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What Plan Sponsors Look For When Choosing an Advisor

By Crucial Clips     January 16, 2019
The following text is a transcript of a portion of a speaker's presentation made at an industry conference or during an interview. This transcript solely represents the view of the individual who spoke, and not the view of Financial Advisor IQ or any other group.
Source: FA-IQ, Sep. 27, 2018 

RITA RAAGAS DE RAMOS, SPECIAL PROJECTS MANAGER, FINANCIAL ADVISOR IQ: Hi. I'm Rita Raagas De Ramos from Financial Advisor IQ. And with me is Jamie Greenleaf, Lead Advisor and Principal at Cafaro Greenleaf. What are the most common questions that you're hearing from potential plan sponsor clients? What are they looking forward in their retirement fund advisor?

JAMIE GREENLEAF, LEAD ADVISOR, PRINCIPAL, CAFARO GREENLEAF: The most common question we find is just the fiduciary's understanding what their true duties are. And so what they're looking for in an advisor is somebody that's going to take that off of their plate so they can go back to doing what they do best, which is running their business.

RITA RAAGAS DE RAMOS: Do you find that they truly understand what it means to be a fiduciary?

JAMIE GREENLEAF: Not really. It's a scary term. And so it's something they're aware of, but they're not sure what that encompasses.

RITA RAAGAS DE RAMOS: And what are the most common concerns that your prospective clients share with you? And what's the difference with existing clients? What are their most common concerns?

JAMIE GREENLEAF: New clients, potentially, are concerned that they're running their plans with compliance at the forefront. And older clients that have been with us for a while are just wanting to make sure that they're continuing to move the needle and engage with our participants.

RITA RAAGAS DE RAMOS: But do you think that there should be some questions that they should be asking you that they're not paying attention to?

JAMIE GREENLEAF: Complacency is definitely in the market right now because the markets have been extremely strong. And so participants are not as engaged as they should be. From a plan sponsor standpoint, I think they're asking the right questions. It's just how do we get the participants more engaged in the process?

RITA RAAGAS DE RAMOS: And what advice do you give them for that? Like, how can they get their participants more engaged? And you're talking about in terms of contributions and the level of contributions?

JAMIE GREENLEAF: Yeah. Just engaged in why they're in the program, and how they're investing their assets, and what they're contributing, and what they're solving for are really the big issues. But as far as what we tell our plan sponsors is just get us in front of them. We just need to continuously be in front of them.

As life events change they need to be aware that there's somebody there to hold their hand and get them through whatever's going on in their life for their successful retirement.

RITA RAAGAS DE RAMOS: Thank you, Jamie.

JAMIE GREENLEAF: Sure.