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Business at a Glance as of 12/31/23
- Location: Wellesley, Massachusetts
- How many plan assets do you have under advisement? $1.2B
- What is your median plan size (in assets)? $5.5M
- How many plans do you have under administration? 232
- How many participants in total do you serve? 25,600
- Parent firm: Baystate Financial
PLANADVISER: How is your team unique/competitive in the marketplace?
Cleary: Our unwavering commitment to growth allows us to stand out in the marketplace for several compelling reasons. What began as a modest team of three has since burgeoned into a robust team of 27 members. This growth isn’t merely numerical; it reflects our steadfast dedication to nurturing talent within our ranks. We’ve invested substantial time, resources, and expertise into developing our team members, empowering them to evolve into highly skilled professionals who are equipped to navigate the complexities of the financial advisory landscape. At the heart of our team’s development lies our structured mentorship programs. These programs are meticulously crafted to provide comprehensive guidance, unwavering support, and invaluable hands-on experience to our newer team members. Examples include our very own SFP University, 1×1 training/coaching, a new director of our retirement department, shadowing opportunities, direct client interactions, and involvement in challenging projects.
We understand that staying ahead in the rapidly evolving financial advisory industry requires ongoing education, pursuit of certifications/designations, and active participation in skill-building initiatives. As members of the National Association of Plan Advisors, we recognize the importance of attending conferences, networking, and prioritizing opportunities for growth. We firmly believe in providing our team members with exposure to diverse facets of the financial advisory industry. We actively encourage team members to take on leadership roles, contribute innovative ideas, spearhead initiatives, and actively shape the direction of our team’s growth trajectory.
Ultimately, it is this holistic commitment to growth, learning, and empowerment that truly sets us apart in the marketplace.
PLANADVISER: How do you grow your business? What changes to your practice or service model are you planning for 2024?
Cleary: Looking ahead to 2024, we’re not only committed to providing exceptional service to our clients, but we’re also focused on strategic growth initiatives to expand our reach and impact. Our core value remains unchanged – our steadfast dedication to our clients’ satisfaction. We prioritize personalized support and direct access to our dedicated relationship managers for any employer queries or assistance.
We’re always exploring avenues for revenue diversification. In 2023 we launched The RMS EasyPlan, a pooled employer plan exclusive to Mass Mutual Advisors. We will continue to train more advisers about the importance of The RMS EasyPlan, while also launching a Pooled Employer Plan for 403(b) clients.
Another key aspect of our growth strategy is to capitalize on emerging opportunities within the market. Whether it’s tapping into underserved demographics or offering innovative solutions for evolving retirement needs, we’re constantly seeking ways to grow our client base and deepen our market penetration. By forging alliances with like-minded professionals, such as accountants, lawyers, other advisers within the Baystate space or human resource consultants, we can leverage each other’s strengths to deliver more comprehensive solutions to our clients.
Our growth strategy for 2024 revolves around capitalizing on market opportunities, diversifying revenue streams, forging strategic partnerships, embracing digital innovation, and fostering a culture of continuous improvement. By executing on these strategic priorities, we’re confident in our ability to not only grow our business but also deliver exceptional value to our clients in the years to come.
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.
Cleary: As a partner at SFP Wealth, I have the privilege of working closely with clients across both our private and corporate sectors. What sets us apart is our seamless integration of expertise from both divisions, enabling us to deliver comprehensive solutions that cater to the full spectrum of our clients’ financial needs.
Our collaborative approach ensures that every aspect of our clients’ financial well-being is expertly managed. Whether it’s coordinating executive compensation packages, optimizing retirement plans, or crafting individual wealth management strategies, we leverage the collective knowledge and experience of our team to provide tailored solutions that align with our clients’ goals and objectives.
By bringing together the specialized insights from our private wealth and corporate divisions, we offer a holistic perspective that takes into account both personal and professional financial considerations. This integrated approach allows us to address complex financial challenges and unlock opportunities for our clients, ultimately helping them achieve greater financial security and success.
At SFP Wealth, we’re committed to building long-lasting relationships with our clients and serving as trusted advisers throughout their financial journey. By harnessing the synergy between our private and corporate sectors, we stand ready to guide our clients towards a brighter financial future.
PLANADVISER: How does your firm incorporate mentorship into its practice to advance the next generation of plan advisers?
Cleary: At SFP Wealth, we’re committed to building long-lasting relationships with our clients and serving as trusted advisers throughout their financial journey. By harnessing the synergy between our private and corporate sectors, we stand ready to guide our clients towards a brighter financial future. When new advisers join us, they’re welcomed into what we call “Launch School.” It’s like their initiation into the world of financial advising, where they learn the ins and outs of sales, relationship building, prospecting, etc. But it’s more than just learning; it’s about diving into our company culture and getting the lay of the land.
Then we provide “SFP University.” Think of it as our ongoing education hub, where advisers can deep dive into specific topics within the industry. New advisers work alongside specialists, soaking up knowledge and getting real-world experience. Of course, our mentorship doesn’t stop there. We have regular team meetings with departments and partners. It’s a chance to check in, share insights, and address any questions or concerns. We want our advisers to feel supported every step of the way. Starting out in this industry can be overwhelming. That’s why we make sure our advisers know about all the resources available to them. Whether it’s specialist support, online tools, or professional development opportunities, we want them to feel confident and empowered to succeed. At the end of the day, mentorship is about more than just teaching skills; it’s about guiding our advisers on their journey, helping them grow and develop throughout their careers.
PLANADVISER: What advice can you give to industry peers about developing successful experiences for both mentors and mentees?
Cleary: As we navigate our careers, one thing we all come to realize is that mistakes are just part of the deal. They’re not something to shy away from – they’re valuable lessons that shape our journey and push us to grow. My advice? Embrace those mistakes. See them as stepping stones rather than stumbling blocks. Because trust me, they’re what ultimately propels us forward and makes us better at what we do. Another thing I’ve learned is the power of trusting your instincts. Sometimes, you just must go with your gut – it can lead to some pretty remarkable opportunities and insights that you might not have otherwise discovered. And let’s not forget about change. It’s constant, right? But instead of fearing it, why not embrace it? Because here’s the thing – change opens doors to new possibilities. It’s a catalyst for growth and innovation, and when we lean into it, amazing things can happen.
When it comes to building out teams, I truly believe that trust and compatibility are key. Surrounding yourself with people who share your vision, work ethic, and values is essential. Let’s embrace mistakes, trust our instincts, welcome change, and build teams based on trust and compatibility. Because when we do, we set ourselves up for success – both as mentors and as mentees.