PLANADVISER - September/October 2018 - 27
cover story
CONSIDERATIONS
I
The complexities in building adviser teams
t took just three years for Todd Timmerman, who had worked in recordkeeping 27
years before founding advisory firm Retirement Plan Analytics, to become one of
PLANADVISER's 2018 Top 100 Retirement Plan Advisers, with more than $15 billion
in assets under advisement (AUA).
Retirement Plan Analytics, with offices in Charlotte, North Carolina, built
its
team based on what large clients require, Timmerman says. He reckoned that smallplan
sponsors-the market he was targeting-who received that level of high-touch
service would appreciate it, as well, and tell their plan sponsor friends. " If you're a
fiduciary adviser, you need to understand what the clients' needs are for processes,
fulfillment and deliverables-and that then defines how you build your team, " suggests
Timmerman, managing director of the advisory firm.
" This business is very different from most other businesses, because those usually are
not operating in a fiduciary capacity, " he says. For example, " in technology, you introduce
version 1.0, knowing you'll improve it when you do version 2.0. But, in our business,
you need to figure out how to build a team so you can do it right every single time. "
As Timmerman notes, there are many decisions to be made when building your
firm, and each has long-term implications. For retirement plan advisers, that can mean
considering: ownership structures; personnel organization and support; and product
and service focus areas to be divided up among the team. Partners and products also
must be examined.
" Regardless of your size or shape, intentional decisions about what you do in-house
and what you delegate to a third party will dictate what services you offer, whom you
hire, and how you develop staff to contribute to the firm's overall success, " notes SEI in
its paper " The Purposeful Advisory Firm. "
Art by Chris Buzelli
planadviser.com September-October 2018 | 27
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PLANADVISER - September/October 2018
Table of Contents for the Digital Edition of PLANADVISER - September/October 2018
Valuable Partnerships
Pension Risk Transfer
How to Explain CITs to Sponsors
Open MEP Opportunities
Appropriate Benchmarking
Investigations Intensify
PLANADVISER - September/October 2018 - Cover1
PLANADVISER - September/October 2018 - Cover2
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PLANADVISER - September/October 2018 - Valuable Partnerships
PLANADVISER - September/October 2018 - 49
PLANADVISER - September/October 2018 - Pension Risk Transfer
PLANADVISER - September/October 2018 - 51
PLANADVISER - September/October 2018 - How to Explain CITs to Sponsors
PLANADVISER - September/October 2018 - 53
PLANADVISER - September/October 2018 - Open MEP Opportunities
PLANADVISER - September/October 2018 - Appropriate Benchmarking
PLANADVISER - September/October 2018 - Investigations Intensify
PLANADVISER - September/October 2018 - Cover3
PLANADVISER - September/October 2018 - Cover4
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