401(k) Specialist Issue 1 - 2023 - 26

Turning Around
Struggling Plans
Bentley & Co. Wealth Management's Carlo Bentley
By Amanda Umpierrez
A
s a triathlete, Carlo Bentley doesn't
eye one singular, specific task at any
given moment. Whether it's running,
swimming, or cycling, he likes to look at the
full picture. His strategy reflects how he works
with, and designs, 401(k) plans.
" When you're out in the water swimming
with other people, you've got to look
around at what's happening around you and
not just focus on one thing, " said Bentley,
who is the CEO of Bentley & Co. Wealth
Management in Lafayette, La. " If a client
brings in a statement to me, it's not about
just that. It's the whole financial picture. You
must look at everything, or as much as you
can get from [the plan sponsor] to understand
what their actual needs are. "
Three years ago, Bentley set out to become
a 401(k) specialist, after finding that
many advisors had been drifting away from
the 401(k) space due to new guidelines
brought on by the Securities and Exchange
Commission's Regulation Best Interest
(BI) rule, which obligates broker-dealers to
exercise reasonable diligence, care, and skill
when making recommendations to clients.
" Most advisors I came across didn't want
anything to do with 401(k) plans, " he said.
" So, I'm thinking, if everyone is running
away from it, I'm going to run towards it. "
Working as a financial advisor, Bentley
didn't want to jump in the 401(k) space
immediately. He likens the transition to
being a medical doctor versus a brain
surgeon, noting that while all doctors have
their license, surgeons require a certain skill
26
ISSUE 1 2023 | 401kSpecialist.com
and education to be qualified for such an
operation.
So, he got to studying. Bentley recalls
speaking to recordkeepers, talking to
third-party administrators (TPAs), listening
to 401(k)-focused podcasts and attending
conferences aimed at retirement planning.
After two years of educating himself and
studying the 401(k) environment, he created
his own process-named the S.W.I.M. 360
Vision tool, inspired by his passion of the
endurance sport.
The whole point of the process is to ask
questions about the basics of a specific plan's
design, and from there, meticulously build the
plan to a five-star rating. The name works as
an acronym behind Bentley's ultimate mission-Service
Excellence. Working Together.
Identifying Needs. Managing Aspects.
Growing troubled accounts
The accounts Bentley works on generally
lack the mere basics of a 401(k) account.
Think no investment policy statement (IPS)
and missing documentation. Others do not
have an investment committee, while some
struggle with low participation rates. " I like
the challenge of going in, helping a plan,
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401(k) Specialist Issue 1 - 2023

Table of Contents for the Digital Edition of 401(k) Specialist Issue 1 - 2023

Table of Contents
401(k) Specialist Issue 1 - 2023 - Cover1
401(k) Specialist Issue 1 - 2023 - Table of Contents
401(k) Specialist Issue 1 - 2023 - 1
401(k) Specialist Issue 1 - 2023 - 2
401(k) Specialist Issue 1 - 2023 - 3
401(k) Specialist Issue 1 - 2023 - 4
401(k) Specialist Issue 1 - 2023 - 5
401(k) Specialist Issue 1 - 2023 - 6
401(k) Specialist Issue 1 - 2023 - 7
401(k) Specialist Issue 1 - 2023 - 8
401(k) Specialist Issue 1 - 2023 - 9
401(k) Specialist Issue 1 - 2023 - 10
401(k) Specialist Issue 1 - 2023 - 11
401(k) Specialist Issue 1 - 2023 - 12
401(k) Specialist Issue 1 - 2023 - 13
401(k) Specialist Issue 1 - 2023 - 14
401(k) Specialist Issue 1 - 2023 - 15
401(k) Specialist Issue 1 - 2023 - 16
401(k) Specialist Issue 1 - 2023 - 17
401(k) Specialist Issue 1 - 2023 - 18
401(k) Specialist Issue 1 - 2023 - 19
401(k) Specialist Issue 1 - 2023 - 20
401(k) Specialist Issue 1 - 2023 - 21
401(k) Specialist Issue 1 - 2023 - 22
401(k) Specialist Issue 1 - 2023 - 23
401(k) Specialist Issue 1 - 2023 - 24
401(k) Specialist Issue 1 - 2023 - 25
401(k) Specialist Issue 1 - 2023 - 26
401(k) Specialist Issue 1 - 2023 - 27
401(k) Specialist Issue 1 - 2023 - 28
401(k) Specialist Issue 1 - 2023 - 29
401(k) Specialist Issue 1 - 2023 - 30
401(k) Specialist Issue 1 - 2023 - 31
401(k) Specialist Issue 1 - 2023 - 32
401(k) Specialist Issue 1 - 2023 - 33
401(k) Specialist Issue 1 - 2023 - 34
401(k) Specialist Issue 1 - 2023 - 35
401(k) Specialist Issue 1 - 2023 - 36
401(k) Specialist Issue 1 - 2023 - 37
401(k) Specialist Issue 1 - 2023 - 38
401(k) Specialist Issue 1 - 2023 - 39
401(k) Specialist Issue 1 - 2023 - 40
401(k) Specialist Issue 1 - 2023 - 41
401(k) Specialist Issue 1 - 2023 - 42
401(k) Specialist Issue 1 - 2023 - 43
401(k) Specialist Issue 1 - 2023 - 44
401(k) Specialist Issue 1 - 2023 - Cover3
401(k) Specialist Issue 1 - 2023 - Cover4
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