Be More Than A Fiduciary

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of encouraging your team as part of effective leadership. He emphasizes that leaders should be encouragers, not just critics, to foster dedication and respect among their teams. Eric explains that consistent encouragement builds an emotional bank account, allowing leaders to be firm when necessary. 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Michael Doshier’s role at T. Rowe Price is twofold. First, he shines a light on emerging retirement trends, shifting investor demographics, and the increasing impact of regulation. The research, insights, education, and experience that he and his colleagues analyze and share are all developed with their advisor, consultant, plan sponsor, and participant clients in mind. Secondly, he provides strategic direction to their internal teams focused on the ongoing management of their retirement business.

His national and global experience has provided a rich education in best practices and the value of a client-centric relationship. There is no substitute for putting clients first, and T. Rowe Price has successfully woven this value into the fabric of the organization over the last 85 years. He lives by the values he learned from an early age; be authentic and consistent, serve others, and earn their respect. Integrity is an essential component of a well-lived life, and he believes in the power of coaching and mentoring future generations.

In this episode, Eric and Michael Doshier discuss:

• Why CITs are becoming more preferred 
• The transition to CIT structure 
• The growing emphasis on implementing retirement income strategies 
• The connection of financial wellness with satisfaction and retention

Key Takeaways:

• CITs (Collective Investment Trusts) gaining popularity due to lower costs and increasing transparency, facilitating the transition from mutual funds. Consultants and advisors overwhelmingly prefer the blend/hybrid Target Date Fund (TDF) approach over pure active or passive strategies, integrating cost-efficiency with potential alpha generation.
• The T. Rowe Price study referenced discovered that 49% of TDF assets in DC plans are now in CIT structures, with a significant shift expected in 2024. The study also highlights the strong preference for blend strategies (active and passive) in target date funds, with 97% of consultants and advisors favoring this approach.
• While large plans have been implementing retirement income strategies for years, smaller plans are just starting to consider them. The study reveals that 10-20% of consultants and advisors have a dedicated process for evaluating retirement income products, with many more working on it.
• Financial wellness programs are increasingly being seen as valuable for overall worker satisfaction and retention, with 90% of firms now able to measure their impact. There are three main categories of financial wellness offerings: traditional accumulation savings, near-term savings goals, and in-retirement mechanisms.

“Is financial wellness worth the investment? Is it worth the cost? I think the answer is coming back very loud and clear from these 35 firms: absolutely yes!” - Michael Doshier

Connect with Michael Doshier:

Website: https://www.troweprice.com/ 

LinkedIn: https://www.linkedin.com/in/michaelgdoshier/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson highlights the importance of providing people with the tools they need to succeed. Drawing from his Navy days, he shares how true support goes beyond resources to include trust, authority, and open dialogue. Hear stories of leaders who inspired him and discover how empowering your team can drive real success.

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Throughout his 30-year career, Matt has been singularly focused on helping savers retire with confidence. As President of Income America, LLC—an in-plan retirement income solution that provides retirees with guaranteed income for life—he provides innovative, fiduciary-oriented solutions that enhance participants' retirement security. 

A prolific speaker and panelist, Matt has spoken at dozens of industry events, including the NAPA 401k Summit, the Alliance for Lifetime Income Summit, the Investment News Retirement Income Conference, the CFA Society PORTFOLIO Conference, AFS 401(k) Retirement Services Employee Benefits Symposium, SS&C Deliver, and the Advisor2X Wealth@Wor(k) conference. With more than 30,000 followers on LinkedIn and Twitter combined, Matt shares his thought leadership on everything from guaranteed income to proposed legislation to fintech trends impacting how Americans plan and save for retirement. 

A board advisor for Prime Capital Financial, Matt previously served as president of Fi360 until its acquisition by Broadridge in 2020. He also served as the executive business leader of Morningstar's Global Advisor and Wealth Solutions unit, the company's largest operating segment, where he was responsible for executing strategy and driving top-line revenue.

Passionate about fiduciary standards of excellence, Matt is an Accredited Investment Fiduciary (AIF) and Accredited Investment Fiduciary Analyst (AIFA). 

In this episode, Eric and Matthew Wolniewicz discuss:

• Plan sponsor trends with retirement income solutions
• Simplicity, control, and flexibility 
• The benefits of Income America 
• Flexibility and guarantees through Income America 

Key Takeaways:

• Many plan sponsors are becoming more paternalistic, allowing money to remain in the plan post-retirement, and recognizing the need for auto retirement income solutions, despite it not being required.
• Income America offers a flexible, retirement income solution, which was initially launched by seven firms, prioritizing simplicity, control, and flexibility, addressing concerns over losing control and high costs associated with traditional annuities.
• Income America provides professional money management, the ability to take withdrawals without penalties, and income guarantees to counter market crashes before retirement.

“Simplicity was really the foundation and the bedrock for income America, the other thing that we thought that was really important was control and flexibility.” - Matthew Wolniewicz

Connect with Matthew Wolniewicz:

LinkedIn: https://www.linkedin.com/in/matthewwolniewicz/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about training employees effectively. He references "A Message to Garcia," a true classic that instills the value of completing tasks without excuses. Eric shares experiences from his Navy career, highlighting the significance of punctuality and thoroughness. He also draws parallels to customer service, noting that timely and responsive communication is crucial. 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Matthew Eickman is the chief legal officer at the Fiduciary Law Center (FLC), where he brings over two decades of specialized experience in fiduciary responsibilities, defined contribution and benefit plans, and executive compensation programs. In 2023, Matthew was inducted as a Fellow of the American College of Employee Benefits Counsel, a prestigious recognition in his field.

Before joining FLC, he was the national retirement practice leader at a firm advising over 850 retirement clients with $16 billion in assets. In this role, he led ERISA 3(21) and 3(38) consulting, served on the Investment Advisory Board, and launched an advisor-managed accounts program. He also oversaw financial wellness initiatives, conducted fiduciary training, managed investment policies and committee charters, and helped develop an in-plan retirement income solution.

Matthew is actively involved in the American Bar Association’s Tax Section, where he has served as Chair or Co-Chair of the Defined Contribution Plans Subcommittee for over a decade and is Vice Chair of the Lifetime Income Subcommittee. Known for his expertise, he frequently speaks at retirement and fiduciary conferences.

Matthew earned a B.S.B.A. in Finance & Economics from the University of Nebraska and a J.D. from Baylor Law School, where he was Editor-in-Chief of the Baylor Law Review and a member of national competition teams. Licensed to practice in Nebraska and Kansas, Matthew balances his career with family travels, coaching his three sons, and indulging in streaming content on Netflix and beyond.

In this episode, Eric and Matthew Eickman discuss:

• Understanding services before evaluating costs 
• Ensuring trust and alignment 
• Competitive and prudent documentation 
• Protecting clients through benchmarking 

Key Takeaways:

• Prioritize and understand desired services before evaluating costs when selecting a retirement plan provider. Conduct a thorough RFP process, ranking providers solely on services first before evaluating or negotiating fees.
• Advisors should evaluate and disclose all fees transparently and review them annually to ensure trust and alignment. Plan fiduciaries should review service providers and fees at least every three years through benchmarking and due diligence.
• Plans can pay more for services with increased value if the selection process is objective and well-documented. Regularly benchmark and document plan pricing to ensure competitiveness and demonstrate prudence.
• Examine and justify any above-market recordkeeping costs per employee based on the value received. Benchmarking helps advisors protect existing clients, satisfy fiduciary duties, and prospect new clients.

“Benchmarking is a great way to not only look out for your fiduciary responsibilities and to look out for your clients, but it's a good way to protect and generate business.” - Matthew Eickman

Connect with Matthew Eickman:

Website: https://qualifiedplanadvisors.com  

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of Friday Fiduciary Five, Eric Dyson talks about the importance of finding the right people. He references an Old Testament Bible verse from King Solomon to illustrate the rarity of finding the right individual out of many. Eric advises a continuous search for qualified candidates and shares anecdotes from his experience in various roles, including in sales and as a chief engineer. 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

As the Senior Retirement Strategist, Glenn Dial is responsible for overseeing the firm’s strategic planning for the US-defined contribution (DC) channel, which is responsible for Investment Strategies, Thought Leadership, and Tools to help develop customized solutions for retirement plan intermediaries and their clients.

In this episode, Eric and Glenn Dialdiscuss:

• The balance between guarantees and flexibility 
• What most plan sponsors prefer regarding “guarantees,” and “retirement income options.”
• Establishing and documenting an income replacement goal 
• The growing trend with retirement plans 

Key Takeaways:

• Greater guarantees can mean less flexibility, while greater flexibility often means lower guarantees - finding the right balance is crucial.
• Most plan sponsors who opt for a default retirement income options prefer defaulting all participant account balances into a guaranteed income option, with the ability for participants to change it if desired.
• Setting and documenting an income replacement rate goal (e.g., 50%) for 401(k) plans is essential for selecting appropriate retirement income products and solutions.  
• Retirement plans are shifting from supplemental savings to primary income sources, necessitating fiduciary protection, technological advancements, and significant changes expected in 2025.

“Your mandate is to do what's in the best interest of your participants, and document while you're doing that, and that documentation, as long as in the best interest, is your defense. That is your defense.” - Glenn Dial

Connect with Glenn Dial:

LinkedIn: https://www.linkedin.com/in/glenndial/ 

Email: [email protected] 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

Chris Frank, a member of John Hancock’s Benefits Consulting Group, manages the DC Consulting Team and delivers fiduciary support services. With over 30 years of experience, he previously served as ERISA counsel. Chris holds degrees from the University of Massachusetts, Babson College, and the New England School of Law. Outside of work, he enjoys family time and vacationing in New Hampshire and Newport, RI.

Shannon, with over 20 years in financial services, manages sales and relationship development for John Hancock across several states. Since joining in 2012, he has expanded the client base by collaborating with advisors and consulting firms. He holds multiple financial designations and a B.S. in Finance from the University of Alabama. A former U.S. Army Cavalry Scout, Shannon enjoys running, college football, and his children's sports activities in Argyle, Texas.

In this episode, Eric, Chris, and Shannon discuss:

• What is float income? 
• Practicing proper disclosure of fees and compensation
• Ensuring reasonable fees by addressing float income 
• Reporting float income discussion and process in meeting minutes 

Key Takeaways:

• Float income is compensation received by record keepers or trustees from temporarily investing cash held in accounts for planned transactions. Rising interest rates increase float income, which plans must monitor for reasonableness and proper handling.
• Plan advisors should follow DOL guidelines, particularly FAB 2002-3, to ensure proper disclosure of fees and compensation, reducing risks of self-dealing and unreasonable fees. Float income is considered a plan asset by the DOL. 
• Plan fiduciaries must understand and address float income arrangements to ensure plan fees are reasonable, regardless of plan size.
• Plan committees should review float income policy, circumstances triggering such income, total compensation paid to providers including float income, and document discussions and findings regarding float income reasonably in meeting minutes.

“Your responsibility is to make sure all plan fees are reasonable, and then document all discussions and findings as it relates to float income. Put it in your meeting minutes.” - Chris Frank and Shannon Knapp

Connect with Chris Frank:

Email: [email protected] 

Connect with Shannon Knapp:

Email: [email protected]

Telephone: (940) 390-1046

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

In this episode of the Friday Fiduciary Five, Eric Dyson talks about the importance of defining and refining one's purpose in leadership. He outlines a leadership philosophy that includes defining and refining one's purpose, finding the right people, training them, setting high standards, and being an inspiration. 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.