401(k) Specialist Issue 1 - 2023 - 27

PROFILES IN
PARTICIPANT
OUTCOMES
and getting it to where it needs to be, " he
said. " That's my ultimate goal. "
Bentley notes how he and his team are
largely selective in which plans they help-not
by lack of want or need but dependent on the
employer's desire to build a competitive and
successful 401(k). Like a participant's temperament
with retirement and savings, the plan
sponsor must first be open to growing the
plan for their employees. Bentley believes that
such dedication and involvement in growing
a 401(k) plan will ultimately branch to other
areas in the workforce, including employee
productivity and wellness.
" With a plan fiduciary, you're dealing
with the same person as the participant. If
they're not active in it, it's more than likely
you won't get anywhere with the plan, "
he explained. " You want someone who's
engaged, who wants to make a difference
with their employees and who cares about
their employees more than anything else.
I've seen too many business owners go and
set these things up, but they're only interested
in themselves. It's about the employees,
" I like the
challenge of
going in, helping
a plan, and
getting it to
where it
needs to be. "
- Carlo Bentley
so how do you find those people who can
really make a difference in their lives? "
With clients in multiple states, ranging
primarily from Texas to Louisiana and
Florida, Bentley first seeks out plans in need
of assistance by word-of-mouth. Some are
individual clients who also work as business
owners, and others will call him to ask
for help. From there, Bentley and the plan
sponsor will set up a meeting to have an
initial conversation, where Bentley can grasp
the plan's current state and its priorities.
Currently, Bentley manages 800 accounts
and five retirement plans, with about three
or four more currently in the pipeline.
Bentley works with the plan sponsor to
build a model of whatever specific objective
they're looking for. Meeting minutes
are documented each time he meets with a
plan sponsor, and he uses resources such as
FI360 and BrightScope for benchmarking
purposes at least annually or as frequently as
needed. " I like to think of this like a report
card on how well a company is doing vs. the
industry. Because the industry evolves over
time and we need to be able to measure and
adjust as those changes happen, " he said.
Since each plan is tailored based on
economic condition, cash flow, employee
count, plan size, and more, Bentley works
on one-, three-, and five-year goals with the
plan sponsors, in an effort to avoid surprises
in the future. Since Bentley's strategy uses a
top-down approach, he creates a list of highest
to lowest priorities and works down the list in
a select span of time, while always monitoring
the plan in the case new needs pop up.
Working with participants for top
goals
Ultimately, Bentley hopes to replace 80%
of a participant's active income with passive
income. When clients ask him about expectations
for retirement income, he asks them
to calculate the amount they would need
to live off in today's dollars. From there, he
adds an inflation factor of about 4% to 5%,
depending on when they plan to retire, to
eventually compute a thorough figure.
Across all the accounts and plans he
Carlo Bentley
works with; Bentley has seen a 10% improvement
on contribution rates compared
to last year, which he regards as a positive
sign considering the long-standing rumors
of a potential recession in 2023. " Even in
the inflation market where people are really
not wanting to increase their contribution
rates, they are still willing to go out and
increase if they're able to, " he said. " We're
seeing the foundations that need to be
formed for success down the road. "
ISSUE 1 2023 | 401kSpecialist.com
27
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401(k) Specialist Issue 1 - 2023

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