PLANADVISER -May/June 2022 - 2

publisher's note //
The New Differentiator
n May, I had the good fortune to attend both our
PLANADVISER awards dinner and our Chief Investment
Officer Summit. It was wonderful to be with
people again after years away from live events. As I
met and chatted with attendees, it was an opportunity
to reflect on how our industry has evolved. It's easy to
talk about getting back to normal, and while no one
wants to hear about the " new normal " anymore, the
truth is that, in this later stage of COVID-19, normal
doesn't just mean a return to pre-pandemic times.
One way this has been recognized in the PLANADVISER brand is through
our revised Retirement Plan Adviser of the Year awards program. The new
PLANADVISER Industry Leader Awards were presented at the dinner, and you can
read about them in this magazine. Advisers won for achievements we had never
recognized before but that are now front and center. The awards now include
community impact; efforts in diversity, equity and inclusion; work to improve
access and coverage; and mentorship. These things might have been discussed
in our old program but were ancillary to the evaluation of business models. They
may be, however, more important, because they speak to an adviser's culture.
Addressing our CIO Summit, in Chicago, Shundrawn Thomas, the outgoing
president of Northern Trust Asset Management, used a phrase that has stuck
with me. He spoke of acting with " thoughtfulness and intentionality " and the
importance of culture. He noted that, if you think about any kind of organization
that operates in a competitive environment, it's hard to argue that one has
a much better strategy than the other. In fact, he said, " culture is the only true,
discernible advantage one can have during this time. " A strong culture means
a healthy organization, Thomas observed.
As I consider the advisory industry, I think those statements apply. For years,
when we asked advisers what their value proposition was, it often involved
some version of the three Fs: funds, fees and fiduciary. While that might have
been true a decade ago, it's pretty safe to say that those are table stakes today.
So, what is the differentiator now? Culture.
This is also true in mergers and acquisitions. There are many excellent
advisers and adviser shops out there-which one someone joins is about its
culture and the life the adviser wants. Culture relates to questions such as how
much individuality and decisionmaking ability does an adviser want to retain?
What is the culture like within your team? Is your firm healthy? If not, what
plans do you have to improve things? And if you don't know what your culture
is like, Thomas said, listen to the dialogue among employees for a week and
you'll know the health of the organization.
All this being said, I was thrilled to witness the response to the revamped
adviser awards. Attendees' interest in understanding how advisers were
embracing these important values seemed high, as I noticed them seeking out
the nominees and winners during the cocktail and dessert hours.
I therefore believe the time is right for us to focus more on the role advisers
play in the broader industry and less on how they charge their clients or serve
as stewards-if you aren't a good steward or fiduciary, you aren't likely to be
nominated for our programs anyway.
For those of you who haven't paid as much attention to managing the issues
concerning culture-whether DEI, mentorship or community service, for
example-it's probably time to pay more attention. And for you who say you're
too busy and focused on other business, I'll end with more of Thomas' wisdom:
At the end of the day, when a matter is important, we find the resources-
whether it's time, money or something else. -Alison Cooke Mintzer, Publisher
publisher: Alison Cooke Mintzer
creative director: SooJin Buzelli
managing editor: Judy Faust Hartnett
managing editor,
John Manganaro
editorial staff: Zachary Barnes, DJ Shaw, Karen
Wittwer, Noah Zuss
contributors: Beth Braverman, Michael Katz,
Judy Ward, Rhea Wessel
surveys & research: Kimberly Gonzalez-Quiles,
Jackie Scott
design & production: Donna Bien-Aimé,
Alanna Jacobs, Maria Kofman, Samantha Yu
design contributor: Cherese Rambaldi
art contributors: Tim Bower, Andrea D'Aquino
(cover), Mar Hernández, Katie Hicks, Jeffrey
Kam, Lars Leetaru, Silver Orchid Photography,
Allie Sullberg, Simone Virgini, Ellen Weinstein
strategy & operations: Michelle Lamison, Melissa
Groccia, Rebecca Moore
commercial director: Rob Reif
advertising sales: Katie Bacon; Christopher Janos,
Meighan McGowan, Bill Murray
sales operations manager: Anthony Groccia
conferences: Carol Popkins; Katie Campbell,
Rebecca Fahey, Lucille Velander
accounting operations: Mayrillane Bahi,
Ruth Fissaha, Ricky Kostik
technology operations: Darrell Cheng, Bhakti Patel,
Jigar Patel, Dexter Reaves
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president and chief executive officer: Gary Retelny
chief financial officer: Allen Heery
PLANADVISER (ISSN 1935-9098) is published
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2 | May-June 2022 Photo by Silver Orchid Photography

PLANADVISER -May/June 2022

Table of Contents for the Digital Edition of PLANADVISER -May/June 2022

PLANADVISER Industry Leaders Awards
Paving the Way
2022 DCIO Survey
Fool's Gold for 401(k)s?
Design and Stability
A Collective Effort
Cryptocurrency In DC Plans
Real Estate Fund Investments
PLANADVISER -May/June 2022 - Cover1
PLANADVISER -May/June 2022 - Cover2
PLANADVISER -May/June 2022 - 1
PLANADVISER -May/June 2022 - 2
PLANADVISER -May/June 2022 - 3
PLANADVISER -May/June 2022 - 4
PLANADVISER -May/June 2022 - 5
PLANADVISER -May/June 2022 - 6
PLANADVISER -May/June 2022 - 7
PLANADVISER -May/June 2022 - 8
PLANADVISER -May/June 2022 - 9
PLANADVISER -May/June 2022 - PLANADVISER Industry Leaders Awards
PLANADVISER -May/June 2022 - 11
PLANADVISER -May/June 2022 - 12
PLANADVISER -May/June 2022 - 13
PLANADVISER -May/June 2022 - 14
PLANADVISER -May/June 2022 - 15
PLANADVISER -May/June 2022 - 16
PLANADVISER -May/June 2022 - 17
PLANADVISER -May/June 2022 - 18
PLANADVISER -May/June 2022 - 19
PLANADVISER -May/June 2022 - Paving the Way
PLANADVISER -May/June 2022 - 21
PLANADVISER -May/June 2022 - 22
PLANADVISER -May/June 2022 - 23
PLANADVISER -May/June 2022 - 2022 DCIO Survey
PLANADVISER -May/June 2022 - 25
PLANADVISER -May/June 2022 - 26
PLANADVISER -May/June 2022 - 27
PLANADVISER -May/June 2022 - 28
PLANADVISER -May/June 2022 - 29
PLANADVISER -May/June 2022 - Fool's Gold for 401(k)s?
PLANADVISER -May/June 2022 - 31
PLANADVISER -May/June 2022 - 32
PLANADVISER -May/June 2022 - 33
PLANADVISER -May/June 2022 - Design and Stability
PLANADVISER -May/June 2022 - 35
PLANADVISER -May/June 2022 - A Collective Effort
PLANADVISER -May/June 2022 - 37
PLANADVISER -May/June 2022 - 38
PLANADVISER -May/June 2022 - Cryptocurrency In DC Plans
PLANADVISER -May/June 2022 - Real Estate Fund Investments
PLANADVISER -May/June 2022 - Cover3
PLANADVISER -May/June 2022 - Cover4