Fred Barstein with Adjunct Lecturer, Brian Thompson
Financial advisors play a crucial role in offering employees’ access to personalized financial advice, covering investments, financial planning, retirement planning, and general financial questions. The evolving expectations from plan sponsors and company leadership emphasize the need for advisors to engage directly with employees, providing comprehensive support for their financial well-being.
By facilitating access to personalized financial advice, advisors empower employees with the knowledge and tools needed to navigate their financial journey. This includes investment guidance, financial planning insights, and assistance with retirement preparation. Addressing general financial questions ensures employees have a trusted resource for a wide range of financial matters.
This shift reflects a more holistic understanding of the employee experience, recognizing that financial health is a crucial aspect of overall well-being. As financial advisors actively collaborate with employees to enhance their financial literacy and decision-making, they play a pivotal role in fostering a culture of financial wellness within organizations. This not only aligns with broader industry trends but also positions financial advisors as valuable partners in the personal care and financial empowerment of employees.
During The Plan Sponsor University (TPSU) Fiduciary Education Program at Drake University, Fred Barstein, CEO and Founder of TPSU and 401kTV, interviewed Brian Thompson, an adjunct lecturer and financial advisor. Brian highlighted the increasing demand for advisors to engage with employees on personal financial matters, emphasizing the convergence of wealth, retirement, and benefits.
Read the Full Transcript Here:
Fred Barstein:
Greetings. This is Fred Barstein, CEO and founder of TPSU. I’m here at Drake University campus in Des Moines, where we just completed a TPSU program with our adjunct lecturer, Brian Thompson. Welcome, Brian.
Brian Thompson:
Glad to be here.
Fred Barstein:
Okay if we ask you a few questions?
Brian Thompson:
Please.
Fred Barstein:
Before we do, tell us a little bit about yourself and your firm.
Brian Thompson:
Yeah. Originally from Iowa, I’ve been in the financial industry doing this as an advisor almost 20 years. Also have a military background in the Iowa International Guard for a lot of years. Enlisted in flying air refueling tanker jets.
Fred Barstein:
Great. Well, thanks for your service.
Brian Thompson:
Yeah. My pleasure.
Fred Barstein:
So one of the things that came up a lot in this program, and thanks for conducting it for us, is about what plan sponsors are looking for from their plan advisors. So what are you seeing out there?
Brian Thompson:
Yeah. I see more and more desire for the advisor to engage with the employees. The plan sponsor, the leadership in companies, more and more asking for how can we get our employees access to personal financial advice for investments, financial planning, retirement planning, just even general financial questions. They really seemingly want to help them have personal care financially.
Fred Barstein:
Right. And a lot of advisors have become specialists, they don’t have that kind of personal employee financial planning background. Do you guys do that as well?
Brian Thompson:
We do. So I started out focusing on business owners for wealth management. I was naive to the fact of how much retirement plans we’re going to figure in to those wealth practices with business owners. But it didn’t take long before I was really intrigued with plans because I could just see the greater impact you could have on more people’s lives. Yes, you can help owners and highly comped save more and help their tax situation maybe, but you just cast such a wider net in lives you can touch when you can do personal wealth with employees.
Fred Barstein:
Right. Yeah, I think we’re seeing that, the convergence of wealth, retirement and benefits. Final question for you, it was your first TPSU, what did you think and why should a plan sponsor attend?
Brian Thompson:
Yeah, I really enjoyed it. It was so nice to get people who care in the room. People who care about their job, people who care about what they’re responsible for and who they take care of through the retirement plan at their company. The level of engagement is exactly what an advisor would want in who they work with. And for plan sponsors, there was just so much knowledge that they’re not coming across on their own or a lot of times from whoever they’re working with. So having a specialized plan advisor to provide that breadth and depth of knowledge specializing around plans, everyone was very grateful
Fred Barstein:
And to hear from their peers as well.
Brian Thompson:
Yeah. And that was a fantastic thing with being able to talk about what’s working, what’s not working with plans. The peer sharing was very powerful. It was hard to get them to stop talking.
Fred Barstein:
Right. That’s great.
Brian Thompson:
Yeah.
Fred Barstein:
Well, thanks for your time. Thanks for participating. And thank you for watching 401K TV.
