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Retirement Advisor Specialists Make Knowledgeable Contributions

Retirement Advisor Specialists Make Knowledgeable Contributions

Retirement Advisors come with various backgrounds and experiences.  When a Plan sponsor is a niche-player – such as understanding a construction firm or a manufacturing company – a retirement advisor who brings the same experiences to the meetings and retirement committee table can be a major asset for the company retirement plan.  After a recent Plan Sponsor University (TPSU) Fiduciary Education Program at the University of Pennsylvania, Philadelphia, PA, Mr. Fred Barstein, Founder and CEO of TPSU interviewed Garrick a Human Resources Professional who oversees the employee base for a manufacturing construction concern. Garrick’s firm employs approximately 200 employees.

Garrick discusses how an experienced and knowledgeable retirement advisor is making a substantial contribution to the company and employees who participate in the 401k plan.

Full Transcript Here

Fred Barstein:
Fred Barstein with 401kTV. I just completed a TPSU program at the prestigious University of Pennsylvania here, downtown Philadelphia, and I’m here with Garrick. Welcome, Garrick.

Garrick:
Thank you.

Fred Barstein:
Okay if we ask you a few questions?

Garrick:
Absolutely.

Fred Barstein:
Okay. So before we do, just tell us a little bit about your company, the size, and your role there.

Garrick:
Sure. I’m in human resources. It’s a two-person department. We have about 200 employees. Of those 200 employees, about 106 are eligible for our 401k plan.

Fred Barstein:
Okay, and you’re in the manufacturing, construction business?

Garrick:
That’s correct.

Fred Barstein:
Right. So one of the things you brought up was about the importance of having an advisor who understands, if not your industry, your type of employee. So why do you think that’s important?

Garrick:
I think it’s important because you can go out and get advisors anywhere, but to have one who truly understands our marketplace, it’s very unique, we’re outside Philadelphia, and having an advisor who truly understands the manufacturing-slash-construction marketplace, but also understands our unique business and understands the type of employees that we have has been critical to us.

Fred Barstein:
How did you find that person?

Garrick:
It was actually a referral from leadership within our company. S some people would say, though, “Oh, that the person then has just the in automatically,” but this person works very, very hard to bring things to the table. Most recently, proactively brought to the table that we needed to look at the website, the front end support for the participants, and presented a good group of four or five organizations to look at, and then we’re actually going through that process right now.

Fred Barstein:
So as a result of having an advisor who understands your employees and your industry, what’s the effect of that?

Garrick:
I think the fact that the employees feel like they can reach out to this person and that he, and his team, and that they all get back to them in a quick manner. I mean, as a matter of fact, while I was in this meeting, I texted an employee because … who had reached out, and I said, “Hey, have you had a chance to get back to the advisor?” The employee said, “Yes, I did. He got back to me right the same day.” Again, he has lots of different clients and things, but he’s on top of it. If he’s not available, he gets somebody else to reach out.

Fred Barstein:
Right. Great. Final question, a couple of things you picked up here that you want to try to implement when you go back to your office?

Garrick:
Sure. I think definitely taking a look at the chart, the action plan, and kind of figuring out what we could do over the next 30, 60, 90 days. And then I think also just understanding about how we can especially look at our 401k committee, to see to make sure it’s diverse.

Fred Barstein:
Right, like we heard from Curtis.

Garrick:
Exactly.

Fred Barstein:
Very good. Well, thanks for your time today-

Garrick:
Thank you.

Fred Barstein:
… and thank you for watching 401kTV. Please stay tuned.

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