthey need. That is because theamount people should save tends tobe large and intimidating and isunlikelytopromptquickaction.

“It’s like trying to boil the ocean,”says Joel Gershon, a Merrill Lynchadviser whose Chicago team man-ages $1.3bn in assets, $630m of it indefinedcontribution(DC)plans.

He and many of his peers believeplan members should focus on whatthey can do now in terms of savingincome.

The most effective plans enrolemployees automatically anddefault to an immediate 3 per centcontribution rate. While “that’s notenough for anybody unless they’reindependently wealthy”, says MrGershon,“itgets themstarted”.

Then, in group meetings, he moti-vates plan participants with hypo-thetical examples of how muchfaster an account grows over timewhenthecontributionraterises.

Similarly, instead of frightening

employees with multimillion dollarsavings goals, Blake Thibault andJohn Clark of Heffernan FinancialServices talk about their “retirementpaycheque”.MrClarksays it iseasierfor people to think in terms of need-ing income of $4,000 a month thantocontemplatestashingaway$2m.

Still, he says, “we stress that incre-mental steps are OK”. For example,the calculator may decree that a newemployee needs to save 10 per centof salary to meet retirement goals.“To someone [earning] a low wage,that’s impossible,” says Mr Clark,whose team manages $1.6bn, all inDCplans.

His firm encourages participantsto start small, maybe at 4 per cent,and to boost the contribution as theyreceive pay rises. Even for high earn-ers, saving the target percentageright from the start is often unrealis-tic. “You can’t go from 0 per cent to10 per cent, no matter what yourincomelevel,”saysMrClark.

One challenge for advisers is creat-ing interactive tools that inform andencourage rather than tyranniseplan participants. Many adviserscombine proprietary software withtoolsprovidedbycustodians.

To Troy Hammond, whose team at

Pensionmark Retirement Groupmanages $7.46bn in tax-deferredcontribution plans — 95 per cent ofits total assets under management —the custodians’ all-purpose grids aretoogeneric.

The assumptions are the same foreverybody. These tools “look at par-ticipants in a vacuum”, Mr Ham-mondsays.

In 2013, Pensionmark rolled out adigital portal that presents employ-ees’ financial resources in one place,including their cheque and credit-card accounts, and updates them inreal time. The portal gives plan par-ticipants a picture of their spendingpatternsaswellas theirsavings.

“Abigpartofhowmuchyousave isbudgeting,’ says Mr Hammond.“Nowwecanhaveintelligentconver-sationsthataremorerealistic.”

Instead of benchmarking employ-ees’ account balances against someenormous number, his team canshow them that saving $50 a monthon coffee can add an extra $500 amonthinretirement income.

Plan participants’ savings goalschange with their circumstances.Marrying, having children anddivorcing should prompt a review ofcontributionrates,adviserssay.

Many send out quarterly accountstatements to keep employees ontrack, but Merrill Lynch’s Mr Gers-hon recommends participants haveayearly financial review.

He says: “If a wealthy uncle passesaway and leaves you an inheritance,that should change how your plan is

driven — for instance, you can takeonlessequityriskthanbefore.”

Mr Thibault of Heffernan Finan-cial says it would be ridiculous toexpect a 20- or 30-year-old to caredeeply about retirement, so his firmtries to customise its advice to matchemployees’ lifephases.

Younger participants often wantguidance on debt management; newparents want to know how to makeroom for college tuition in theirbudget. An adviser’s job is to makesure retirement goals are not forgot-ten or lost among shorter-termfinancialobjectives.

Pensionmark uses social mediaand digital games in an effort to keepyoung people engaged with theirretirement plan. They can earnpoints for using the financial portal,watching a video about diversifica-tionorboostingtheirsavingsrate.

Points are redeemable for retailproducts and services, and plan par-ticipants can compete against oneanother and against other Pension-markclients.

“Meanwhile,” says Mr Hammond,“they’re saving more, getting moreengaged and learning more” — andcomingcloser totheirgoal.

Newcomers deterredby the big numbersEngagement Savings targets can be daunting, so advisers shouldencourage workers to start with modest amounts, says Joan Warner

‘Advisers make sure goalsare not forgotten amongshort-term objectives’

Avoid going for broke: advice needs to match life phases — Dreamstime

Going solo:Courtenay Shipley





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Carter, Murray Janney Montgomery Scott Washington ✓ ✓ ✓ ✓

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Olinger, Lisa Merrill Lynch Wealth Mgt Cedar Rapids ✓ ✓

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Burnich, Benaiah J. SageView Advisory Gp Overland Park ✓ ✓

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Young, Suzanne M. Merrill Lynch Wealth Mgt Columbia ✓ ✓

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Adamic, Jason A. Merrill Lynch Wealth Mgt The Adamic Wolford Gp Boston ✓ ✓ ✓

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Beynon, Charles M. Ameriprise Financial Charlestown ✓ ✓ ✓ ✓

Butler, Kevin A. Morgan Stanley Wealth Mgt Norwell ✓ ✓ ✓



The choice of retirement planadviser has long been a matterforcompanies,andunlikely tobe of interest to most employ-ees. But now, the advisers whoprovide guidance to definedcontribution (DC) plans sud-denly find themselves in thespotlight.

The reason? The US Depart-ment of Labor recently pro-posed rules that would rede-fine their duties. The pro-posal, championed by Presi-dent Obama and with a goodchance of becoming law,would add new responsibili-ties and disclosures aimed atstrengthening protection forinvestors.

Plan advisers are a crucialpart of the complex web ofvendors, consultants, and

salespeople that maintain thenearly $7tn in assets in theUS’s DC plan markets. Theseadvisers help corporate, non-profit and governmentemployers design and run DCretirement programmes fortheiremployees.

Advisers ensure plans arepriced fairly, follow best prac-tice (such as automation fea-tures), and offer employees avetted mix of investmentfunds.Andtheshiftingregula-tory landscape is likely towiden the appeal of planadvisers.

The DC plan system allowstwo models for advice. FT Top401 Advisers typically act inthe “best interest” of theretirement plan and its partic-ipants by providing unbiasedadvice. Other advisers pro-vide guidance that is simply“not unsuitable” for their DCplanclients.

The proposed rules willrequire all advisers to becloser to the “best interest”standard already provided byFTTop401planadvisers.

A lot of money is at stake.The Department of Labor hasestimated that its proposedrules could save investors$17bn a year by eliminatingretirement advice givenmainly to earn commissionand win bonuses for theadviser. Most advisers to DCplans would have to follow the“best interest”standard.

The department’s proposalhas proven contentious. Therule would almost certainlydrive away more of the advis-ers who dabble in the DCretirement plan business.That could further concen-trate retirement plan guid-ance in the hands of severalthousand advisers who havebecomeDCplanspecialists.

The industry has alreadymoved away from the oldmodel of the adviser whoworked on a handful of DCplans alongside a core clien-tele of wealthy individuals.The average DC plan adviserin the FT Top 401 has morethan 70 per cent of clientassets inDCplans.

That specialisation hasserved the DC plan marketwell. For many advisers, ittakes a commitment to themarket to master the Labordepartment, Internal Reve-nue Service and Securitiesand Exchange Commissionrules thataffect therunningofDC plans. Specialist adviserssimplify DC plan intricacies,whichbenefitsemployers.

Under the proposed rule,employers would rely moreon advisers. And employerscould scrutinise advisersmore closely than they doalready, particularly regard-ing feesandpotential conflictsof interest. This scrutinycould help DC plan specialists,who mostly already work tothe“best interest”standard.

Services offered by planadvisers are expanding,thanks largely to increasingconcerns about regulationand lawsuits. Many employ-ers entering into contractswith specialist plan advisersare taking legal responsibilityfor selecting, monitoring andreplacing plan investmentoptions, and are undertakingadministrativetasks.

If the rules are introduced,they would shift DC planadvisers’ duties towards morevalue-added services andoversight.

Ultimately, end-to-endservicing of DC retirementplan needs is the goal foradvisers — and specialist planadvisers are well positionedfor thefuture.

Regulation

A proposal for tighterrules could benefitDC specialists, writesTom Modestino

Greater scrutiny maydrive away the dabblers

The numbers do not add upfor millions of Americansnearing retirement. Theamounts saved for their yearsafter retirement are provingtoo small as the options shiftfrom safety nets such as com-pany pensions to self-admin-isteredaccounts.

Surveys show that manypeople have only modest nesteggs when they come to retire.

The Federal Reserve’s Surveyof Consumer Finances showsthat those aged 55 to 64 withretirement savings reported amedian sum of $103,200 in2013. That could provide lessthan $400 a month for reti-rees at today’s longevity rates,according to Falling Short, byCharles Ellis, Alicia Munnell,and Andrew Eschtruth, abook published last year thatconsidered the scale of theproblem. The authors recom-mended that policy makerstakeactionnow.

A broader analysis by theBoston College Center forRetirement Research foundmore than half of working-agehouseholds will not have

saved enough to maintainlivingstandards.

To some the prospects seemdire. “It is a looming crisis,”says David Marshall, a retire-ment plan adviser at RobertWBaird&CoinPortland,Ore-gon. “We want to make it an[important] topic, but not gointoapanic.”

Beyond those with small401(k) or individual retire-ment account (IRA) balancesare people with no formal sav-ings, says Kristen Deevy, vice-president for retirement plansatCoBizFinancial.

“There’s a huge group ofsmall employers that don’toffer plans because they can’ttake on the administrative

costs and fiduciary liability —and whose employees are notsaving,”shesays.

But others say that if policymakers and employers con-tinue their efforts to improveretirement schemes, a crisiscan be averted. “We can con-tinue to add to [the retire-ment plan model], to make iteasier for employees to partic-ipate and expand coverage,”says Kathleen Kelly, manag-ing partner with CompassFinancial Partners, an LPLFinancial affiliate that adviseson$4.8bninplanassets.

Despite the challenges,action can be taken to boostthe savings of those headinginto retirement, market

watchers say. One of the mostimportant, says CatherineCollinson, president of theTransamerica Center forRetirement Studies, is chang-ing Social Security, which lat-est estimates show will bedepletedby2033.

“Whether it involves raisingtaxes or reducing benefits orchanging the retirement age,it’s important to give workersas much time as possible toplan and adjust their expecta-tions,”shesays.

Retirees who realise theyhave not saved enough arealso pushing for change, MsCollinson says. “People areplanning to work longer,” shesays. “Baby boomers arechanging things, but policiesand employment practiceshaven’tcaughtupyet.”

Few employers help olderstaff to move into part-time orless demanding jobs, eventhough these veterans couldtrain the next generation ofworkers,MsCollinsonsays.

Another option could be tohelp small companies offerworkers without plans theoption of payroll-deductedIRAs,MsDeevysays.

Policy makers are alsoopening the door for olderworkers and retirees to earnretirement income through

annuities and other guaran-teed payout vehicles, MsKellysays.

Improvements could beintroduced at the plan level.While many plan sponsorshaveauto-enrolledemployeesinto defined contributionplans, the discussion hasshifted to “auto-escalation” —increasing employees’ contri-butions automatically, MrMarshall says. “If we auto-en-rol at 3 per cent, we find inmany cases it will still be there20years later.”

Auto-enrolling at higherrates or bumping up contribu-tions by 1 per cent a year areamong the options to bringemployees closer to an opti-mal 10 per cent rate, MsDeevysays.

Many employers are alsoconsidering better contribu-tion matches — drives to enrolnon-participating employees,MsKellysays.

Or, adds Mr Marshall, firmscould offer incentives by high-lighting how much they putinto participants’ pockets.“We have spent years focusedon fear and guilt: ‘You’d bettersave because Social Security isgoing broke’ or ‘Do you careaboutyourfamily?’”hesays.

“Maybe we’re supposed toaimforadifferentemotion.”

Inadequatenest eggsprompt fearsof a crisisSavings

Americans have notsaved enough, butthere is still time toact, says Tom Stabile

Celebrations: on hold for many — Alamy

Fastest growing features of US plans

Source: Ignites

Percentage among 401 (k) plan advisers in the FT list

0 0.1 0.2 0.3 0.4 0.5 0.6

Auto-enrolment

Qualified investment default

Auto-deferral escalation

Company match

ContributorsLoren FoxDirector of research,Ignites Research, an FT service

Tom StabileSenior reporter, FundFire Alts,an FT service

Tom ModestinoDirector of retirements marketsresearch, Ignites Research

Joan WarnerManaging editor, FinancialAdvisor IQ, an FT service

Emile HallezClare TrapassoReporters, Ignites

Aban ContractorHelen BarrettCommissioning editorsSteven BirdDesignerAndy MearsPicture Editor

For advertising, contactDennis Asselta +1 212 641 [email protected] or yourusual FT representative.All editorial content isproduced by the FT.Advertisers have no influenceover or prior sight of thearticles. Follow us on Twitter at@ftreports




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0m to

$5

00m

in a

sset

s)

Mid

-siz

e pl

ans

($10

m to

$1

00m

in a

sset

s)

Smal

l & m

icro

pla

ns

(Und

er $

10m

in a

sset

s)

NEW HAMPSHIRE

McLaughlin, Ryan L. CGI Retirement Services Hooksett ✓ ✓

NEW JERSEY

Blachman, Glenn A. Gateway Advisory Westfield ✓ ✓

Bojovski, Goran Merrill Lynch Wealth Mgt Gsell / Bojovski Gp Edison ✓ ✓ ✓ ✓

Fernandes, Joseph The 401k Gp Shrewsbury ✓

Friedman, Eric H. Ameriprise Financial Saddle Brook ✓

Goerner, Chad UBS Financial Services Princeton ✓ ✓ ✓

Greenleaf, Jamie D. Cafaro Greenleaf Red Bank ✓ ✓ ✓

Lisboano, Americo R. Merrill Lynch Wealth Mgt Montvale ✓

Lynch, Jerry F. JFL Total Wealth Mgt Boonton ✓ ✓

Marchiano, Michael D. Morgan Stanley Wealth Mgt Morristown ✓ ✓

McLane, Michael A. Redwood Wealth Advisors Edison ✓ ✓

McLaughlin, Michael A. McLaughlin Asset Mgt Haddonfield ✓ ✓ ✓

Nydick, Harris S. CFS Investment Advisory Services Totowa ✓ ✓

Oliver, Stephen A. Manhattan Ridge Advisors Bedminster ✓ ✓

Pearly, Kevin M. Merrill Lynch Wealth Mgt Hinds / Pearly Gp Summit ✓ ✓

Rieman, Jr., Davis J. SagePoint Financial Mahwah ✓ ✓

Scorzafava, Todd Greenberg & Rapp Financial Gp East Hanover ✓ ✓

Toth, Attila T. Portfolio Evaluations Warren ✓ ✓ ✓

NEW YORK

Annunziato, Paul Morgan Stanley Wealth Mgt Jericho ✓ ✓

Candella, Ted M. Merrill Lynch Wealth Mgt The Candella Labanca Gp New York ✓ ✓

Caza, Jeremy Thomas Sagemark Consulting Auburn ✓ ✓

Chasin, Gerald L. UBS Financial Services Uniondale ✓ ✓ ✓ ✓

Cunningham, Jr., John Arthur Alliant Insurance Services New York ✓ ✓ ✓ ✓

D’Aiutolo, Paul UBS Financial Services Rochester ✓ ✓ ✓

Delaney, Barbara J. StoneStreet Advisor Gp Pearl River ✓ ✓ ✓ ✓

Detterick, Jim J. Graystone Consulting New York ✓ ✓

Dimino, Steve RBC Wealth Mgt New York ✓

Eidlin, Mark Anthony Merrill Lynch Wealth Mgt Eidlin-Kilmer & Ass. Pittsford ✓ ✓ ✓

Kass, Jonathan Merrill Lynch Wealth Mgt The Kass / Freeman Gp New York ✓ ✓ ✓

Kilmer, Matthew A. Merrill Lynch Wealth Mgt Eidlin-Kilmer & Ass. Pittsford ✓ ✓ ✓

Kuttin, Jonathan S. Ameriprise Financial Melville ✓ ✓

Leahy, Dennis M. Lee, Nolan & Koroghlian Retirement Plan Services Garden City ✓ ✓ ✓

Mahoney, Kevin Merrill Lynch Wealth Mgt The Mahoney Gp West Nyack ✓ ✓ ✓

Monroe, Matthew C. Retirement and Benefit Partners East Syracuse ✓ ✓

Parker III, Douglas E. Sage Rutty and Company Rochester ✓ ✓

Schmidt, Brian D. NFP Endwell ✓ ✓

Scrivens, Robert J. Steadfast Risk Advisors Albany ✓

Smith, Eric W. Morgan Stanley Wealth Mgt Rochester ✓ ✓

Temple, Mark D. Retirement & Benefit Partners Slingerlands ✓ ✓ ✓

Tomasula, Anthony S. PPS Pension Services Williamsville ✓ ✓ ✓

Weir, Gary J. Frenkel Benefits New York ✓ ✓

Wilshinsky, Andrew R. Morgan Stanley Wealth Mgt New York ✓ ✓ ✓ ✓

NORTH CAROLINA

Blair, Michael E. Captrust Financial Advisors Charlotte ✓ ✓ ✓

Floyd, Trea Baird Charlotte ✓ ✓

Kelly, Kathleen A. Compass Financial Partners Greensboro ✓ ✓ ✓ ✓

Rauwald, Timothy L. UBS Financial Services Chapel Hill ✓ ✓ ✓ ✓

Schultheiss, Jonathon Gate City Advisors Greensboro ✓ ✓

Simons, Noel F. BB&T Scott & Stringfellow Charlotte ✓

OHIO

Broadbent, Jonathan R. Plan Partners Beachwood ✓ ✓ ✓

Clark, Jeremy Beacon Financial Partners Cleveland ✓ ✓

Duggan, Tony Merrill Lynch Wealth Mgt Cincinnati ✓ ✓

Everhart, Scott Everhart Advisors Dublin ✓ ✓ ✓

Fantozzi, Frank Planned Financial Services Cleveland ✓ ✓

Funkhouser, Brian J. UBS Financial Services Sylvania ✓ ✓

Hill, Benjamin (BJ) Blueprint Financial Cleveland ✓ ✓

Horr, Dennis R. Faith Financial Advisors Loveland ✓ ✓

Karban, Russell A. Savage & Ass. Toledo ✓ ✓




A mericans have savednearly $7tn for retire-ment by investingin employer-sponsoreddefined contribution

(DC) retirement programmes, suchas 401(k) plans, according to dataproduced by the Investment Com-panyInstitute.

In US 401(k) pension pro-grammes, a company may pay anamount of money into the plan thatmatches the amount that anemployee pays into it — with taxadvantages forboth.

The plans are known as 401(k)after the clause in tax law which gov-erns them. Under current tax laws,employees are not taxed on themoney invested in their 401 (k) —the money is only taxed once thepension saver draws down the funds.And in 401(k) plans, employees canchoose from a range of funds avail-able fromtheprovider.

Plan advisers serve employers byexplaining how these plans shouldbe designed, and which dozen or soinvestment options should beofferedoutof thousandsavailable.

In the past, advisers were a little-known but critical component of theUS DC pension system, which isbecoming the single biggest pool ofretirement savings in the country.However, advisers are now beingthrust centre stage as two develop-ments are poised to transform thisarea of the retirement industry overthe next few months. In this context,the Financial Times publishes the FTTop 401, its inaugural list of top DCplanadvisers intheUS.

The first change comes from theDepartment of Labor, which pro-posed rules in April that would, forthe first time, require financialadvisers to act solely in investors’best interests when advising oninvestment products for DC retire-mentaccounts.

The proposal, spelt out over hun-dreds of pages, would require strictdisclosures of how plan advisers arepaid, including commissions andbonuses that may be tied to recom-mending specific products. Thedepartment estimates this newstandard could save Americans$17bn a year by reducing conflictedadvice(See page 3).

The second change stemmed fromthe US Supreme Court. This month,the court unanimously ruled thatEdison International violated itsduty to employees by using higher-priced investments in its retirementplan when lower-priced versions ofthe identical investments were avail-able. The ruling affirms that employ-ers have a duty to monitor costs

continually, putting more pressureon the retirement plan adviserstaskedwithscrutinisingsuchprices.

Together, these changes are likelyto spur many less-committed finan-cial advisers — those for whom offer-ing advice to DC retirement plans is asideline — to stop working with DCplans.Moreof thebusinesswill fall tospecialist advisers, who often devotemost or all of their practice to thiscomplicatedbusiness.

The changes are also likely toaccelerate other shifts already underway in the business, which arehighlighted in this report. Planadvisersare likely tooffermoreserv-ices for employers seeking to out-sourceelements, suchas takingcom-plete responsibility for the invest-ment menu (rather than just con-sultingonit).

Advisers are likely to becomemore involved in steering employeestowards long-term planning. Asemployers grow increasingly wor-ried that Americans are not savingenough for retirement, they areworking with advisers to take action,such as automatically enrollingemployees intoDCplans(see Page 6).

These trends are reflected in ourlistings on pages 8 to 11, which offersa snapshot of the leading financialadvisers who specialise in DC pen-sion plans offered by corporate, non-profitandgovernmentemployers.

We have produced a list of an elitegroup of advisers. The average pro-fessional in the FT Top 401 has beenadvising DC plans for 18 years andmanages $770m in assets. The meth-odology isexplainedfullyonpage8.

These advisers saw their DC assetsgrow on average by 24 per cent overthe year. Only part of that growthwas because of rising markets, as theaverage FT Top 401 adviser also sawthe number of DC plans they adviseonrise13percent intheyearto97.

If intensified scrutiny and addi-tional responsibility gradually con-centrate more of the retirement planadvising business in the hands ofspecialists, the FT Top 401 advisersare likelytobenefit (see Page 3).

That isbecausetheseadviserstendto be DC plan specialists: advisers inthe FT Top 401 had on average 71 percent of total client assets in the DCplans on which they advised. And for17 per cent of the FT Top 401, DCplansrepresent theironlybusiness.

Advising DC pension plans isclearly complex, and is likely to growmore difficult as regulationincreases.

The FT Top 401 list aims to pro-vide a picture of leading plan advis-ers in a dynamic market on the cuspofchange.

Specialist skills count in a new eraOutlook Legal and regulatory changes will lead to a more demanding market for advice, writes Loren Fox

US total retirement market

Source: Investment Company Institute

$tn

0

5

10

15

20

25

2000 2007 2008 2010 2012 2014

IRAsDC plansPrivate sector defined benefit plansGovernment defined benefit plansAnnuity reserves

‘More of the business willfall to specialist advisers’

Jam

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a pl

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Larg

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Mid

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Kocsis, David P. Peak Wealth Solutions Pepper Pike ✓ ✓

Kreinest, Christa J. Hauser Retirement Solutions Cincinnati ✓ ✓

Kulchar, David M. Oswald Financial Cleveland ✓ ✓ ✓

Lohre II, David M. Horan Cincinnati ✓ ✓ ✓

Lysaght, Tim Eukles Wealth Mgt Cincinnati ✓ ✓ ✓

Mabry, Anthony Merrill Lynch Wealth Mgt Clark Mabry & Ass. Columbus ✓ ✓ ✓

Maloyan, Rick Stratos Wealth Partners Beachwood ✓ ✓

Reiniger, David J. Reiniger & Ass. Westerville ✓ ✓

Renie, Stephen J. Morgan Stanley Wealth Mgt Cincinnati ✓ ✓ ✓

Robertson, Thomas G. Morgan Stanley Wealth Mgt Columbus ✓ ✓ ✓

Snyder, Charles Graystone Consulting Hudson ✓ ✓ ✓

Talmage, William H. Graystone Consulting Cincinnati ✓ ✓ ✓ ✓

Vordemesche, Christopher Graystone Consulting Cincinnati ✓ ✓ ✓

OKLAHOMA

Coble, Michelle R. Odyssey Financial Gp Oklahoma City ✓ ✓

Stith, Daniel C. Wealth Mgt Gp Oklahoma City ✓ ✓ ✓

Suchy, Brent M. Arvest Asset Mgt Tulsa ✓ ✓

OREGON

Daley, Erik Multnomah Gp Portland ✓ ✓ ✓ ✓

Fisher, Brett A. Merrill Lynch Wealth Mgt Portland ✓ ✓

Marshall, David P. Baird Portland ✓ ✓ ✓

Ulmer, Joshua Morgan Stanley Wealth Mgt Portland ✓ ✓ ✓

PENNSYLVANIA

Casciola, Gary M. TJS Financial Services Pittsburgh ✓ ✓

Catanella, Brian A. UBS Financial Services Philadelphia ✓ ✓

Catanella, Kenneth G. UBS Financial Services Philadelphia ✓ ✓

DeGroat, Andrew J. WhartonHill Advisors Fort Washington ✓ ✓ ✓

Fogli, Philip J. FRS Capital Mgt King of Prussia ✓ ✓

Foran, Jr., Gerald F. GFP Investment Services Bethlehem ✓ ✓

Foster, David T. Merrill Lynch Wealth Mgt The FWP Gp Pittsburgh ✓ ✓ ✓

Gilmartin, Edward J. Gilmartin Ass. Scranton ✓ ✓

Healey, Sr., Donald M. The Healey Gp Wormleysburg ✓ ✓

Kline, Alex P. Duncan Financial Gp Pittsburgh ✓ ✓

Levy, Victor Levy Wealth Mgt Gp Philadelphia ✓

Malcolm IV, Robert Roger BRS Network Pittsburgh ✓ ✓

McDermott, Kevin P. The Philadelphia Gp King of Prussia ✓ ✓

Pettis, Eric D. Comprehensive Financial Harrisburg ✓ ✓

Seyle, Rusty Merrill Lynch Wealth Mgt Seyle / Hamill / Hickey & Ass. Bethlehem ✓ ✓

Sides, Scott A. RBC Wealth Mgt York ✓ ✓

Wenz, John F. WhartonHill Advisors Fort Washington ✓ ✓ ✓

Wolfe, Noel J. Morgan Stanley Wealth Mgt Jenkintown ✓ ✓ ✓ ✓

PUERTO RICO

Rocafort, Franklin A. Rocafort Gp San Juan ✓ ✓

RHODE ISLAND

Sampson, Jim Cornerstone Retirement Advisors Warwick ✓ ✓

Worrell, James L. GPS Investment Advisors Providence ✓ ✓ ✓

TENNESSEE

Cohn, Jason J. Raymond James Nashville ✓ ✓ ✓

Colburn, Todd M. Northwestern Mutual Nashville ✓ ✓

Glasgow, Steven W. Avondale Partners Nashville ✓ ✓ ✓ ✓

Hall, Jeremy D. Baird Nashville ✓ ✓ ✓

Hooper III, A. Hale Baird Nashville ✓ ✓ ✓

TEXAS

Atherton, Donald C. UBS Financial Services The Woodlands ✓ ✓ ✓

Barton, Lucas M. Lockton Companies Dallas ✓ ✓ ✓

Birkofer, Joseph Legacy Asset Mgt Houston ✓ ✓

Coelho, Michael A. SageView Advisory Gp Austin ✓ ✓ ✓

Echols, Van A. PFG Advisors Lubbock ✓ ✓

Ellisor, Darrell W. Peak Financial Gp Houston ✓ ✓ ✓

Ellsworth, Stephen H. Baird Houston ✓ ✓



a pl

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Larg

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Mid

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Smal

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Fernandez, Robert Gary Morgan Stanley Wealth Mgt Austin ✓ ✓

Griggs, Dennis D. Kainos Partners Jersey Village ✓ ✓

Hacker, Christopher S. Titan Retirement Advisors Houston ✓ ✓

Jerding, Mick Merrill Lynch Wealth Mgt Houston ✓ ✓ ✓

Kading, Todd A. LeafHouse Financial Advisors Austin ✓ ✓

Lasko, Matt UBS Financial Services Dallas ✓ ✓

Matustik, Deborah J. Pensionmark Retirement Gp - Austin Austin ✓ ✓ ✓

Moore, Janine J. Peak Financial Gp Houston ✓ ✓ ✓

Nathani, Salim A. Ameriprise Financial Sugar Land ✓

Netoskie, Neil C. Keystone Retirement Gp Houston ✓ ✓

O’Connor, Teri O’Connor Financial Services The Woodlands ✓ ✓

Peterson, Jr., Pete VisionPoint Advisory Gp Dallas ✓ ✓ ✓

Rathjen, Robert C. UBS Financial Services Houston ✓ ✓ ✓

Sinks, Tim Aspect Wealth Mgt San Antonio ✓ ✓ ✓

Smaistrla, Christian D. The Greensage Gp Tomball ✓ ✓

Stack, Joe Pensionmark Retirement Gp Dallas ✓ ✓ ✓

Thornton, Kenneth A. Thornton Capital Strategies Austin ✓ ✓

Triolo, James TRITIS Wealth Mgt Houston ✓ ✓

Vaughan, Robert UBS Financial Services The Woodlands ✓ ✓ ✓

Weaver, Neal M. Leafhouse Financial Advisors Austin ✓ ✓

Wenzel, Patricia S. Merrill Lynch Wealth Mgt Heuer / Wenzel Team Houston ✓ ✓ ✓ ✓

UTAH

Anderson, Kim D. Soltis Investment Advisors St George ✓ ✓ ✓

Dall, Corby 401k Advisors Intermountain Sandy ✓ ✓ ✓

Laurella, Carl L. Merrill Lynch Wealth Mgt P. L. & R. Gp Salt Lake City ✓ ✓

Moyes, James D. RedStone Advisors Lehi ✓ ✓

Roundy, Jeff Merrill Lynch Wealth Mgt P. L. & R. Gp Salt Lake City ✓ ✓

Welch, Kirk W. Moreton Retirement Partners Sandy ✓ ✓ ✓ ✓

VERMONT

Dubie, Christopher D. Morgan Stanley Wealth Mgt Burlington ✓ ✓

Mandracchia, Mike The Richards Gp Brattleboro ✓ ✓ ✓

VIRGINIA

Bethel, Lee V. Comprehensive Benefit Services Alexandria ✓

Clark, Colin M. Washington Financial Gp McLean ✓ ✓ ✓

DeNoyior, Joseph F. Washington Financial Gp McLean ✓ ✓ ✓

Hoff er, J. Cory Hermitage Wealth Mgt Richmond ✓ ✓ ✓

Hoff man, Lee Merrill Lynch Wealth Mgt Hoff man Whipkey Gp Vienna ✓ ✓ ✓

Maulfair, James E. AHT Retirement Services Leesburg ✓ ✓ ✓

Rogers, Kenneth Rogers Financial Harrisonburg ✓ ✓ ✓

Shipley, Courtenay Retirement Planology Alexandria ✓ ✓

Stanley, Craig M. Summit Gp of Virginia Virginia Beach ✓ ✓

Stone, Michael Business Benefits Gp Fairfax ✓ ✓

Strange, Allan Janney Montgomery Scott Richmond ✓ ✓ ✓

Tattersall, John Edward Parkway Financial Strategies Reston ✓

Whitmire, Jerry C. Morgan Stanley Wealth Mgt Alexandria ✓ ✓

WASHINGTON

Brown, Michael Clearpoint Financial Bellevue ✓ ✓ ✓

Cashman, Jeff rey Cashman Consulting Redmond ✓ ✓

McKay, James R. McKay Wealth Mgt / Retirement Services Tukwila ✓ ✓

Merriman, Scott M. RBC Wealth Mgt Seattle ✓ ✓ ✓ ✓

Raphael, Robert B. TRUEretirement Bellevue ✓ ✓

Roland, Chad A. Raymond James Spokane Valley ✓ ✓

Sanden, Trent V. UBS Financial Services Seattle ✓ ✓ ✓ ✓

Winslow, Edward Ken Morgan Stanley Wealth Mgt Silverdale ✓ ✓

WISCONSIN

Barden, Todd J. UBS Financial Services Brookfield ✓ ✓ ✓

Bowles, Jeff D. Merrill Lynch Wealth Mgt BTB Ass. Madison ✓ ✓

Kieckhefer, Robert A. The Kieckhefer Gp Brookfield ✓ ✓ ✓ ✓

Lanser, Bruce G. UBS Financial Services Milwaukee ✓ ✓ ✓

Parks, Thomas W. Graystone Consulting Milwaukee ✓ ✓ ✓ ✓

Vandermus, Roger L. Vandermus, Smith, & Ass. La Crosse ✓ ✓

Wachholz, Rob Packerland Brokerage Services Wausau ✓


FT SPECIAL REPORT

Top 401 Retirement AdvisersThursday May 28 2015 www.ft.com/reports | @ftreports

Change is in the airInside Pivotal legal decision and proposed new rule could transform the industry Page 2

Inside

Americans havenot saved enoughNest eggs areinadequate, but is acrisis avoidable?Page 3

Driving away thedabblersGreater scrutinymay benefit thosewith specialist skillsPage 3

New savers hatebig numbersDaunting targetsare off-putting foremployeesPage 4

Meet the advisersThe ambitiousentrepreneurdefining her brandPage 4

More on FT.comWhy low fees arenot always a bargainft.com/top-401-advisers

The eliteprofessionalsA-Z of the FT’s topadvisers by state,plus methodologyPage 8

Illus

trat

ions

:Jam

esFr

yer

RESEARCH PARTNER

2015 s · one consulting ayst gr on t middle e financial ystat a b ephen m. cunha, st efield ak w...

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