April 19, 2024

2024 RPAY – Andrew Cleary, SFP Wealth

Reported by

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?

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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.

April 12, 2024

2024 RPAY – Jason Stephen Jeskey, HUB International

Reported by

Business at a Glance as of 12/31/23

  • Location: San Clemente, California
  • How many plan assets do you have under advisement? $4.5B
  • What is your median plan size (in assets)? $35M
  • How many plans do you have under administration? 174
  • How many participants in total do you serve? 80,000
  • Parent firm: HUB International

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

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Jeskey: I graduated law school in 2002. Following graduation, I worked for a large law firm in Washington, D.C. In 2006, I decided to return to school at Georgetown University School of Law to obtain my LLM in tax. During my studies, I discovered the world of employee benefits. I ended up graduating in 2008 with my LLM in taxation and a certificate in employee benefits.

Following graduation, I accepted a position as an employee benefits associate at a large law firm in Las Vegas. During my tenure there, I represented clients in all areas of employee benefit matters, including qualified and tax-exempt retirement plans, health and welfare benefits plans, fiduciary matters and labor and collective bargaining.

In 2011, I was recruited to join a large investment advisory firm as an investment adviser and ERISA consultant. This prospect was (and, in practice has been) very appealing to me, as it gives me the opportunity to partner with and counsel clients regarding best practices for administering retirement plans. Historically, as an attorney, I was only engaged after an issue was present and/or critical. As an adviser/consultant, I can work with my clients to prepare for and avoid such conflicts and issues.


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

Jeskey: Our team includes an ERISA attorney, a former CFO/COO, a former CHRO and plan design specialists. We leverage our team’s diverse expertise and utilize a comprehensive, proven process to identify plan issues, opportunities and blind spots.

As an ERISA attorney, I have significant experience in handling mergers, acquisitions, spin-offs, DOL/IRS audits and corrections of operational failures. I have experience working with plans of all sizes, from startups to plans with $4 billion in assets.

Our team strives to provide employers and employees with the best experiences and options that seek to achieve retirement readiness. Our experience supporting retirement plan clients has given us a wide breadth of knowledge covering all aspects of plan operations, including managing plan conversions, changing service providers, selecting and monitoring investments, vendor benchmarking, fee analysis, monitoring plan overall health and employee engagement. Combining our expertise and passion in retirement services with a client’s specific objectives allows us to design a workplace retirement program that meets the client’s business needs and helps employees replace their paycheck during their longest period of unemployment (retirement).


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

Jeskey: A challenge for all our clients, especially since March 2020 and COVID-19, is attracting and retaining qualified candidates. To address this challenge, many companies have been looking for innovative ways to improve the overall benefits package for employees. Although the options within a qualified plan are limited, we have been exploring various plan design elements with our clients. A few design elements that we have proposed to and discussed with clients include:

  1. Reducing or eliminating administrative fees. In order to reduce costs and improve savings, some plan sponsors have considered covering the recordkeeping/administrative cost for employees;
  2. Adopting new comparability nonelective contributions. Another design feature that has been popular with organizations is adopting a tiered contribution formula based on age, years of service, etc. This allows the organization to incentivize and compensate employees for years of loyal service with the organization;
  3. Implementing mega-backdoor Roth. Many clients have been discussing and implementing a mega backdoor Roth design, allowing participants to defer additional after-tax contributions to the plan and then immediately convert those contributions to Roth so that the contributions grow tax-free; and
  4. Implementing an NQDC. In addition, many corporations are considering and/or implementing nonqualified deferred compensation plans to attract and retain key personnel.

PLANADVISER: Please tell us about an important issue that your 403(b) plan sponsor clients face and what actions you have taken to assist them in overcoming those issues.

Jeskey: An important issue that our 403(b) clients have been facing is the attraction and retention of qualified candidates. Although this is a challenge for most organizations, it is especially tedious for nonprofit organizations, given the fact that salary levels associated with working for a nonprofit organization are typically not competitive with those offered by many for-profit companies. This disparity is further exacerbated in a high-cost-of-living area like Southern California.

To address this issue, we have been working with our clients to determine ways to improve the overall benefits package without necessarily increasing salaries. A few of the options that we have explored:

  1. Adopting new comparability nonelective contributions. This nonelective contribution could be tiered so that it increases based on a participant’s tenure with the organization. This type of contribution formula, when paired with a vesting schedule, can incentivize employees to remain with the organization;
  2. Adopting a 457(b) plan. The 457(b) could be simply for participant contributions and allow those participants to defer an additional $23,000 of tax deferred contributions. Alternatively, the organization could offer a match or contribution to the plan that would be allocated only to those eligible for the 457(b) (a way to “discriminate” in favor of key employees); and
  3. Adopting a 457(f) plan. With a 457(f), the organization could use “golden handcuffs” to incentivize key personnel to remain with the organization. The 457(f) could include various employer contributions that could be subject to a rolling vesting schedule.

PLANADVISER: How did you get started advising 403(b) plan sponsors? What advice would you give other advisers wanting to enter this market?

Jeskey: As an employee benefits associate, I had significant experience in drafting all forms of retirement plans, including 401(k), 403(b), 401(a), 457(b), 457(f), etc. As such, I was very familiar with the nuances associated with the operation and administration of 403(b) plans when I joined the investment advisory firm. This experience made me well-suited for partnering with and counseling our nonprofit clients.

Further, as an attorney, I worked with all types of clients (for profit, nonprofit, governmental, etc.). This exposure and experience provided me with insight into the similarities and, more importantly, the differences associated with various types of organizations. As with any relationship, it is extremely important to understand the purpose and motivation of our partners. 403(b) plan sponsors typically have unique and altruistic motivations and, as such, face unique challenges. I have found that understanding and accounting for these motivations and challenges is key to building a long and beneficial relationship with these clients.

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