Gregg Andonian

Gregg Andonian is a one-man shop who has learned the meaning of the words “strategic partnership.” These days, Andonian has four major partners who provide the support to meet the needs of his clients. His affiliation with National Retirement Partners gives him access to resources he wouldn’t have under normal circumstances, such as his Web site. He has a sister organization, Baystate Benefits Services, that provides access to administrative support when needed. He has a relationship with Rhode Island-based third-party administrator Angell Pension Group, and another with the Center for Fiduciary Studies/fi360 for fund analytics.

Andonian says he works under a model that is very high touch. He currently has 20 clients, and will bring on no more than three clients per year. He charges a flat dollar retainer fee for his services, but leaves it up to the discretion of the plan sponsor whether that is paid directly, from participant accounts, or via revenue-sharing with fund companies.

Baystate Fiduciary Advisors, Inc. was born after Andonian’s 10-year career at AXA, with a focus on the 401(k) business. He was tired of the travel required in his last position there, as SVP of distribution, he explains—and the time away from his family. So, in 2003, he put up his shingle. In hindsight, he says, he probably would have taken a little more time to “stash away’ the needed start-up funds, but he decided just to “go for it.”

Ultimately, he says, it was a question whether he wanted to work for the company or have the company work for him.