Financial Advisors: This is How to Make Your Life Better

The ability to offer 401(k) services is an important differentiator for financial advisors, but staying on top of the requirements involved with managing these plans can quickly become a full-time job. From changing federal regulations to client updates and requests, 401(k) plan management can occupy a significant chunk of the workday, leaving advisors with less time to focus on helping clients grow and protect their wealth. Hiring a third-party administrator is a solid choice for financial advisors who want to offer more services to their clients.

For more than two decades, FutureBenefits of America (FBA) has provided open architecture record keeping and administration for financial advisors who offer defined contribution retirement plans to their clients. Leveraging a state of the art system, FBA provides customized reporting systems for participants, plan sponsors, and investment advisors including over 25,000 mutual funds, actual Exchange Traded Funds (ETF), and managed portfolios.

This case study focuses on how FBA provides outstanding service and support to financial advisory clients.

The Backstory:

FBA client Vince Lombardo is an investment advisor with CPR Financial and Insurance Services, Inc., an independent registered investment advisory firm based in Frisco, TX. Mr. Lombardo partnered with FBA in 2011 after first being impressed with the services FBA provided for a financial advisory firm he worked with before coming to CPR Financial. A face-to-face meeting in Memphis, TN sealed the deal for FBA to begin providing services to CPR Financial.

The Goal:

Mr. Lombardo and CPR Financial wanted to expand the company’s 401(k) client base. In order to do this, they needed an open-architecture recordkeeping and administration firm to manage the details of each individual plan. They wanted an easy way to talk to clients about their plans, as well as a platform that offered daily access that could ultimately be transitioned to their clients. Based on previous experience, Mr. Lombardo understood that FBA’s technology was fast and user-friendly. As CPR Financial continued to expand, they needed the personal attention, transparency, and automated technology services that FBA provides to keep their business running smoothly.

The Results:

In the years following, CPR Financial has experienced significant growth, specifically in the area of individual 401(k) plans. FBA has been there every step of the way to shoulder the heavy lift of the recordkeeping required to maintain this growth. Their customized platform is easy for both CPR Financial and its clients to access and eliminates the confusion that often comes with other technically complicated services. Mr. Lombardo reports that he can walk his clients through the process over the phone and changes are straightforward. The one-to-one customer support FBA provides anytime a question may arise is a key differentiator when compared to larger firms that provide similar services. Having the ability to pick up the phone and get a live person to answer questions is a priceless benefit.

The Future:

Financial advisors trust FutureBenefits of America to keep them informed and manage the details of their clients’ 401(k) plans, freeing up more of their time to go above and beyond in serving their clients. As CPR Financial looks to the future, they will continue depending on the quick response and personal attention FBA provides for their financial advisor clients. Ease of use and access to knowledgeable experts makes FBA the clear choice for financial advisors in need of third-party administration for defined contribution retirement plans.