Many firms initially established their roots in private wealth management before venturing into the retirement planning space. Over the past 15 to 20 years, the industry has seen a strategic shift, with firms increasingly incorporating retirement plans as a primary focus. This trend reflects the evolving landscape where retirement planners are now offering services tailored to individuals, blending corporate retirement plans with personal wealth management.
This approach recognizes that a 401(k) or 403(b) plan provided by an employer is just one component of an individual’s total financial picture. Ensuring these elements work in harmony rather than in conflict is essential for comprehensive financial planning.
A critical distinction in the retirement planning industry is the predominant focus on the accumulation phase—the period during which individuals save and build their retirement funds. In contrast, the private wealth management sector emphasizes the importance of the distribution phase—managing and strategically withdrawing assets during retirement. This phase is often overlooked until individuals reach retirement, yet it is crucial for sustaining long-term financial health.
At the conclusion of a TPSU program held on the campus of Nova Southeastern University, Fred Barstein, President and CEO of TPSU, interviewed Mitch Starr*, formerly the founder of BLS and now the head of Hub Retirement and Private Wealth for Southeast, Florida. Mitch shed light on the evolving landscape of financial services within the workplace. Starr offers insights into his firm’s evolution, recounting its journey from a focus on private wealth management to embracing retirement planning as a primary area of expertise. He emphasizes the natural synergy between individual wealth management and corporate retirement planning, noting that while his firm initially prioritized private wealth, the growing significance of retirement plans prompted a strategic pivot.
Starr underscores the holistic nature of financial planning, emphasizing that retirement plans, such as 401(k) and 403(b) plans, represent just one facet of an individual’s overall financial landscape. He stresses the importance of aligning these elements to ensure they complement rather than conflict with one another, particularly given the shift in focus from accumulation to distribution phases. Starr’s perspective underscores the necessity for comprehensive financial solutions that encompass both personal wealth management and corporate retirement planning.
* Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Global Retirement Partners, LLC, dba BLS Wealth Management (BLS), an SEC registered investment advisor. Insurance services offered through HUB International. BLS, a division of HUB Retirement and Wealth Management, and HUB International are separate entities from and not affiliated with LPL Financial. BLS, HUB Retirement and Wealth Management, HUB International and LPL Financial are not affiliated with TPSU.
Read the Full Transcript Here:
Fred Barstein:
Greetings. This is Fred Barstein president and actually CEO and founder of TPSU here on the campus of Nova Southeastern University, where we just completed a TPSU program. I’m here with Mitch Starr, who is founder of BLS, but now the head of Hub Retirement and Private Wealth for Southeast, Florida.
Mitch Starr:
Yes.
Fred Barstein:
Big promotion on that. Welcome, Mitch.
Mitch Starr:
Thank you very much, Fred.
Fred Barstein:
Okay if we ask you a few questions?
Mitch Starr:
Certainly.
Fred Barstein:
So tell us a little bit, and you’ve been involved with it a lot, about what’s going on with the convergence of wealth, retirement, and benefits at the workplace.
Mitch Starr:
Sure. So it’s very interesting because my firm was built on private wealth long before we got into the retirement space. And then about 15, 20 years ago, we did make that pivot into retirement plan as one of our primary focuses. So a lot of the industry is shifting from retirement planners and having services for the individuals as well, where we actually came from the other direction because we were doing private wealth long before we were doing corporate retirement plans. But they really do combine and come together naturally because a 401K plan, a 403B plan, something that you may get through your employer is just one part of a person’s total financial picture. And making sure that they’re working together versus against each other is very critical. And also a lot of the retirement plan space is focused on the accumulation phase, whereas on the personal wealth side we also do a lot of work on the distribution phase, which is something people don’t really understand until they get to that destination.
Fred Barstein:
There you go. And now with Hub, Hub is a huge benefit advisory shop as well. So how does that come together?
Mitch Starr:
Yeah, so over the last couple of years, we were looking at other strategic partners and Hub just stood out to us as the one that we would want to be part of if we were going to sell our practice and become part of something much greater. And really what attracted us to Hub, besides the wonderful people at Hub, is their focus on retirement plans and employee benefit plans. They really have top-notch people, have a wealth of services that are available to us as advisors, but more importantly to our plan participants, our plan sponsors, unbelievable tools and resources that just help us educate and bring better data, better information to our end-user clients.
Fred Barstein:
And incorporate not just wealth and retirement, but also benefits, which is a big part of that.
Mitch Starr:
Yes, yes.
Fred Barstein:
Great. So final question. Why should a plan sponsor attend a TPSU program? What’s the benefit?
Mitch Starr:
Why shouldn’t they, right? So we’ve been fortunate enough to do four programs with you guys now, and each one gets better than the next. And the proof to me that what you’re doing is working and the message that you’re sending out is valuable to the plan sponsors and the people that work in the plan space on the front lines is how many people have attended a TPSU event and then we see them at future events coming back, bringing co-workers with them, spreading the love, spreading the knowledge. So I think that’s a tremendous testament to the program that you have built with TPSU. And the folks that are coming for the first time are already asking when the next event is and if they can come back.
Fred Barstein:
Right. So that’s a good sign. So good. Well, thank you for supporting TPSU and participating, and thank you for watching 401kTV. Please stay tuned.
