L. Rita Fiumara
UBS Financial Services, Inc. (Chicago, Illinois)
Reported by PLANADVISER Staff
“I saw a real need for help,” she says, explaining that, as she spoke with other corporate clients, she realized that many of those administering the plans were human resources executives thrown into the plan sponsor role.
While her original 401(k) foray had been offering help with investments, she decided to market herself as a plan adviser, looking at the whole plan not just the investment lineup. It is an educational process, she explains, and she takes the time to understand the objectives and intention of each plan as she works with the plan committees on plan design. “It is about being a partner,” Fiumara says.
When she is brought into a plan, she first looks at the investments and gets the contract from the vendor for review. As part of her review process, she examines the plans for excess revenue that now can be rebated or set aside in an ERISA budget, or used to negotiate for lower-priced share classes. “My job is to make sure [plan sponsors] understand all those options,” she comments.
Her practice is not about volume, she says—she currently has about 33 plan clients—and, although she plans for some growth in 2010, Fiumara notes that she emphasizes measured growth, because “some plans require more attention” and she wants to ensure she is able to deliver on the service commitments she promises.