PLANADVISER -May/June 2022 - 37

" Honest engagement
and open, two-way
communication between the
committee and the advisers is
the absolutely essential core
of the solution. "
-Michael Vogelzang
experts and sector specialists. Besides generating their
own viewpoints, the committee members strive to have
active and productive discussions with all the leading asset
managers. Vogelzang says CAPTRUST's scale and influence
are tremendously helpful in this sense, and this is something
acquired firms quickly come to appreciate.
" We can actually get in the door and cultivate great
relationships with the smartest people at the biggest and
best asset managers out there, " he says. " If you are a small
firm and you want to talk to the lead portfolio manager of,
say, the PIMCO Income Fund, that's going to be a real challenge,
but we can do it. Advisers who join CAPTRUST benefit
greatly from this dynamic, as do their clients. "
As noted, the other team involved in CAPTRUST's investment
advice delivery process is the client solutions group,
which is led by Scott Matheson. In basic terms, this is the
group that manages the people in the firm who face the
clients, out in the field.
" They're the group that asks and answers the crucial
question of how we build and deliver the advisory products
that incorporate the investment ideas generated by the
committee, across both the 3(21) and 3(38) fiduciary advice
formats, " Vogelzang says. " It's a fantastic collaboration. For
collective success, our colleagues in the client solutions group
must understand what we're thinking about the markets,
and the committee must understand what our client-facing
advisers need in terms of product design and presentation. "
The client solutions group as a whole spends substantial
time talking with the individual advisers and their clients.
The goal, Vogelzang says, is to ensure that the individual
advisers working in the field understand that they have
influence and that their point of view matters. This is a
point of " incessant " focus for the firm's leadership team.
" The further away any individual adviser feels from
the investment decisions we're making as the centralized
committee, the easier it will be for them to feel unheard. If
they feel like they don't have agency, they may walk into a
client meeting about an underperforming investment and
say something like, 'Sorry, but this isn't my fault; it's the
investment committee that's to blame.' That would be the
beginning of the end of our collective success. In such situations,
the firm loses credibility, as does the adviser. "
Vogelzang says the formula for successful centralized
investing is " not exactly rocket science. "
" Honest engagement and open, two-way communication
between the committee and the advisers is the absolutely
essential core of the solution, " he says. " If advisers feel like the
investment choices are being shoved down their throat, they
are not going to want to defend them, and every portfolio,
no matter how well constructed, will at some point need to
be defended. So, building that joint sense of accountably and
ownership in advance of the tough times is so important. "
Committee Collaboration at
CBIZ Retirement Plan Services
Through macroeconomic research efforts, Matt Felten, a
senior investment consultant with CBIZ Retirement Plan
Services in Cumberland, Maryland, guides and supports
the investment team, providing data-driven analyses that
shape the firm's investment strategies. In collaboration with
Stan Milovancev, an executive vice president with CBIZ in
Akron, Ohio, and other leaders, the central investment team
communicates its view on the topic at hand and implements
it at scale.
" Our process starts with the office of our CIO, " Milovancev
says. " The first step is to develop and refine our investment
viewpoints and philosophies, and the next steps are to
articulate them and put them to work for our clients. Our
professionals in the field must have confidence in the office
of the CIO. I would say we have, through substantial and
ongoing efforts, developed a very strong level of confidence
among our advisers in the field. Success in this endeavor is
all about strong communication. "
As Milovancev and Felten explain, the central investment
team actively seeks out questions and comments from the
CBIZ advisers. " We bring advisers in for deep discussions and
knowledge-sharing, " Milovancev says. " These are technical
and engaging sessions. It's important to have a culture where
you're able to take feedback, positive and negative. That
allows us to meet the needs of our advisers and ensure they
feel valued and engaged. "
According to Milovancev and Felten, as CBIZ is purely an
advisory shop and not a commission-based broker/dealer,
advisers in the field have substantial confidence in the
quality and unbiased nature of the recommendations that
come from the CIO's team.
" ... we don't necessarily have
make-or-break votes as much
as we engage in debates to
create consensus and reach
agreement. "
-Stan Milovancev
" It is a bit of an art, interpreting
the information we're getting
and ensuring that we pull
out the most important and
effective information ... "
-Matt Felten May-June 2022 | 37

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