401(k) Roundtable

Finally, the much promised episode about ESG investing & retirement plans. Sorry it took so long, but it's definitely worth the wait. Joining me is Jessica Sclafani, director and defined contribution strategies for MFS Investment Management. We start with the not so simple task of defining ESG, then move to how it is being incorporated into retirement investment line-ups. Along the way, we cover a lot of new ground which should leave you with a better idea of how to navigate the conversation with your plan. I learned a lot, I hope you do as well!

Guest Bio

Jessica Sclafani, CAIA, is a director and defined contribution strategist for the Investment Solutions Group at MFS Investment Management® (MFS®). Her responsibilities include leading defined contribution research and the firm's thought leadership agenda, as well as working extensively with the firm's client‐facing teams to represent MFS in the marketplace.

Jessica joined MFS in 2019 in her current role. She previously spent five years at Cerulli Associates as director of US retirement research, where she was responsible for the US defined contribution and IRA markets. Before that, she served as an analyst on the US pensions team at Wellington Management Company for four years.

Jessica earned a Bachelor of Arts degree cum laude from Boston College. She holds the Chartered Alternative Investment Analyst.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 225 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

This week, we have my promised update from the defense bar perspective on the many happenings in the world of retirement plans. Joining me is repeat guest David Levine, Principal and Co-Chair of the Plan Sponsor Practice at Groom Law group. We start out with some headline grabbing topics like crypto currency in retirement plans, then we delve into cyber security and data privacy followed but some thoughts on the current and future state of retirement plan litigation. David also shares his perspective on a few suggestions I have heard from plaintiff's attorneys and he plays word police on me in a few of my questions or statements. Good stuff and I hope you enjoy!

Guest Bio

David Levine is co-chair of the firm's employer-focused practice. He advises plan sponsors, advisors, and other service providers on a wide range of employee benefits matters, from retirement and executive compensation to health and welfare plan matters.

David advises on the design and redesign of complex retirement, executive, and health and welfare plans; ongoing, day-to-day counseling of plan sponsors; in-depth compliance reviews of corporate and governmental benefit programs; alternative products and assets, including venture capital, private equity, and cryptocurrency, for IRA, HSAs, and 401(k) plan service providers; products and compliance for retirement and health service providers, and representation of tax-exempt organizations with respect to issues involving corporate governance, executive compensation, and unrelated business income tax liability.

David was previously the Chair of the IRS Advisory Committee on Tax Exempt and Government Entities (2011-2013) and is currently a member of the Executive Committee of the Defined Contribution Institutional Investment Association and serves in a number of leadership roles in the American Bar Association Tax Section's Employee Benefits Committee. David regularly speaks on plan design, fiduciary governance, and legislative issues and contributes a recurring column to NAPA Net — The Magazine. He is recognized in the Chambers USA guide for Employee Benefits & Executive Compensation.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 225 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

This week we have an action packed episode where we reflect back on the first quarter of 2022. What a wild one it was! We then discuss several hot topics that are moving the financial markets today and close with some forwarding looking thoughts on what might be ahead in the coming 6-12 months. My conversation with Jamie Batter, Chief Investment Officer for Lockton Retirement Services, an offering of Creative Planning hits on everything from the war in teh Ukraine, Inflation, Gas Prices, expected moves by the Federal Reserve and much more. I hope you take away as much from this as I did, enjoy!

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 225 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

On this episode we have a little fun and take on some information on 401(k)s that you may or may not have seen on TikTok. You will hear my inspiration for this episode right out of the gate and it is safe to say you can't always trust what you hear online. Or, at a minimum you need a heavy dose of context. My guest, the multi-tool player David Blanchet, PhD, CFA, CFP is Managing Director and Head of Retirement Research now with PGIM. He does a great job sorting through the various themes of 401(k) information I came across. We had a ton of fun, and I hope you enjoy this episode as much we did!

Guest Bio

David Blanchett, PhD, CFA, CFP®, is Managing Director and Head of Retirement Research for PGIM DC Solutions. PGIM is the global investment management business of Prudential Financial, Inc. In this role he develops research and innovative solutions to help improve retirement outcomes for investors. Prior to joining PGIM he was the Head of Retirement Research for Morningstar Investment Management LLC and before that the Director of Consulting and Investment Research for the Retirement Plan Consulting Group at Unified Trust Company.

David has published over 100 papers in a variety of industry and academic journals. His research has received awards from the Academy of Financial Services (2017), the CFP Board (2017), the Financial Analysts Journal (2015), the Financial Planning Association (2020), the International Centre for Pension Management (2020), the Journal of Financial Planning (2007, 2014, 2015, 2019), and the Retirement Management Journal (2012). He is a regular contributor to the Advisor Perspectives, ThinkAdvisor, and the Wall Street Journal.

He is currently an Adjunct Professor of Wealth Management at The American College of Financial Services and a Research Fellow for the Alliance for Lifetime Income. He was formally a member of the Executive Committee for the Defined Contribution Institutional Investment Association (DCIIA) and the ERISA Advisory Council (2018-2020).

In 2021, ThinkAdvisor included him in the IA25 for "pushing the industry forward." In 2014, InvestmentNews included him in their inaugural 40 under 40 list as a "visionary" for the financial planning industry, and in 2014, Money magazine named him one of the brightest minds in retirement planning.

David holds a bachelor's degree in Finance and Economics from the University of Kentucky, a master's degree in financial services from The American College of Financial Services, a master's degree in business administration from the University of Chicago Booth School of Business, and a doctorate in personal financial planning program from Texas Tech University.

When David isn't working, he's probably out for a jog, playing with his four kids, or rooting for the Kentucky Wildcats.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 200 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

This week I am excited to welcome back Jerome Clark, portfolio manager of the T. Rowe Price Target Date Strategies. For a curveball, we are not going to talk at all about Target Date Funds, instead Jerome shares his insights on how employers can help improve retirement outcomes in the minority community. As you will hear, this is a topic Jerome and T. Rowe Price are both very knowledgable and passionate about. I felt this was a very insightful and impactful conversation, I hope you enjoy it as much as I did.

Guest Bio

Jerome Clark is the portfolio manager of the Asset Allocation Target Date Strategies and oversees the College Savings Plan portfolios in the Multi-Asset Division. He is also a member of the firm's Asset Allocation Committee and serves on the Multi-Asset Steering Committee. Jerome is a vice president of T. Rowe Price Group, Inc.

Jerome's investment experience began in 1992 when he joined T. Rowe Price, beginning in the Fixed Income Division, where he was the portfolio manager of the US Treasury Long-Term Bond Strategy. He then began managing asset allocation portfolios in 2001. Previously, he was also a captain in the United States Marine Corps and spent three years as a mathematics instructor at the U.S. Naval Academy.

Jerome earned a B.S. in mathematics from the U.S. Naval Academy and an M.S. in operations research from the Naval Postgraduate School. He also earned an M.B.A. from Johns Hopkins University. Jerome also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 200 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

This week I am excited to welcome back Rob Arnott, Founder & Chairman of Research Affiliates to dive into the trick topic of inflation and its impact on the markets. We also dive into the challenges of rising rates, equity valuations and whether the investment realities of commercial real estate has changed. A quick note, we recorded this episode prior to the Russian invasion of Ukraine, so there is not much talk of those events. That's it, I hope you enjoy my conversation with Rob!

Guest Bio

Rob Arnott is the founder and chairman of the board of Research Affiliates, a global asset manager dedicated to profoundly impacting the global investment community through its insights and products. The firm creates investment strategies and tools based upon award-winning research, and delivers these solutions in partnership with some of the world's premier financial institutions. Rob plays an active role in the firm's research, portfolio management, product innovation, business strategy and client facing activities. With Chris Brightman, he is co-portfolio manager on the PIMCO All Asset and All Asset All Authority funds and the PIMCO RAE™ funds.

Over his career, Rob has endeavored to bridge the worlds of academic theorists and financial markets, challenging conventional wisdom and searching for solutions that add value for investors. He has pioneered several unconventional portfolio strategies that are now widely applied, including tactical asset allocation, global tactical asset allocation, tax-advantaged equity management, and the Fundamental Index™ approach to investing. His success in doing so has resulted in a reputation as one of the world's most provocative practitioners and respected financial analysts.

In 2002, Rob founded Research Affiliates as a research-intensive asset management firm intent on delivering innovative and impactful products and insights. Using a unique business model, Research Affiliates delivers investment solutions globally in partnership with leading financial institutions. Rob served as chairman and CEO from 2002 to 2018.

Prior to establishing Research Affiliates, Rob managed two asset management firms. As chairman of First Quadrant, LP, he built up the former internal money manager for Crum & Forster into a highly regarded quantitative asset management firm. He also was global equity strategist at Salomon Brothers (now part of Citigroup), the founding president and CEO of TSA Capital Management (now part of Analytic Investors, LLC), and a vice president at The Boston Company.

Rob has published more than 130 articles in such journals as the Journal of Portfolio Management, Harvard Business Review, and Financial Analysts Journal, where he also served as editor in chief from 2002 through 2006. In recognition of his achievements as a financial writer, Rob has received eight Graham and Dodd Scrolls, awarded annually by CFA Institute to the top Financial Analysts Journal articles of the year. He also has received four Bernstein Fabozzi/Jacobs Levy awards from the Journal of Portfolio Management. He is co-author of The Fundamental Index: A Better Way to Invest (Wiley 2008).

Rob Arnott received a BS summa cum laude in economics, applied mathematics, and computer science from the University of California, Santa Barbara.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 200 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Day by day, year by year, technology plays are bigger and more important role in our lives. When it comes to retirement savings, how could technology impact things? To share some insights, I am happy to welcome Dave Castellani, Operating Principal with the venture capital firm Brew Lane Ventures. Dave has a unique background as a technology guy who has done a few tours in the retirement world. During our conversation we hit on how development in technology could impact retirement plans, some great working definitions of machine learning, artificial intelligence, augmented reality, virtual reality and much more. We also hit on blockchain and close with a real whopper that could change everything that you will have to hear for yourself.

Guest Bio

David brings 30+ years of technology and operating leadership across financial services and startups to Brewer Lane. Most recently, he was SVP and Head of Technology at New York Life, where he led the company's initiatives across digital transformation, data and analytics, and cyber. Previously, David held other operating executive roles at New York Life, Prudential, and Cigna. He has also co-founded two technology startups: Mi8, an early pioneer in hosted exchange services, and Qv21, a transportation management software provider.

David received his BA from the College of the Holy Cross.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 200 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

Today, I am excited to share the latest installment of what has become almost an annual conversation with Jerry Schlichter, Managing Partner of Schlichter Bogard & Denton. If you are in the world of 401(k) plans, you need no introduction to the plaintiff attorney who has secured over $600 million in settlements, is now 2-0 in the Supreme Court and has changed the workplace retirement landscape. Our conversation this year should not disappoint. Be sure to stick around for the end to get Jerry's input on the roles of the DOL and plaintiff's bar.

If you are new to the podcast, be sure to subscribe on your favorite podcast app. If you like what you hear, please share with a friend, colleague or on social media.

That's it, I hope you enjoy my conversation with Jerry!

Guest Bio

Jerry Schlichter is founding and managing partner of Schlichter Bogard & Denton. His expertise and national leadership in complex litigation, including in financial and railroad cases, has been recognized by numerous publications, courts, and commentators throughout the country. Jerry has been designated legal counsel for the Brotherhood of Locomotive Engineers for many years and is currently designated legal counsel for the United Transportation Union and the International Brotherhood of Electrical Workers. He has represented railroad workers in trials in many states and has had record-setting jury verdicts in numerous jurisdictions. Throughout his career, he has also handled major precedent-setting class action and mass tort cases on behalf of individuals.

Jerry has been featured in numerous national publications, including The New York Times, Reuters, Bloomberg, USA Today, and the The Wall Street Journal, for his and the firm's success in pioneering claims of excessive fees in defined contribution plans, obtaining precedent-setting results involving claims of excessive fees against large employers, and for the reduction in fees his cases have caused throughout the retirement industry. He's been called "The Lone Ranger of the 401(k)" by The New York Times, "public enemy no. 1 for 401(k) profiteers" by Investment News, and "the industry's most feared attorney" by Chief Investment Officer.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 200 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

I am excited to get to get the podcast kicked off this year with a fast paced and wide ranging conversation with Peter Mollouk, President & CEO of Creative Planning. The main focus was employee education, how it has evolved and where it could go from here, the roles automatic plan design features and education have in helping employees on their path to retirement, who should pay for employee education, and much more.

Before we get started, if you are not subscribed to the podcast take care of that today, go to your favorite podcast app and search 401(k) Fridays and hit subscribe. We have a ton of great new episodes in the queue to share with you this year. You may also explore over 250 prior episodes, most of which are still relevant today.

That's it, I hope you enjoy my conversation with Peter!

Guest Bio

Peter Mallouk, JD, MBA, is the President and CEO of Creative Planning and affiliated companies. Peter's companies provide comprehensive wealth management services to its clients, including investment management, financial planning, tax planning, retirement plan consulting, estate planning services, and charitable planning.

Creative Planning provides wealth management services to high net worth clients, manages over $100 billion* for clients in all 50 states and abroad, is featured as the #1 Independent Wealth Management Firm in America by Barron's, (2017) and has been featured in CNBC's wealth manager rankings as the '#1 Wealth Management Firm in America' in 2014 and 2015. The New York Times, in an article about the firm, said "Creative Planning is at the vanguard of a profound shift in finance." (2017)

Peter has been featured in Barron's as one of the 'Top 100 Independent Financial Advisors in America,' having won the award for three consecutive years (2013-2015). Peter is featured on Worth magazine's 'Power 100', featuring the most powerful men and women in global finance (2017 & 2018). Creative Planning was featured in Forbes in 2016 as the #1 RIA for growth over the last 10 years prior, and Financial Times' 'Top RIA List' (2014-2020). Creative Planning is also featured in Ingram's magazines' issues on 'Best Wealth Manager' (2020) and 'Corporate Champion' (2018) and Kansas City Business Journal magazines' issue on 'Best Places to Work' (2020).

Peter graduated from the University of Kansas in 1993 with four majors, including degrees in Business Administration and Economics. He went on to earn a law degree and Master of Business Administration in 1996, also at the University of Kansas. Peter is the recipient of the University of Kansas School of Business Distinguished Alumni Award, becoming the second youngest recipient to receive the award. His wife Veronica holds the spot of the youngest!

Peter is the founder, current executive board member, and former five-year Chairman of KCCAN!, an organization of volunteers dedicated to improving the quality of life of children in Kansas City. He is also the founder and current executive board member of Pathway Financial Education, an organization dedicated to providing teenagers, adults, and business owners in under-resourced communities with actionable financial education. Peter is a recipient of the Ernst & Young Central Midwest Entrepreneur of the Year Award (2017).

Peter and his wife Veronica are the recipients of the Giving the Basics Human Dignity Award for their contributions towards helping those less fortunate meet basic needs, and recipients of the Variety Presidential Citation Award for their work supporting those with special needs. Peter has served on the boards of Pathway to Hope, American Stroke Foundation, St. Michael's Finance Council, Kansas City Hospice and KCCAN!

Most recently, Peter founded Pathway Financial Education, a Kansas City-based nonprofit that provides free financial training and education to small business owners, adults, and youth in under-resourced communities. Pathway was born from a vision that Peter had after recognizing an unmet need in under-resourced communities of comprehensive financial education and training. Pathway opened its doors April 13, 2021.

Peter and Veronica have three children – Michael, JP, and Gabby.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 200 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

As we take the turn into the holiday season, what will holiday shopping look like this year? Will the supply chain challenges, inflation, or other elements bring major changes? How could this impact the economy and financial markets? To help dissect all of this and more, I am happy to welcome back Rich Weiss, senior vice president and chief investment officer, Multi-Asset Strategies for American Century Investments. Also, don't miss when Rich get's his crystal ball out and gazes into it for 2022.

Guest Bio

Richard Weiss is senior vice president and chief investment officer, Multi-Asset Strategies for American Century Investments.

Mr. Weiss oversees the team that manages the firm's multi-asset strategies, including the One Choice (Target Risk and Target Date) Portfolios®, Strategic Allocation and investments offered in the Learning Quest® 529 Education Savings Program. He also serves as a member of the American Century Investments Asset Allocation Committee, which is responsible for establishing investment policy and reviewing investment decisions for all of the firm's multi-asset products.

Prior to joining the firm in 2010, Mr. Weiss was executive vice president and chief investment officer of City National Bank, where he was responsible for the bank's investment management group and directed investment policy and strategy. Previously, he was executive vice president and chief investment officer at Sanwa Bank California, where he managed all aspects of their investment department. Earlier in his career, Mr. Weiss held senior investment positions at Vantage Global Advisors, TSA Capital Management, PaineWebber and Mellon Bank.

An investment veteran with over 35 years of experience, Mr. Weiss holds a bachelor's degree in finance from the Wharton School at the University of Pennsylvania and an MBA from the University of Chicago. He has authored several academic papers and is well known for his advanced work in the field of global investing. Mr. Weiss is also a frequent guest on CNBC, Bloomberg Television, Fox Business and Bloomberg Radio.

401(k) Fridays Podcast Overview

Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 200 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!