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Managing a Practice

Managing a Practice covers the ways that advisors can profitably and successfully run their businesses. It includes practical topics like business systems, advisor fees and client services, as well as professional development and growth strategies. Also covered are overall industry trends and ethics and compliance, as well the various service providers and vendors that advisors partner with to build, grow and manage their practices.

Managing a Practice

Managing a Practice

By NAPA Net Staff3/5/2013 • 0 Comments

What makes great leaders and great teams? The question was asked and answered by noted author and thinker Simon Sinek in the keynote session of the NAPA/ASPPA 401(k) Summit in Las Vegas on March 5, 2013. Employing an unusual methodology, Sinek explored the four types of chemicals that the human body produces as a result of various experiences and how understanding how they work can result in better leaders and teams. READ MORE

By NAPA Net Staff3/5/2013 • 0 Comments

On March 4, the advisory team at Fiduciary Consulting Group @ PSA in Hunt Valley, Md., won the 2013 401(k) Advisor Leadership Award sponsored by NAPA and ASPPA. Jania Stout, Retirement Plans Practice Leader at PSA, received the award on behalf of the team during a session of the 12th annual NAPA/ASPPA 401(k) Summit in Las Vegas. NAPA Net sat down with Stout to ask her about two aspects of her retirement planning business that set her apart: her integration of fiduciary duty into her business model, and her approach to setting fees. READ MORE

By NAPA Net Staff3/5/2013 • 0 Comments

The advisory team at Fiduciary Consulting Group @ PSA in Hunt Valley, Md., has won the 2013 401(k) Advisor Leadership Award, ASPPA announced yesterday. Jania Stout, Retirement Plans Practice Leader at PSA, received the award on behalf of the team during a session of the 12th annual NAPA/ASPPA 401(k) Summit in Las Vegas. READ MORE

By NAPA Net Staff3/3/2013 • 0 Comments

In a conference call, DC legal experts Fred Reish and Drinker Biddle partner Brad Campbell outlined what to expect from the DOL’s expected July release of proposed rules on the definition of a fiduciary. The rules are expected to go beyond plan-level fiduciary status, addressing the solicitation of rollovers. READ MORE

By NAPA Net Staff2/26/2013 • 0 Comments

There was very little change in the total costs of smaller 401(k) plans in 2012, according to statistics from the 401k Averages Book. The average cost of a small retirement plan (50 participants and $2.5 million) went down less than 1%, from 147 BPs to 146 BPs. Meanwhile, larger plans (1,000 participants and $50 million) dropped almost 5%, from 108 BPs to 103 BPs. READ MORE

By NAPA Net Staff2/21/2013 • 0 Comments

In the latest in a series of posts by speakers at the 2013 NAPA/ASPPA 401(k) Summit, March 3-5, 2013 in Las Vegas, Laura Gaynor, Vice President, Transamerica Retirement Solutions, offers insights on how advisors can position themselves effectively for the possibility that an employer client merges or is acquired. READ MORE

By NAPA Net Staff2/5/2013 • 0 Comments

Though fee disclosure may seem like yet another raft of paper that will be mostly ignored by plan sponsors and participants, media coverage and plaintiffs’ attorneys will keep the issue front and center, especially for participants. In the automotive and tobacco industries, for example, change was brought about by legal actions after stricter regulations were put into place. In general, those legal actions were initiated by lack of transparency and communication. Similarly, communication, trust and transparency about 401(k) services will be the keys to navigating the choppy waters of 401(k) fee disclosure. READ MORE

By NAPA Net Staff1/31/2013 • 0 Comments

Thomas Friedman, the noted New York Times columnist who wrote the seminal book "The World is Flat" in 2004, had some sage advice yesterday for President Obama that should resonate with plan advisors. READ MORE

By NAPA Net Staff1/23/2013 • 0 Comments

In the latest of a series of posts by speakers at the 2013 NAPA/ASPPA Summit, March 3-5, 2013 in Las Vegas, Charlie Epstein and Marcia Wagner address the question of how you can accept rollover business from a 401(k) participant — even if you’re a fiduciary advisor to the plan. READ MORE

By NAPA Net Staff1/15/2013 • 1 Comments

Stace Hilbrant, Managing Director and Founder of Chicago-based 401k Advisors, identifies the four most important and effective things he sees the very best advisors doing to help their clients. READ MORE

By NAPA Net Staff1/8/2013 • 4 Comments

Are employer-sponsored Health Savings Accounts the new “401(k) plans for health care?” According to a Fox Business report they may well be. Money going in and out of HSAs — if spent on medical expenses — is tax free and grows tax free. And unlike health flexible spending accounts, unspent funds remain in the account and grow over time. People can take the money out after 65 for non-medical expenses if they pay the applicable taxes. READ MORE

By NAPA Net Staff1/8/2013 • 0 Comments

Arthur J. Gallagher & Co. announced the acquisition of Gardner & White, an employee benefits consultant based in Indianapolis specializing in the health care industry. Last week Gallagher announced two other acquisitions, including Michigan-based Eriksen Group and Minnesota-based Unisom. All told, Gallagher Retirement Services, a publicly traded company headed by industry vet Mike Dicenso, AUM grew by $4.5 billion in just over a week, compared with $5.5 billion over the last 12 months. READ MORE

By NAPA Net Staff12/13/2012 • 0 Comments

Bringing about significant change is a three-step process. It begins with awareness, followed by willingness and capped by action. Though the recent plan- and participant-level fee disclosures might have started the industry on the process, clearly we have a long way to go. After interviewing industry experts and plan advisors, Christopher Carosa of “Fiduciary News” takes a look at the practical effects of 408(b)(2) and 404(a)(5) six months into the process. READ MORE

By NAPA Net Staff12/13/2012 • 0 Comments

Should enrollment meetings be limited to 10 minutes or less? A paper authored by Diversified makes a strong case. New employees can be burnt out after days and maybe weeks of new employee orientation, so a 45 minute meeting reviewing plan features like loans, distribution and especially investments may be detrimental. Just get them enrolled — answering other questions as they come up — and schedule meetings about investment education or advice later in one-on-one settings. READ MORE

By Rick Meigs12/6/2012 • 0 Comments

Often we miss some of the simplest and easiest opportunities to enhance our relationships with existing retirement plan clients. That's the premise laid out by Bob Kaplan, national retirement consultant for ING. Kaplan offers six suggestions on how to use the year-end plan review with plan sponsors to lay out your accomplishments, ask about concerns and manage expectations — and possibly find more business as well. READ MORE

By NAPA Net Staff12/5/2012 • 0 Comments

Providing individual advice to plan participants can be difficult for many reasons. Those who have figured it out, however, have shown great improvement in outcomes. The challenges include scale (working with low-balance participants), technology (moving money from one money manager to another within a closed record keeping system) and conflicts (how the DOL will allow advisors to work with participants in their plans), as well as getting participants to engage. One advisory group, Scarborough Capital, has been working on this problem for almost 25 years. READ MORE

By NAPA Net Staff11/20/2012 • 0 Comments

Sometimes it feels like the Great Recession was like Hurricane Sandy: devastating, unexpected and with far-reaching effects, especially on retirement savings and policy. In times of crisis, we turn to leaders; and there is no better leadership institution trained to deal with crisis than the military. To that end, Don Trone, founder of 3Ethos and fi360 before that, has partnered with the Academy Leadership, founded by West Point and Annapolis graduates, to create a leadership training program for investment fiduciaries. READ MORE

By NAPA Net Staff11/9/2012 • 1 Comments

With the election behind us, Congress and the president will soon have to face some daunting issues, starting with the budget deficit. With significant revenue increases unlikely, costs reductions will be the focus, and the tax incentive for retirement savings accounts is one item under attack. The American Benefits Council lays out a compelling case why reducing employee contributions — the so-called “20/20” proposal — would be a big mistake. READ MORE

By NAPA Net Staff11/2/2012 • 0 Comments

Political changes resulting from the November 6 elections are unlikely to have a major effect on how critical retirement plan policy decisions are made. Most significantly, decisions about fundamental changes to the tax code are likely to be made in the context of budget issues, not retirement policy issues. READ MORE

By NAPA Net Staff11/2/2012 • 0 Comments

What were the 10 most-read articles on NAPA Net last month? READ MORE

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