2024 RPAY – Kristi Baker, CSi Advisory Services, a division of HUB International

Business at a Glance as of 12/31/23

  • Location: Indianapolis, Indiana
  • How many plan assets do you have under advisement? $899.7M
  • What is your median plan size (in assets)? $5M
  • How many plans do you have under administration? 160
  • How many participants in total do you serve? 14,408
  • Parent firm: HUB International


PLANADVISER: Tell us about your practice and how you got into advising retirement plans.

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Baker: Our practice started in 1971, and I joined in 1993. While I have had the same job for these 30 years, advising plan sponsors and helping individuals make informed decisions about their retirement plans and their financial goals, a lot has changed in those 30 years.

I am very proud of the rich history of our firm. Our founders were visionary in the creation of a firm that could solve employers’ challenges in offering a retirement plan and working directly with employees to help them work toward achieving their goals. My father bought the practice in 1977 and had a deep passion for building relationships and serving clients with integrity. Through his leadership and mentorship, I learned the business and grew a deep passion for the relentless pursuit of excellence.

Our practice is focused on the client first. We have three critical components in which we serve our clients: 1. Retirement plan and investment fiduciary services; 2. Third-party administration services (ease of doing business); and 3. Education, private wealth and advising services.


PLANADVISER: How is your team unique/competitive in the marketplace?

Baker: Our multi-functional team structure allows us to operate a full-service firm under one roof, bridging the gap between all areas of retirement services. Rather than relying on a single adviser, every plan we serve is assigned a lead consultant, an employee education and advice specialist, a relationship manager and a compliance specialist. Our firm has an in-house TPA team that provides compliance and administration oversight. Collaboration between these teams helps us solve problems and address the specific needs of plan sponsors and employees.

A significant part of what we do as retirement plan advisers is helping Americans prepare for retirement. We see ourselves as an advocate. We do this in a multitude of ways, including education meetings, financial wellness webinars, a financial wellness website, community involvement, engaging in mentorship and volunteering at local nonprofits.

In the days before 401(k)s and automatic features, our firm recognized the potential of retirement savings vehicles to transform the financial security of workers and their families. We have an understanding of the progress that’s been made, but our experience proves there’s still much to be done to increase access and secure benefits for millions of Americans. This is why we work with employers of all sizes, charge a flat fee and remain independent and personalized so employers can rely on us as an advocate for their plan and employees. We also go the extra mile to reach overlooked businesses.


PLANADVISER: How do you grow your business? What changes to your practice or service model are you planning for 2024?

Baker: Our business has grown from our extensive commitment to serve our clients well and to focus on our core values of communication, integrity and relationships. Because of this, we are referred to businesses from our centers of influence. In 2022, we joined HUB International and expanded our capabilities and service offerings to our clients. The HUB relationship has allowed us to expand our reach to employers and has grown our client base.

In 2024 and beyond, we have big dreams. Our team is comprised of exceptionally talented individuals. We plan to grow our team. Our education and advice team provides incredibly invaluable resources to employees in our retirement plans. We believe expanding this team will allow us to reach more people and continue our quest toward improving retirement outcomes.


PLANADVISER: Are you connected to a wealth management division? If so, please explain how you work for them and your goals for coordination. If not, please explain whether you plan to be in the future, or not, and why.

Baker: Yes, since our founding in 1971, wealth and financial planning having been part of our core practice. I started my career working with small businesses and individuals and families on their financial goals and setting a plan. Clients working toward transforming their lives and meeting goals through this process is very rewarding.

Because of this foundation, our retirement consulting practice and education and advice have always been interlinked. All our clients receive a financial wellness program and access to personalized education and advice.

As the industry has changed over the years, we have continued to increase our services to clients. About 10 years ago, we recognized the need to expand our education and advice services by creating a team dedicated to this area. This team has grown over time, and we see future growth in this team as we believe it is critical to the success of each employee in the plans we service.

Our retirement plan consultants work alongside this education/advice team to create meaningful, personalized education for our clients. We are a team very much focused on collaboration and open, frequent communications.

Employees need access to advice and caring financial professionals to join the plan and continue to update their accounts to be successful for retirement.


PLANADVISER: Why do you feel that retirement plan advisers should get involved in the expansion of the DC retirement plan system to cover more employers and, in doing so, more employees?

Baker: Yes! Promoting access to retirement vehicles to help people retire is what our industry is about. It is what we do as plan advisers!

Providing access to high-quality retirement plans is a grand mission of ours, which is why we work with employers of all sizes. Recent industry research has shown that few small businesses offer retirement benefits. At CSi, we want to change that! To do so, we work with organizations of all sizes to promote retirement plan access through affordable offerings and showing the value versus the cost of the plan.

As advisers and an industry, it is imperative that we continue to look for ways to improve access, promote successful ways to save and keep the funds in accounts and available when employees most need them at retirement.


PLANADVISER: PLANADVISER: What are the biggest stumbling blocks to adding more tax-advantaged retirement savings opportunities in the workforce? What are you doing to try and overcome them?

Baker: Some of the biggest stumbling blocks from the employer perspective are costs relative to offering a plan, administrative burdens, fiduciary risks, lack of time and lack of understanding the benefits of retirement plans. Another stumbling block is that not all retirement plan advisory practices work with small employers and startup plans. These plans can be viewed as unprofitable and unattractive. We have a vision and business model to allow all companies to have access to a plan that is easy to operate, cost-effective and helps their employees to be successful. We have developed the tools, resources and programs to make this a reality.

Our industry has been so complex and vast in the 30 years that I have been an adviser. It is our role as advisers to make offering a retirement plan rewarding to companies and following the KISS concept (Keep it Simple). We need to break down complex rules, investments, share classes, pricing, savings strategies, etc., so they are digestible, and employers and employees will be able to take the needed action steps.

We are proud of the way we take on the heavy lifting for plan sponsors and HR departments. We are always asking, ‘How do we make this better and easier for the client?’ We try to reduce the barriers of administrative burdens, fiduciary risks and engagement with employees for our clients.

During initial interactions with business owners, we often hear that they believe their business is too small and offering a plan is too costly. We seek to clear up these misconceptions through education, promotion of tax credits and customizing plan features to fit that particular small business. After working with the business to create the right plan, our employee education and advice team goes above and beyond to connect with the employee populations. CSi advisers have put on hard hats to visit participants working on construction sites, hairnets to meet with factory workers and have even traveled into underground coal mines to meet with miners. Although the busy schedules and travel aren’t always easy, it’s worth it because it moves the needle toward closing the coverage gap. We believe all employees everywhere should have access to a retirement plan, including access to advice and caring advisers who will support them on their path toward achieving their retirement goals.

2024 RPAY – Joe DeBello, OneDigital

Business at a Glance as of 12/31/23

  • Location: Tampa, Florida
  • How many plan assets do you have under advisement? 2.6B
  • What is your median plan size (in assets)? $13.5M
  • How many plans do you have under administration? 93
  • How many participants in total do you serve? 42,000
  • Parent firm: CAPTRUST
    (Note: Debello was nominated as a finalist for his work with OneDigital.)


PLANADVISER: Tell us about your practice and how you got into advising retirement plans.

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DeBello: My journey into the financial industry began serendipitously with an internship during my time at Colgate University. That summer I gained valuable insight into the industry while working at an RIA/TPA combo practice. Following a brief stint in minor league hockey after college, I chose to embark on a career as a financial adviser. Guided by an early mentor’s advice to specialize, I fortuitously secured my first 401(k) plan within my initial year of advising, which sparked my passion for the problem-solving aspects of the field. My practice now predominantly serves mid-market businesses and their defined contribution plans across various industries including not-for-profit in the Southeast. I am continually drawn to plans with significant complexities arising from rapid growth through mergers and acquisitions, as well as significant plan design and administrative challenges.


PLANADVISER: PLANADVISER: How is your team unique/competitive in the marketplace?

DeBello: Early in my career, I realized the challenge of distinguishing oneself in a saturated market if the focus was solely on investments. Observing many competitors, I noticed a prevalent dependence on third-party partners for compliance, plan design and administrative guidance. In the highly commoditized investment management aspect of our business, I saw an opportunity to excel by becoming an expert in areas often avoided by financial advisers. This expertise enabled me to offer swift, superior and cost-effective solutions to HR departments, which frequently faced more administrative and technical issues than investment-related ones.


PLANADVISER: What challenges do you think the retirement plan industry faces, and what role do you have in addressing and confronting those challenges?

DeBello: The rapidly evolving technological landscape, including AI, presents challenges to various industries. However, our unique human ability to understand our clients and institutions on a personal and cultural level enables us to develop tailored strategies. These strategies not only address specific challenges faced by plan sponsors but also resonate with their organizational ethos. As technology continues to enhance efficiency in advisory practices, advisers who fail to offer value beyond investment reporting may face stiff competition from tech-based solutions. Our duty as advisers is to advance retirement readiness, support robust fiduciary governance practices and address the overall coverage gap in the US. By consistently addressing plan sponsors’ challenges, we solidify our role as irreplaceable trusted partners, offering value that technology alone cannot replicate.


PLANADVISER: Why do you feel it is important to work with plan sponsors and companies offering retirement benefits to their employees?

DeBello: I believe working with an adviser can absolutely help a plan sponsor operate their plan faster, better and cheaper. The tasks we as advisers handle, often out of sight and behind the scenes, ensure employers are offering best in class retirement benefits and empowering their people potential. In an environment burdened with many growing conflicts of interest, rising litigation threats and rampant employee financial stress, it has never been more important for an employer and its employees to have access to unbiased, independent fiduciary advice.


PLANADVISER: What are three of the most important issues your plan sponsor clients face with their retirement plans? What actions do you take to assist them in overcoming those issues?

Debello: Plan Design – Post covid many employers have taken a hard look at plan design either for financial reasons or due to the rapidly changing regulatory environment. The past couple years have been dominated by the Setting Every Community Up For Retirement Enhancement Act of 2019 and the SECURE 2.0 Act of 2022 questions and education. This has rightly put the spotlight back on plan design as employers now have many new tools to utilize.

Litigation Threats – ERISA related lawsuits continue to creep further and further down market and many employers are taking notice. By supporting the plan sponsor with regular fee benchmarking, reporting and documentation of all fiduciary decisions we as advisers help relieve some of this burden by creating and implementing prudent practices for committees.

Administrative Issues – As plans continue to grow in complexity (student loans, PLESA, Roth catch-up changes) plan sponsors are increasingly looking for guidance and best practices on how to properly administer their plans. Technology has helped relieve some of these burdens with tools such as payroll integration, but the sheer volume of data being transferred between organizations not only creates new and heightened cyber security issues but rapidly increasing administrative headaches. Having a trusted partner that not only provides a quick solution to challenges, but the right solution from a fiduciary standpoint is an area many plan sponsors have indicated they place a tremendous amount of value on.

*The selection of Joe DeBello was based on his work at OneDigital.

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