Episodit
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In this episode, my guest Courtenay Shipley and I discuss her practice as a retirement plan advisor. Courtenay is President and Chief Planologist at Retirement Planology, Inc. in Alexandria, Virginia.
Her firm helps organizations with constructing an overall employee retirement plan strategy, making their retirement plan meaningful to the employees and an asset to the organization, and providing fiduciary risk management and guidance to the plan sponsor/committee.
In our conversation, we discussed the challenges employers face running their small and mid-sized businesses AND trying to keep up with all the rules, regulations, and deadlines associated with sponsoring a retirement plan.
When talking with Courtenay, it was clear the empathy she has for her client’s challenges. That, no doubt, comes from her experience running a business and making all the hard day-to-day decisions that come with growing an organization and taking care of customers. I’m sure you’ll hear that for yourself when listening to this episode.
If you would like to learn more about Courtenay’s organization, here’s a link to
· The Retirement Planology, Inc. website
Disclosures and Disclaimers
· Nothing in this episode is intended to be, or is, financial or legal advice,
· Statements and opinions expressed by those interviewed for this episode do not necessarily reflect those of the host, Matt Smith, and
· The content in this episode is not a paid promotion.
And Finally
· Subscribe to The Retirement Space Podcast on Apple Podcasts, Spotify, or wherever you like to listen to podcasts.
· Please consider leaving us a review or rating on Apple Podcasts. Five-star ratings help new listeners find this show.
· You can find all episodes for The Retirement Space podcast and companion blog posts at www.theretirementspace.com.
· Follow me on LinkedIn here
· Send your comments, questions, or suggestions for topics or guests to me at [email protected] -
In this episode, I discuss how I use generative AI apps like ChatGPT and Bard to create written content.
With so much interest in this topic, I wanted to share with you my workflow, and if you find something useful in how I use these apps, feel free to borrow whatever you'd like.
Most organizations directly or indirectly involved with retirement plans and wealth management constantly need content to support their sales, service, and marketing functions. Yet most struggle to find the time and resources needed to produce the amount of quality content they need. This is why the promise of generative AI apps is so enticing.
However, at the current state of the technology, it still requires a fair amount of human interaction and expertise to produce content you'd want to post to the public or share with a client. That said, I'll explain how I use these apps to create written content, and you can decide for yourself.
Links to:
· My workflow blog post, which includes my Prompt Cheat Sheet
· The final sample article published as a standalone blog post
Disclosures and Disclaimers
· Nothing in this episode is intended to be, or is, financial or legal advice,
· The content in this episode is not a paid promotion.
And Finally
· Subscribe to The Retirement Space Podcast on Apple Podcasts, Spotify, or wherever you like to listen to podcasts.
· Please consider leaving us a review or rating on Apple Podcasts. Five-star ratings help new listeners find this show.
· You can find all episodes for The Retirement Space podcast and companion blog posts at www.theretirementspace.com.
· Follow me on LinkedIn here
· Send your comments, questions, or suggestions for topics or guests to me at [email protected] -
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In this episode, my guest Brian Schroeder and I discuss the importance of getting an independent review of your Outsourced Chief Investment Officer’s (OCIO) performance.
Brian, Founder of OCIO Monitor, does what the name of his organization suggests; he provides institutional investors independent reviews of their OCIO’s performance. He’s been in the business of doing this for over a decade, but with the increased use of OCIOs in recent years and given the strong projections for their growth in the future, the need for third-party oversight is also on the rise.
Outsourced Chief Investment Officers – at times in this episode, we refer to them simply as investment consultants – provide an invaluable service to groups responsible for large pools of capital such as pension funds and endowments and foundations. The fiduciaries of these funds often outsource their day-to-day investment management to OCIOs to reduce operational burden and to take advantage of their investment management expertise.
And while OCIOs regularly report their activity and performance to the trustees, fully understanding and objectively scrutinizing this performance – part of a fiduciary’s duty – can be challenging. This is where Brian comes in. He helps those responsible for the fund review their OCIO’s performance.
Link to:
· Brian’s OCIO Monitor website
Disclosures and Disclaimers
· Nothing in this episode is intended to be, or is, financial or legal advice,
· Statements and opinions expressed by those interviewed for this episode do not necessarily reflect those of the host, Matt Smith, and
· The content in this episode is not a paid promotion.
And Finally
· Subscribe to The Retirement Space Podcast on Apple Podcasts, Spotify, or wherever you like to listen to podcasts.
· Please consider leaving us a review or rating on Apple Podcasts. Five-star ratings help new listeners find this show.
· You can find all episodes for The Retirement Space podcast and companion blog posts at www.theretirementspace.com.
· Follow me on LinkedIn here
· Send your comments, questions, or suggestions for topics or guests to me at [email protected] -
In this episode, Kristin Gibson and I discuss the ongoing trend of women controlling a larger percentage of household wealth in America. We also talk about projections for how big this trend might become, how genders prefer to manage their wealth and their relationships with financial advisors differently, and ideas advisors might want to consider for building stronger connections with their female clients. In addition, we discuss how female clients can become powerful advocates for an advisor’s practice.
Kristin is an accomplished executive in the financial services industry, having served in leadership roles at Russell Investments and Charles Schwab. Throughout her career, she's had the opportunity to speak at industry conferences and advisor events on this episode's topic. She also has experience working closely with financial advisors to teach them how to adapt their wealth management practices to create stronger bonds with their female clients.
Some of the topics we discuss in this episode include the following:
· Statistics that illustrate the current state of women’s control of wealth in America and where it’s likely headed,
· How women and men differ in their attitudes and preferences toward wealth management and their relationships with wealth managers,
· The risk to an advisor’s business of not connecting with their female clients as well as they could,
· The opportunity for advisors to increase the value of their practices by adapting their communication to the preferences of their female clients,
· Tactics advisors can use to help build stronger relationships with their female clients,
· And more
Link to a McKinsey & Company white paper on the topic:
· Women as the next wave of growth in US wealth management
Disclosures and Disclaimers
· Nothing in this episode is intended to be, or is, financial or legal advice,
· Statements and opinions expressed by those interviewed for this episode do not necessarily reflect those of the host, Matt Smith, and
· The content in this episode is not a paid promotion.
And Finally
· Subscribe to The Retirement Space Podcast on Apple Podcasts, Spotify, or wherever you like to listen to podcasts.
· Please consider leaving us a review or rating on Apple Podcasts. Five-star ratings help new listeners find this show.
· You can find all episodes for The Retirement Space podcast and companion blog posts at www.theretirementspace.com.
· Follow me on LinkedIn here
· Send your comments, questions, or suggestions for topics or guests to me at [email protected] -
In this episode, Wallace Blankenbaker, Founder and Managing Partner of the Retirement Leadership Forum, and I discuss the trend toward aggregation among retirement plan advisory firms and the related consolidation of wealth management organizations.
As you will hear, several hundred advise firms have merged in the last several years, aggregating into large-scale organizations. The resulting synergies, operational efficiencies, and expanded services have helped propel these groups to a competitive advantage. However, the pace of aggregation is beginning to slow, and changes may be on the horizon that reshape the advice landscape in both the retirement plan and wealth management realms.
Some of the topics we discuss in this episode include the following:
· An overview of the pace and scope of aggregation over the past several years,
· Drivers of this consolidation, both now and in the future,
· Challenges related to executing aggregation strategies,
· What might be next for these firms as they begin to reach timing and economic milestones related to their mergers,
· Potential opportunities in the near future for these firms,
· Benefits for plan participants and sponsors of retirement plan advisory firm aggregation,
· Advice for buyers and sellers going forward,
· And more
Links and Contact Information
· The Retirement Leadership Forum website
Disclosures and Disclaimers
· Nothing in this episode is intended to be, or is, financial or legal advice,
· Statements and opinions expressed by those interviewed for this episode do not necessarily reflect those of the host, Matt Smith, and
· The content in this episode is not a paid promotion.
And Finally
· Subscribe to The Retirement Space Podcast on Apple Podcasts, Spotify, or wherever you like to listen to podcasts.
· Please consider leaving us a review or rating on Apple Podcasts. Five-star ratings help new listeners find this show.
· You can find all episodes for The Retirement Space podcast and companion blog posts at www.theretirementspace.com.
· Follow me on LinkedIn here
· Send your comments, questions, or suggestions for topics or guests to me at [email protected] -
In this episode, Chris Brown, Principal and Founder of Sway Research, and I discuss the Defined Contribution Investment-Only (DCIO) business, what factors have led to its current state, and what it will take going forward for asset managers to win assets in defined contribution plans.
Defined Contribution plans in the United States hold nearly $10 trillion. And while much of this is invested in funds managed by recordkeeping platforms, a meaningful portion of these assets are managed by fund companies unaffiliated with the recordkeeping platform of a given defined contribution plan.
While DC plans have used funds from firms other than their recordkeeper since the inception of DC plans, it wasn’t until the early 2000s that investment firms began seeing DC plans as a source of significant asset flows and began to set up sales and service teams dedicated to this opportunity.
Given the market size – $10 trillion – DC plans represent a massive opportunity for asset managers. But getting a share of this market is not without challenges.
That's why firms turn to experts like Chris Brown to make sense of the DCIO business and for advice on capturing their fair share of this massive pool of capital.
Chris brings 25 years of financial services experience to his role as Principal and Founder of Sway Research. He has focused much of his career on researching and forecasting trends in retirement-related investment areas, including DCIO and target date funds. And his firm annually produces research reports on The State of DCIO Distribution and The State of the Target Date Market.
Some of the topics we discuss in this episode include the following:
· Historical context explaining past influences on the DCIO business,
· The current state of the DCIO business,
· How DCIO firms are tiered based on their market footprints,
· The basic infrastructure DCIO firms should have to give themselves a chance at success,
· Whether ESG (socially responsible investing) and retirement income products are viable ways to gather assets from DC plans,
· Chris’ thoughts about the areas of focus DCIO firms should concentrate on going forward,
· And more
Links and Contact Information
· Sway Research website
· How to contact Chris Brown: 603 382 5300 / [email protected]
Disclosures and Disclaimers
· Nothing in this episode is intended to be, or is, financial or legal advice,
· Statements and opinions expressed by those interviewed for this episode do not necessarily reflect those of the host, Matt Smith, and
· The content in this episode is not a paid promotion.
And Finally
· Subscribe to The Retirement Space Podcast on Apple Podcasts, Spotify, or wherever you like to listen to podcasts.
· Please consider leaving us a review or rating on Apple Podcasts. Five-star ratings help new listeners find this show.
· You can find all episodes for The Retirement Space podcast and companion blog posts at www.theretirementspace.com.
· Follow me on LinkedIn here
· Send your comments, questions, or suggestions for topics or guests to me at [email protected]
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In this episode, Jay Gepfert, Managing Partner of DOL Cybersecurity, LLC, and I discuss ways retirement and benefit plan sponsors can meet the standards set out by the Department of Labor's Cybersecurity Guidance, issued in April 2021.
The DOL's sub-regulatory guidance came in the form of three publications.
One is titled Online Security Tips, which is mainly intended to advise individuals on protecting their personal information and accounts online.
A second, called Tips for Hiring a Service Provider, helps plan sponsors by outlining what to look for and questions to ask prospective providers about their systems controls and cybersecurity practices.
And a third, titled Cybersecurity Program Best Practices, is the most detailed of the three and sets out 12 best practices with several sub-points for each.
In this episode, whenever we refer to the DOL's guidance or guidelines, we mainly refer to the best practices publication, which contains specific suggestions for plan sponsors and fiduciaries.
While these publications don't set forth specific actions that fiduciaries are required to take, it's clear the Department of Labor's intention is for this guidance to form a standard for how proper benefit plan-related cybersecurity measures should be established and maintained.
Some of the topics we discuss in this episode include the following:
· Which types of plans this guidance covers,
· Who has the ultimate responsibility for ensuring a plan’s cybersecurity,
· Possible consequences of not following the DOL’s guidance on cybersecurity,
· How Jay’s firm performs a cybersecurity assessment,
· The plan sponsor’s role during the assessment,
· About how long it takes to complete an assessment,
· Why a plan sponsor might want to think twice about having their internal IT department conduct an assessment,
· And more
Links and Contact Information
· The DOL’s original press release
· DOL publication Online Security Tips
· DOL publication Tips for Hiring a Service Provider with Strong Cybersecurity Practices
· DOL publication Cybersecurity Program Best Practices
· DOL Cybersecurity, LLC’s website
· You can reach Jay Gepfert via email at [email protected] -
In today's episode, I discuss with my guest, Don Ezra, how individuals can create a lifetime income stream from their wealth as they reach retirement and how sponsors of defined contribution plans could use this method to help their retiring plan participants do the same.
While we often overlook this topic when we're younger, the closer we get to retirement age, it becomes much more interesting. And for many of us, challenging. That's why I put together this episode.
Don Ezra is not only a former colleague of mine from our days at Russell Investments, but also a legend in the pension world.
His industry recognitions include being awarded the Lillywhite Award (from the Employee Benefits Research Institute, 2004) for extraordinary lifetime contributions to Americans' economic security, the Graham and Dodd Scroll Award (from the Financial Analysts Journal, 1985) recognizing excellence in financial writing, and the Roger Murray Prize (from the Q Group, 1983) for excellence in quantitative research in finance. (View Don’s entire background here.)
This is a special episode for me because reconnecting with Don takes me back to a time when he and I worked together at Russell Investments back in the early 2000s. That was a time when DC plans were overtaking DB plans in terms of participant count and assets.
Back then, it was becoming clear to all of us that the future pension for individuals in America would come in the form of essentially a 401(k) or some other defined contribution-type account. That was a scary prospect- still is today in many ways- because we were taking most of the risks inherent in creating a secure retirement and handing them to the individual and wishing them luck.
The topic of this episode, which is essentially how to make your retirement funds last as long as you do, is one of the challenges that DB plans used to handle for us but now has been transferred to individuals.
This trend from DB to DC caused many of us to start thinking about how to DB-ize DC plans. This is how Don and I came to work more closely together. He knew pensions as well as anyone in the world, and I had responsibility for Russell's DC business at the time in the US. So, we collaborated on projects and presentations. And he was always gracious and patient sharing his thoughts with me about DB-ization of defined contribution plans.
Some of the topics we discuss in this episode include the following:
· Why a default solution for creating a lifetime income stream need not be perfect,
· What people typically do with their accumulated wealth at retirement, and why it is sub-optimal,
· Why creating a lifetime income stream is such a tricky problem to solve,
· Overview of the five methods for creating a lifetime income stream,
· Which method makes a simple and effective default method for defined contribution plans and individuals,
· Thoughts on customizing a lifetime income stream,
· And more
Links and Contact Information
· Read Don’s blog post that inspired this episode
· Don Ezra’s blog
· Read more about Don Ezra here
Disclosures and Disclaimers
· Nothing in this episode is intended to be, or is, financial or legal advice,
· Statements and opinions expressed by those interviewed for this episode do not necessarily reflect those of the host, Matt Smith, and
· The content in this episode is not a paid promotion.
And Finally
· Subscribe to The Retirement Space Podcast on Apple Podcasts, Spotify, or wherever you like to listen to podcasts.
· Please consider leaving us a review or rating on Apple Podcasts. Five-star ratings help new listeners find this show.
· You can find all episodes for The Retirement Space podcast and companion blog posts at www.theretirementspace.com.
· Follow me on LinkedIn here
· Send your comments, questions, or suggestions for topics or guests to me at [email protected] -
The Retirement Space podcast is an invaluable resource for professionals who serve plan sponsors and participants of defined contribution plans in America. My mission is to bring you relevant insights and fresh perspectives on the retirement space in every episode, helping you build a more valuable business and better serve your clients. Here you’ll find candid discussions with fellow professionals who, like you, seek to grow their business, stay current with the latest trends, and improve their skills.
You can reach me at [email protected]
