401(k) Specialist Issue 3 - 2018 - 17

401(k) ADVISOR VOICE
Bringing Back Balance-One 401(k) Advisor's
Time Management Tightrope
By Ross Marino
A GUY NAMED Tony Powers has gotta be an
elite advisor-his name just screams success,
like Richie Rich or Todd Awesomeness.
The 36-year-old Powers manages more
than 90 plans with KerberRose Wealth
Management, and acts as a small business
owner's " 401(k) HR manager, " an area of
competitive differentiation that's working
very well.
" I focus on businesses with 25 to 50 employees
with $1 to $3 million in assets, " he
explains. " We do all one-on-one enrollment
meetings with either myself or my partner.
My clients are so busy running their businesses
that they don't have time to even inquire
about what they need to know to run
a plan, let alone run the plan prudently. "
Interestingly, he offers both 3(21) and
3(38), and clients must choose one. He
doesn't charge more for 3(38) services
because it saves him time and helps him be
more efficient.
" We serve as 3(21) or 3(38) on 99 percent
of our plans, and we provide fiduciary
education, training and (along with my
CFP partner) financial planning. We don't
charge separately for education and
financial planning, as we're hoping to get
rollovers down the road, and some revenue
generation from outside assets, insurance
products, etc. "
His passion for helping comes from his
background, one that's hardscrabble at
that.
" I come from a divorced family so the single
biggest impact was coming downstairs
one night to find my mom crying because
the washer broke down, " he relates. " She
wasn't sure where she would come up with
the money to fix it. I didn't realize it at the
time, but looking back, it's a big reason why
I do what I do today. "
the numbers and the different metrics he
uses. It is also a little humbling to have
someone go through your practice and
point out all the things you could improve,
implement or eliminate, but it's something I
would recommend to any advisor. "
In January 2016, he merged with KerberRoss
Marino, 401(k) Rekon | Excel 401(K)
" MY CLIENTS ARE SO BUSY
RUNNING THEIR BUSINESSES
THAT THEY DON'T HAVE TIME
TO EVEN INQUIRE ABOUT
WHAT THEY NEED TO KNOW
TO RUN A PLAN, LET ALONE
RUN THE PLAN PRUDENTLY. "
Which is why spending time with his four
daughters is so important; but like many
401(k) advisors, it's an area in which he
could do better.
Powers typically spends a minimum of
10 hours a day in the office Monday through
Friday, and he works most weekends " in
some capacity. " Blocking out days from
the office to do more with family is a 2018
goal, and he realized he needed help, so
he recently hired Chuck Hammond of The
401(k) Study Group as a coach.
" So far it's been an eye-opening experience
to see how he goes about analyzing
Rose, an independent RIA, and took over as
president. The firm is partially owned by a
CPA firm, so he spends his networking time
with the CPAs, attending events they host
with attorneys, bankers and other centers
of influence.
He's also part owner of a golf course (!),
so he meets business owners at events that
take place on the course.
So, if he had to do anything over again,
what would it be?
" I don't think there is a lot I could have
done differently, " he notes. " I came into
the business right out of college, so the
retirement plan space was the one area I
could show competence in DOL and IRS
regulations and get employers' trust. There
weren't a whole lot of 50-somethings lining
up to give a 22-year-old kid their retirement
savings on the individual side. "
That said, until recently he didn't realize
the impact he could make by delivering
employee education and financial wellness.
As
for the leadership qualities and skillsets
he feels are essential for advisors?
" I think it all boils down to competence
and trustworthiness. If people know you
are competent, they trust you, and from
there, they will work with you. "
Ross Marino, CFP, CPFA, CeFT, contributing editor
to 401(k) Specialist, is the founder and CEO of
401(k) Rekon | Excel 401(k). He can be reached at
rmarino@rekonintel.com.
ISSUE 3 2018 | 401kSpecialist.com
17
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401(k) Specialist Issue 3 - 2018

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