PLANADVISER - November/December 2021 - 40

managing provider relationships / Q&A
Joe DeNoyior
On his move to management at Hub and his thoughts about industry trends
N
amed president of global insurance
broker Hub Retirement and Private
Wealth (Hub RPW)
in February,
Joe
DeNoyior oversees the company's $105 billionplus
in assets. He joined Hub through the
acquisition of Washington Financial Group
(WFG) in September 2019, where he served
as adviser and CEO. He recently discussed
industry trends, and more, with PLANADVISER
Managing Editor Judy Faust Hartnett.
PLANADVISER: What has the experience been to
go from a plan adviser working with plan sponsors
and participants to being in management and
helping other advisers grow their business?
Joe DeNoyior: Being in this role has enabled me
to take a look at how we're helping our other
advisers grow, and how we're aggressively
pursuing opportunity and growth through the
perspective not only of somebody running the
business unit, but somebody who sat down
with participants every day. I think it's an
advantage as we continue to build Hub.
We have a great working relationship with
our advisory firms. In a traditional corporate
structure, you may have someone in management
and then have advisory firms under
that management, who may have to sell their
concepts to management. We have an environment
where it's more open, because, again, I
have built an advisory shop but, most importantly,
have always been open to ideas.
We grow in two ways-organically and
through acquisitions. And when we're going
through these acquisitions, I feel very confident
[that I] understand whether this is the
right move for prospective advisers, and for us,
because I really understand their businesses.
The question I've asked myself forever is,
can people around me thrive? What can I do
to help people thrive? And that's no different
sitting in this role.
PA: How do you foresee the continued integration
of health and wealth conversations with sponsors?
DeNoyior: The employee benefit shops have
been talking total rewards and well-being for
longer than we've been talking about financial
wellness. If you think about it, wellness,
or employee wellness came from the idea
that we're going to help people get healthier,
make healthier decisions, provide them some
support in mental health as well, so they have
lower health care costs. Now we're bringing the
financial dimension, or the wallet, to that end.
I see further integration due to various
challenges such as the hiring environment
and due to the possibility of remote being here
forever. We welcome looking more holistically
at the needs of companies' workforces.
We don't even use the word " participant "
anymore. We're talking about their workforce
because we want to know what the total
benefit strategy is. Retirement plans are only a
piece of it, and health and well-being are only
a piece of it. It's total workforce management.
And frankly, I think it's helped plan advisers
become better business consultants as a whole.
I would urge plan advisers to take a holistic
approach and go in even beyond the health side,
taking a look at all of it. What can we do that
puts the folks we serve in a better spot than
when we first came into that organization?
PA: How does the growth of aggregators in the
advisory business change the positioning of
advisers overall? What does it mean for advisers
who remain independent?
DeNoyior: I would encourage independent
advisers to start thinking about strategic relationships,
so they can talk more holistically
to their clients about workforce management.
That doesn't mean they have to offer all of
these other services. I want them to be able to
expand their conversation, so there are more
valuable resources that can compete in the
marketplace. I don't believe they have to sell
everything under the sun. They can be a true
independent adviser who has one service, but
they just need to broaden their conversations
and become a valuable resource to their clients.
There will always be a need for organizations
that are designed to help such folks stay
independent. There'll be plenty of providers
offering
tools and services that the big firms have.
a membership organization with
It
may not be as easy to gain scale through these
partnerships, but it is very doable. Joining a
larger organization may not be the right move
for everyone, but I encourage advisers to keep
their eyes on the pulse of the industry to determine
their best approach.
" We don't
even use
the word
'participant'
anymore.
I'm talking
about their
workforce
because I
want to know
what the
total benefit
strategy is. "
40 | planadviser.com November-December 2021 Photography by Dan Chung
http://www.planadviser.com

PLANADVISER - November/December 2021

Table of Contents for the Digital Edition of PLANADVISER - November/December 2021

A Shift in the Tech Landscape
Strength in Diversity
Future Faces
A Workforce in Flux
Fee Models Are Shifting
Nonenforcement Policies
‘Window’ of Opportunity
PLANADVISER - November/December 2021 - Cover1
PLANADVISER - November/December 2021 - Cover2
PLANADVISER - November/December 2021 - 1
PLANADVISER - November/December 2021 - 2
PLANADVISER - November/December 2021 - 3
PLANADVISER - November/December 2021 - 4
PLANADVISER - November/December 2021 - 5
PLANADVISER - November/December 2021 - 6
PLANADVISER - November/December 2021 - 7
PLANADVISER - November/December 2021 - 8
PLANADVISER - November/December 2021 - 9
PLANADVISER - November/December 2021 - 10
PLANADVISER - November/December 2021 - 11
PLANADVISER - November/December 2021 - 12
PLANADVISER - November/December 2021 - 13
PLANADVISER - November/December 2021 - 14
PLANADVISER - November/December 2021 - 15
PLANADVISER - November/December 2021 - 16
PLANADVISER - November/December 2021 - 17
PLANADVISER - November/December 2021 - A Shift in the Tech Landscape
PLANADVISER - November/December 2021 - 19
PLANADVISER - November/December 2021 - 20
PLANADVISER - November/December 2021 - 21
PLANADVISER - November/December 2021 - 22
PLANADVISER - November/December 2021 - 23
PLANADVISER - November/December 2021 - Strength in Diversity
PLANADVISER - November/December 2021 - 25
PLANADVISER - November/December 2021 - 26
PLANADVISER - November/December 2021 - 27
PLANADVISER - November/December 2021 - 28
PLANADVISER - November/December 2021 - 29
PLANADVISER - November/December 2021 - Future Faces
PLANADVISER - November/December 2021 - 31
PLANADVISER - November/December 2021 - 32
PLANADVISER - November/December 2021 - 33
PLANADVISER - November/December 2021 - A Workforce in Flux
PLANADVISER - November/December 2021 - 35
PLANADVISER - November/December 2021 - Fee Models Are Shifting
PLANADVISER - November/December 2021 - 37
PLANADVISER - November/December 2021 - Nonenforcement Policies
PLANADVISER - November/December 2021 - ‘Window’ of Opportunity
PLANADVISER - November/December 2021 - 40
PLANADVISER - November/December 2021 - Cover3
PLANADVISER - November/December 2021 - Cover4
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