PLANADVISER - March/April 2018 - 50
micro scope
Working Down-Market
A
What micro plans look for and how to meet those expectations profitably
s a plan adviser based in tech
hotbed Austin, Texas, Aaron
Pottichen spends considerable
time working with micro plans. " It's
a space not many advisers fish in, "
says Pottichen, president of retirement
services at CLS Partners. " And here in
Austin, there are many startup companies,
so that's a lot of the opportunity
we have in this market. "
Sixty-nine percent of micro plan
sponsors-those with under $5 million
in assets-utilize an adviser, according
to the 2018 PLANADVISER Micro Plan
Survey. For advisers interested in cultivating
that space, there are several key
ways to make it work.
Service Focus Areas
When asked what services micro plans
most want and need, Pottichen, and
other experts, mention the following:
Help with understanding their
fiduciary role. " On the plan sponsor
side, there is really a lack of know-how
about proper procedures and documentation, "
Pottichen says. CLS Partners
often collaborates with someone on an
employer's staff who has never worked
on a 401(k) plan, so the firm spends
time educating those newcomers. " We
tell them, 'We'll help you understand
all the big, bad terms. One year from
now, you're going to be so much better
educated on all the key aspects of this
plan,' " he says.
Plan-design insight. Just 54% of
plans that responded to the Micro
Plan Survey are provided with plandesign
benchmarking by an adviser,
for example.
" In this space,
they're
not getting much attention, from a
plan-design standpoint, " says adviser
Russell Warye, president of Benefit
Partners Financial Group LLC in Libertyville,
Illinois.
" For some of our family-owned
business clients, we are working on
creative ways to maximize the contributions
for family members and other
50 | planadviser.com march-april 2018
Art by Paige Mehrer
http://www.planadviser.com
PLANADVISER - March/April 2018
Table of Contents for the Digital Edition of PLANADVISER - March/April 2018
2018 PLANSPONSOR Retirement Plan Adviser of the Year
Battling the Elements
Taking on Discretion
A QDIA In Transition
Working Down-Market
Retirement Income Options
2018 SEC Examination Priorities
Enforcement of the DOL Rule
Duty to Investigate
PLANADVISER - March/April 2018 - C1
PLANADVISER - March/April 2018 - FC1
PLANADVISER - March/April 2018 - FC2
PLANADVISER - March/April 2018 - C2
PLANADVISER - March/April 2018 - 1
PLANADVISER - March/April 2018 - 2
PLANADVISER - March/April 2018 - 3
PLANADVISER - March/April 2018 - 4
PLANADVISER - March/April 2018 - 5
PLANADVISER - March/April 2018 - 6
PLANADVISER - March/April 2018 - 7
PLANADVISER - March/April 2018 - 8
PLANADVISER - March/April 2018 - 9
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PLANADVISER - March/April 2018 - 22
PLANADVISER - March/April 2018 - 23
PLANADVISER - March/April 2018 - 2018 PLANSPONSOR Retirement Plan Adviser of the Year
PLANADVISER - March/April 2018 - 25
PLANADVISER - March/April 2018 - 26
PLANADVISER - March/April 2018 - 27
PLANADVISER - March/April 2018 - 28
PLANADVISER - March/April 2018 - 29
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PLANADVISER - March/April 2018 - 33
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PLANADVISER - March/April 2018 - 36
PLANADVISER - March/April 2018 - 37
PLANADVISER - March/April 2018 - 38
PLANADVISER - March/April 2018 - 39
PLANADVISER - March/April 2018 - Battling the Elements
PLANADVISER - March/April 2018 - 41
PLANADVISER - March/April 2018 - 42
PLANADVISER - March/April 2018 - 43
PLANADVISER - March/April 2018 - Taking on Discretion
PLANADVISER - March/April 2018 - 45
PLANADVISER - March/April 2018 - 46
PLANADVISER - March/April 2018 - 47
PLANADVISER - March/April 2018 - A QDIA In Transition
PLANADVISER - March/April 2018 - 49
PLANADVISER - March/April 2018 - Working Down-Market
PLANADVISER - March/April 2018 - 51
PLANADVISER - March/April 2018 - Retirement Income Options
PLANADVISER - March/April 2018 - 53
PLANADVISER - March/April 2018 - 2018 SEC Examination Priorities
PLANADVISER - March/April 2018 - Enforcement of the DOL Rule
PLANADVISER - March/April 2018 - Duty to Investigate
PLANADVISER - March/April 2018 - C3
PLANADVISER - March/April 2018 - C4
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