PLANADVISER - March/April 2019 - 39

PLANSPONSOR
Retirement Plan Adviser
of the Year Finalists Mega Team
The Parks Group at Graystone Consulting
Sentinel Pension Advisors Inc.,
Sentinel Benefits & Financial Group
T
om Parks, founder of The Parks
Group at Graystone Consulting
in Milwaukee, and the firm's
institutional consulting director,
says he was motivated to enter
the retirement planning industry
after having watched his parents
work tirelessly to support their
eight children. His father worked
at an automotive company during
the day and his mother at a grocery store at night.
Parks' parents could not afford to travel or go out to
BUSINESS AT A GLANCE*
PLAN ASSETS UNDER ADVISEMENT:
$6.6 billion
MEDIAN PLAN SIZE, IN ASSETS:
$74 million
PLANS UNDER ADMINISTRATION: 81
PARTICIPANTS: 80,000
dinner-until his father retired with a retirement plan. " I
witnessed firsthand the incredible importance of having
a retirement plan nest egg that very directly impacted the
quality of life for my parents post-retirement, " he says. " Upon
entering the financial services marketplace many years ago,
I was determined to help as many people as possible enjoy a
successful, dignified retirement. "
Parks says his practice has been successful because it
continues to adapt to the ever-changing environment of
retirement plans-the regulatory and legislative changes
and the capital markets. " Accordingly, our team's processes
and structure are constantly evolving, making the adjustments
necessary to fulfill our goal of delivering the highest
level of retirement plan consulting in the industry today. To
that end, each and every member of our team recognizes
the importance of continued education, as we all strive to
expand our knowledge of the issues and challenges inherent
in the retirement plan marketplace. "
To improve retirement outcomes, The Parks Group
recommends automatic enrollment at 6% rather than
3%, automatic escalation at 2% rather than 1%, and a
stretch match to encourage employees to increase their
savings. Parks says this has resulted in improved retirement
outcomes for tens of thousands of hardworking individuals,
in terms of their higher deferral rates and greater
amassed savings. -Lee Barney
S
entinel Pension Advisors,
headquartered in Wakefield,
Massachusetts, has evolved
into a " participant-focused fiduciary, "
notes Julie Doran Stewart,
senior
vice
president,
retirement
plan advisory services.
" Our ultimate goal is to set individuals
up for success, " she says.
BUSINESS AT A GLANCE*
PLAN ASSETS UNDER ADVISEMENT:
$4.7 billion
MEDIAN PLAN SIZE, IN ASSETS:
$4.2 million
PLANS UNDER ADMINISTRATION: 435
PARTICIPANTS: 50,000
" This dynamic shift to being participant-focused
has come to define what we do, and who
we serve. This mission will only continue to develop as we
continue to grow. "
As part of Sentinel Benefits & Financial Group, Sentinel
Pension Advisors can take a holistic, consultative approach
to plan design and employee benefits by integrating the
cumulative knowledge about all of the benefits that the
larger entity supports, including wealth (retirement) and
health (insurance and reimbursement). Further,
it hosts
on-site meetings, both group and one-on-one, on topics
such as expense management, debt reduction, goal-setting,
health savings accounts (HSAs) and long-term care strategies
and conducts educational webinars. Participants can
reach the practice's service center representatives by phone,
email or chat.
The team is composed of experts across multiple disciplines,
including advisers with a host of credentials-e.g.,
Certified Financial Planners (CFPs) or CFP candidates-who
conduct enrollment meetings and investment education,
and an Employee Retirement Income Security Act (ERISA)
team which includes ERISA attorneys. Sentinel's CFAs on
the investment management team oversee all of the recommendations
the firm makes to clients. Demographics, plan
statistics and participant access to education is taken into
account when constructing the investment lineup.
To improve' retirement readiness, Sentinel recommends
automatic enrollment, automatic escalation and re-enrollment.
-Lee Barney
*As of December 31, 2018
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PLANADVISER - March/April 2019

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