Welcome to episode #40 of the Fiduciary U Podcast.  My guest on this episode is Andy Hudson, the Managing Partner of 401k Champions and a well-known coach, consultant, and sales strategy expert to top 401k advisors, typically generating $1m+ in annual revenue.  He started his consulting practice over a decade ago after more than a decade in the retirement industry at companies like John Hancock and Manulife.

On the episode, we have a great discussion about practice management for retirement plan advisors and how they can work on their business instead of just in the business.  We cover sales strategies like the importance of building a proprietary process to differentiate your practice, demonstrating deep expertise by diagnosing accurately so you can prescribe effectively, avoiding the urge to sell prospects on what services you offer instead of future outcomes you can achieve, and how to create a flexible narrative and messaging approach that can be applied to the unique needs of your prospects.  Finally, we also discuss Andy’s consulting philosophy which is built around 3 pillars: sales and lead generation, service model and growth map and how advisors can identify their biggest business driver so they can focus on that area.

My guest on this episode is the one and only Sheri Fitts. When it comes to financial services sales and marketing, Sheri is a gifted speaker, consultant, and creator and I always enjoy learning from her. One of the things I love about Sheri is her ENERGY. Her passion for connecting emotional intelligence and digital influence, what she calls Digital EQ, really comes through in this episode.

We focus a lot of our conversation on the human aspect of financial services and how we communicate with our clients and prospects. We chat about the power of storytelling, how and why advisors need to get super clear about their purposes and values, why vulnerability is a superpower but can’t be “hacked” for social media purposes, and why first impressions matter so much. Plus, much more.

My guest today is Ben Pitts from TIFIN Wealth.  Ben has a background as an advisor and is a Partner at TIFIN which is a venture backed fintech company that has raised nearly $200m and offers advisors a portfolio of solutions including a natural language investment research platform called Magnifi, a digital marketing platform called Clout, a risk assessment platform and a lightweight financial planning platform called TIFIN Plan.

We focus a lot of our conversation on the need for fintech that allows advisors to enhance the participant experience, how advisors can deliver personalized financial wellness and advice to participants in profitably and efficiently, how to bring financial planning to the main street, and how TIFIN Plan empowers these planning-focused conversations with participants rather than just investment-focused discussions.

On today’s episode the one and only Fred Reish joins me to discuss emerging regulatory trends affecting advisory firms and advisors. Fun fact - Fred is the first repeat guest on the show.

During our conversation, we focus much of our discussion on the new fiduciary advice exemption, PTE 2020-02 which became effective on February 16, 2021. The new prohibited transaction rules cast a wide net, impacting both qualified plans and IRAs and the compliance requirements are significant. Fred shares his concerns about the confusion he is seeing with regard to the effective compliance dates, the new and expanded requirements that both advisory firms and advisors must adhere here to, how the new rules create conflicts of interest when making rollover recommendations and what must be done to mitigate these issues, and how different types of firms are approaching education vs. specific advice on the different rollover options as well as how they are dealing with the new disclosure requirements. 

Towards the end of the show, we also discuss the recent (and controversial) sub-regulatory guidance by the DOL on cryptocurrencies, why this guidance was so much different and explicit than the norm, practical considerations for firms and advisors when advising on crypto for plan sponsors, and how the guidance on crypto and private equity are closely aligned.

Today we have the pleasure of welcoming two very exciting guests to the show. Jeanne Sutton and Jake Rushton both work for Strategic Retirement Partners (SRP), with Jeanne’s title being the Managing Director and Jake’s the Managing Director & Director of Retirement Plans. They are two of the biggest social media stars and brand builders in the retirement industry, and in this episode, we cover a wide variety of topics, including social media strategies and execution.

Listen in to learn why they both decided to get involved in social media marketing, their goals and objectives, and the audiences they’re trying to reach. You'll learn how to build a personal brand, where they get their ideas, and the tools they use to make their jobs easier. Social media is a strong tool for growing any business, so if you’re searching for a way to up-level your marketing, this is the episode for you.

For more than 20 years, Jason Chepenik has been recognized as a thought leader and advocate for the retirement industry, testifying in 2008 before the Department of Labor’s ERISA Advisory Council on the spend-down issues of corporate retirement plans. Jason joins the show today to discuss numerous interesting topics, including his transition from running and owning his family business to selling to OneDigital where he is currently the Senior Vice President of Retirement and Wealth.

Listen in as Jason explains why he believes his openness to creativity at OneDigital has allowed him to stay focused, driven and motivated, as well as what the transition to a more corporate role has entailed for him. You will learn the importance of community engagement, how to manage vendor relationships, and what Jason believes it means to be fearless.

Michael Kirschman is the Co-Founder of Plan Notice, a new service that helps companies track and manage communications with its retirement plan participants. Today Michael joins the show to discuss the interesting path that he followed to becoming a financial advisor, how he came up with the idea for Plan Notice, and his unique approach to pricing for his service.

Listen in as he shares a bit about his background running his family’s furniture business and how this led to an opportunity for him to become an advisor with the wealth management firm that had previously served his family. You will learn the importance of documenting your process, the value of setting expectations from the beginning, and how to have more conversations and get more people in the door. 

Providing women with a voice and a seat at the table in the leadership of advisory firms is an essential step toward the equality this industry needs. Today’s guest, Leah Sylvester, knows this as well as anyone. A Partner and Director of Retirement Plan Services for Shepherd Financial, LLC., Leah joins the show today to share both her successes and failures with the kind of honesty that is incredibly powerful to hear.

Listen in as she shares her thoughts on mentors and the critical role they play in the next generation's development. You will learn the benefit of being vulnerable in the workplace (regardless of how hard it is), how Leah has recalibrated her life outlook both personally and professionally, and what men can do to lift women up within their organizations.

Our guest today is Troy Redstone, the founder of PHD. Retirement Consulting and the author of two books, Repurposement and 401(k) Architecture. He is currently the President of the Retirement Advisor Council, and he has also served as the President and Chair of the Employee Benefits Institute. In this episode, Troy and I discuss why a company’s corporate culture is a good indicator of whether they will be a good client and commit to running a successful plan.

Listen in as Troy shares key insights from his latest book, as well as how to optimize plan design by leveraging behavioral finance. You will learn how to cast a vision for plan sponsors so that they can aspire to better outcomes, why Troy has chosen to build a boutique firm that is solely focused on retirement plans (not wealth management), and how you can learn to chase the thing that really gives you purpose. 

Our guest today is Tom Schrandt, Vice President at Lockton Affinity LLC, a Lockton Companies subsidiary that specializes in insuring small businesses, non-profits, associations, groups, and franchises. Due to ERISA litigation, the fiduciary liability insurance market is really in turmoil— many plan sponsors either can’t get coverage or they're being quoted pretty insane deductibles that make it inaccessible. So, in this episode, Tom will be talking in-depth about what is happening.

Listen in as we discuss the current market for fiduciary liability insurance and how it's changed due to ERISA litigation. You will learn why many carriers are backing away from this market due to fear or lack of understanding, what plan sponsors and their advisors can do to respond, and why it’s more important than ever to work with an insurance partner who specializes in what you require for your business.