Intellicents’ Budd On Financial Planning As the Next Workplace Benefit

Brandon Budd, who this March was promoted to president of retirement services for intellicents investment solutions inc., says one of the firm’s key focus areas is holistic financial planning for retirement plan participants akin to any other voluntary workplace benefit.

“We’ve failed, as an industry, if you look at how many people are truly prepared for retirement,” Budd says, shortly after being named to his new position from a role as a financial consultant.

Getting employees to a secure retirement will take planning and saving correctly, but also addressing other issues such as tax management, budgeting and health care costs, he says. One way intellicents is doing that is through its ‘intellisteps’ financial health platform, which leverages participant data to target outreach related to financial planning.

Brandon Budd

“We think, and we’ve said this for a long time, the next-level voluntary benefit is financial planning,” he says. “That is a mission of ours, and that’s why we offer [it] at a discounted rate to our employers and their people that need it, because there are so many people who are looking for that additional support, and some of those individuals are unfortunately priced out.”

Another aspect of the strategy is having a “collaborative” relationship between the firm’s retirement plan advisement and wealth divisions. Unlike some firms that seem to separate the two divisions, Budd says intellicents’ retirement plan consultants and experts work with the plan sponsor, and certified financial planners work on participant-level education and guidance ranging from the 401(k) plan to Social Security, Medicare, tax planning, budgeting and other areas.

“We’re really trying to get deep and comprehensive on all of the other financial burdens and topics that every family and individual runs into on a daily basis,” he says.

‘Forever’ Company

Budd joined intellicents in 2018 after spending eight years working for national investment management and retirement plan providers American Century Investments, the Standard and TransAmerica.

In March, he took the role of head of retirement services from Grant Arends, the firm’s co-founder, who transitioned to president of intellicents investment solutions Inc., intellicents’ registered investment advisory. Arends started the firm with his brother, Brad Arends, who is CEO of both companies and a frequent commentator on retirement and financial planning.

Budd says his promotion is aligned with multiple other recent moves at the firm as it seeks to be a “forever” company with a long-term succession plan and an ongoing acquisition strategy.

In February, the firm promoted Mandie Scott from financial consultant to chief operating officer, leading the development and execution of business strategies and firm growth. In January, it expanded its wealth management team by adding True Wealth & Co., a Kansas City-area wealth management firm with $158 million in assets under management. Budd says intellicents will continue to look for acquisition opportunities that fit with its “culture and goals,” while also growing the business organically.

He also notes that the small plan and startup market is an area of focus for some of that growth, with SECURE 2.0 Act of 2022 incentives and mandates helping to drive demand. Offering the firm’s “more institutionalized, large-plan services efficiently in the small-plan marketspace” is an area of opportunity, he says.

The Overland Park, Kansas-based firm is overseeing more than $5.17 billion in retirement plan assets and about $844 million in individual client AUM, according to its 2024 Form ADV filing.

Data Key

For financial planning to become a benefit similar to retirement or health insurance, Budd says both access and intelligent use of participant data and information are crucial.

“All of these employees have access to this information on their recordkeeper sites,” he says. “But the last thing anyone wants to do when they get home from a busy day is hop onto their 401(k) site and spend some time. You have to push that to them and make it easy for them.”

Through collaboration with the plan sponsor, Budd says intellicents can put participant information to work to provide personalized outreach and education.

“What we’re talking about is a huge push on the worksite that offers true, holistic planning, true financial wellness … and personalized service down to the individual personal level,” he says. “Any type of program that we roll out is going to be easy, efficient and not take a lot of uplift. Otherwise, it’s not going to work.”