A partnership between Boston Wealth Management (BWM) and Marathon Retirement & Pension Consulting (Marathon RPC) brings joint assets to more than $500 million.
The Massachusetts-based independent wealth advisory firms
say the merger will result in improved services for small- and mid-sized retirement plans. The partnership will operate
under the Boston Wealth Management brand, providing investment advice to pension plans,
401(k) plans and high-net-worth individuals. The deal brings together two
industry professionals to lead the combined organization, Phillip Wong and Aaron Spelker, with decades of experience
in the retirement planning industry.
“This merger makes it possible for BWM to provide new and
enhanced services to our current and future clients in a way that few other
companies our size are capable of,” says Wong, owner and founder of BWM. “What
I am most proud of is our shared commitment to ensuring that every individual—whether they are in a pension fund, own a 401(k), or are managing their own
retirement—knows that they can live comfortably after they retire.”
Wong will continue as managing director of BWM, managing the firm’s investment portfolios and providing investment advice.
Spelker, founder of Marathon RPC, is named the head of BWM’s institutional
investment department, and will join the company’s investment committee to
assist in the investment construction, guidance, and philosophy of the firm.
“I am excited to join forces with BWM,” says Spelker. “This
partnership will allow BWM to better assist its clients by providing advisory
services for the entire retirement investment spectrum.”
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It wouldn’t be a new year without thinking about the things you’d like to change or improve. We asked retirement plan specialists about progress on their New Year’s resolutions.
Most in the business (83%) made some New Year’s resolution. Of those responding to our survey, 75% were advisers,
17% were consultants and 8% were third-party administrators.
Retirement plan specialists who made
a work-related New Year’s resolution are looking to expand their practice (53%)
or improve some aspect of the business (42%). Learning a new skill came in at
21%, and starting a new business line is of interest to a minority (5%).
Jason Chepenik, managing partner at
Chepenik Financial, wants his workforce to test-drive their own retirement. The firm’s
unusual resolution is to give employees a 40-hour sabbatical from work—with a proviso.
The time must be used for a specific bucket-list item that benefits the employee,
their community or the world. It is not a vacation, Chepenik tells PLANADVISER,
but an opportunity to take time to examine what life might be like in retirement. The goal is also to produce a book of experiences to share with clients. Chepenik’s own options range from
sculpting or serving as a welding apprentice or hiking the Appalachian trail.
Whatever the resolution, actions to fulfill them are
being taken across the industry. Some advisers are upgrading websites while others are onboarding newly hired heads of marketing
and sales. Still others are adding more people and starting/marketing a new business line.
One retirement plan specialist has begun taking the Accredited Asset Management
Specialist (AAMS) course; another is taking the Chartered Financial Analyst
(CFA) certification program. “Keeping pace with the industry constantly
requires new knowledge and skills,” the survey participant explained.
Ongoing strategies are at the core of
several respondents’ resolutions:
Weekly meeting with partner to
review actions taken;
Put goals in written business plan
and performance evaluation;
Creating a business plan and
working internally as a group;
Working with the team to develop
new programs to ensure the participants’ best interests are put first; and
Implementing a “12-week year” strategy
[based on the book by Brian Moran and Michael Lennington] and saying no to
distractions.
Improving some aspect of the business
means new marketing initiatives, for some. One firm hired a new head of
marketing and sales; another is executing a new marketing plan.
Asking
Clients
“We wanted diversity,” says Douglas
G. Prince, chief executive officer of ProCourse Fiduciary Advisors. Prince
tells PLANADVISER that the firm recently created a client advisory board that comprises
a chief executive officer, a chief financial officer, director of HR, director
of total rewards, and a chief operating officer. The board gave ProCourse a
number of ideas for resolutions this year. These included things like examining how and when clients wanted to receive communications; effectiveness of firm branding and what differentiates the firm; ideas on making the firm’s
reporting more useful; and ideas for better employee communication. “It is great
to get direct stakeholder feedback,” Prince says. “We resolve to repeat this
process again this year.”
How are the resolutions going? So
far, so good. One survey respondent has two new 401(k) plans. Another says that
sales are up 10% over the same period last year. “I have more prospects than I normally
would, and hopefully going to start closing more deals as a result,” says one
respondent.
“The rigorous study schedule, 300
hours needed from January to June, has kept me busy,” says the participant who
started the CFA certification. “The new information is immediately applicable
and flowing through to my practice—we’re further expanding our Code of Ethics
at this point.”
Other responses are:
Everyone is jazzed up over it;
Already receiving indications of
interest, proposal requests and meetings;
We have already begun seeing the new
business line pay off; and
We have been invited into a few new
opportunities through our CPA outreach.
Some resolved to keep work in perspective. J. Kevin Stophel, an adviser with
Kumquat, a wealth management firm, says his resolution is to keep work from hijacking and dominating his
life. “I have made integrating my family, health and non-financial interests
into my weekly schedule intentionally and not allocating those areas the
leftovers,” he says.
Thanks to everyone for answering! We'll ask for your opinion again soon.