Business at a Glance as of 12/31/23

• Location: Indianapolis, Indiana
• How many plan assets do you have under advisement? $899.7M
• What is your median plan size (in assets)? $5M
• How many plans do you have under administration? 160
• How many participants in total do you serve? 14,408
• Parent firm: HUB International

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

Baker: Our practice started in 1971, and I joined in 1993. While I have had the same job for these 30 years, advising plan sponsors and helping individuals make informed decisions about their retirement plans and their financial goals, a lot has changed in those 30 years.

I am very proud of the rich history of our firm. Our founders were visionary in the creation of a firm that could solve employers’ challenges in offering a retirement plan and working directly with employees to help them work toward achieving their goals. My father bought the practice in 1977 and had a deep passion for building relationships and serving clients with integrity. Through his leadership and mentorship, I learned the business and grew a deep passion for the relentless pursuit of excellence.

Our practice is focused on the client first. We have three critical components in which we serve our clients: 1. Retirement plan and investment fiduciary services; 2. Third-party administration services (ease of doing business); and 3. Education, private wealth and advising services.

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

Baker: Our multi-functional team structure allows us to operate a full-service firm under one roof, bridging the gap between all areas of retirement services. Rather than relying on a single adviser, every plan we serve is assigned a lead consultant, an employee education and advice specialist, a relationship manager and a compliance specialist. Our firm has an in-house TPA team that provides compliance and administration oversight. Collaboration between these teams helps us solve problems and address the specific needs of plan sponsors and employees.

A significant part of what we do as retirement plan advisers is helping Americans prepare for retirement. We see ourselves as an advocate. We do this in a multitude of ways, including education meetings, financial wellness webinars, a financial wellness website, community involvement, engaging in mentorship and volunteering at local nonprofits.

In the days before 401(k)s and automatic features, our firm recognized the potential of retirement savings vehicles to transform the financial security of workers and their families. We have an understanding of the progress that’s been made, but our experience proves there’s still much to be done to increase access and secure benefits for millions of Americans. This is why we work with employers of all sizes, charge a flat fee and remain independent and personalized so employers can rely on us as an advocate for their plan and employees. We also go the extra mile to reach overlooked businesses.

PLANADVISER: How do you grow your business? What changes to your practice or service model are you planning for 2024?

Baker: Our business has grown from our extensive commitment to serve our clients well and to focus on our core values of communication, integrity and relationships. Because of this, we are referred to businesses from our centers of influence. In 2022, we joined HUB International and expanded our capabilities and service offerings to our clients. The HUB relationship has allowed us to expand our reach to employers and has grown our client base.

In 2024 and beyond, we have big dreams. Our team is comprised of exceptionally talented individuals. We plan to grow our team. Our education and advice team provides incredibly invaluable resources to employees in our retirement plans. We believe expanding this team will allow us to reach more people and continue our quest toward improving retirement outcomes.

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.

Baker: Yes, since our founding in 1971, wealth and financial planning having been part of our core practice. I started my career working with small businesses and individuals and families on their financial goals and setting a plan. Clients working toward transforming their lives and meeting goals through this process is very rewarding.

Because of this foundation, our retirement consulting practice and education and advice have always been interlinked. All our clients receive a financial wellness program and access to personalized education and advice.

As the industry has changed over the years, we have continued to increase our services to clients. About 10 years ago, we recognized the need to expand our education and advice services by creating a team dedicated to this area. This team has grown over time, and we see future growth in this team as we believe it is critical to the success of each employee in the plans we service.

Our retirement plan consultants work alongside this education/advice team to create meaningful, personalized education for our clients. We are a team very much focused on collaboration and open, frequent communications.

Employees need access to advice and caring financial professionals to join the plan and continue to update their accounts to be successful for retirement.

PLANADVISER: Why do you feel that retirement plan advisers should get involved in the expansion of the DC retirement plan system to cover more employers and, in doing so, more employees?

Baker: Yes! Promoting access to retirement vehicles to help people retire is what our industry is about. It is what we do as plan advisers!

Providing access to high-quality retirement plans is a grand mission of ours, which is why we work with employers of all sizes. Recent industry research has shown that few small businesses offer retirement benefits. At CSi, we want to change that! To do so, we work with organizations of all sizes to promote retirement plan access through affordable offerings and showing the value versus the cost of the plan.

As advisers and an industry, it is imperative that we continue to look for ways to improve access, promote successful ways to save and keep the funds in accounts and available when employees most need them at retirement.

PLANADVISER: PLANADVISER: What are the biggest stumbling blocks to adding more tax-advantaged retirement savings opportunities in the workforce? What are you doing to try and overcome them?

Baker: Some of the biggest stumbling blocks from the employer perspective are costs relative to offering a plan, administrative burdens, fiduciary risks, lack of time and lack of understanding the benefits of retirement plans. Another stumbling block is that not all retirement plan advisory practices work with small employers and startup plans. These plans can be viewed as unprofitable and unattractive. We have a vision and business model to allow all companies to have access to a plan that is easy to operate, cost-effective and helps their employees to be successful. We have developed the tools, resources and programs to make this a reality.

Our industry has been so complex and vast in the 30 years that I have been an adviser. It is our role as advisers to make offering a retirement plan rewarding to companies and following the KISS concept (Keep it Simple). We need to break down complex rules, investments, share classes, pricing, savings strategies, etc., so they are digestible, and employers and employees will be able to take the needed action steps.

We are proud of the way we take on the heavy lifting for plan sponsors and HR departments. We are always asking, ‘How do we make this better and easier for the client?’ We try to reduce the barriers of administrative burdens, fiduciary risks and engagement with employees for our clients.

During initial interactions with business owners, we often hear that they believe their business is too small and offering a plan is too costly. We seek to clear up these misconceptions through education, promotion of tax credits and customizing plan features to fit that particular small business. After working with the business to create the right plan, our employee education and advice team goes above and beyond to connect with the employee populations. CSi advisers have put on hard hats to visit participants working on construction sites, hairnets to meet with factory workers and have even traveled into underground coal mines to meet with miners. Although the busy schedules and travel aren’t always easy, it’s worth it because it moves the needle toward closing the coverage gap. We believe all employees everywhere should have access to a retirement plan, including access to advice and caring advisers who will support them on their path toward achieving their retirement goals.