Eric Lazzari

Key Questions CFOs Should Ask Before Acquiring a Company

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A Fiduciary Advisor's Perspective:

When businesses look to acquire another company, one area that often gets overlooked during the due diligence process is the target company’s retirement plans. However, from a fiduciary standpoint, failing to properly assess this area could expose your company to significant liabilities.

As a fiduciary advisor, one of our core responsibilities is to help businesses navigate this complex area of mergers and acquisitions (M&A). Whether the transaction is an asset sale or a stock sale, understanding the status and structure of the acquired company’s retirement plan is crucial. Below, we’ll explore the key questions CFOs should be asking, why these questions are so important, and how to make informed decisions before the deal closes.

1. Is the Acquired Company’s Current Plan Compliant with ERISA Regulations?

This is arguably the most important question a CFO should ask. The Employee Retirement Income Security Act (ERISA) establishes strict requirements for the administration of Corporate Retirement Plans. A target company’s failure to comply could result in significant penalties and even lawsuits.

As a fiduciary advisor, we would conduct a thorough compliance review of the acquired company’s plan, looking at:

  • Plan documents
  • Past audits
  • Regulatory filings
  • Any history of penalties or compliance issues

Discovering compliance issues post-transaction can lead to costly fixes, audits, or penalties. Identifying these risks early helps the acquiring company decide whether to terminate the plan, keep it separate, or merge it with their existing plan.

2. What is the Plan’s Design and Structure?

Every retirement plan is structured differently, so it’s essential to understand the acquired company’s plan design. How do their vesting schedules, matching contributions, and loan provisions compare to your current plan? More importantly, do these features align with your company’s overall benefits philosophy?

Understanding the acquired company’s plan design can help avoid future complications. For example, if their plan offers benefits that are significantly more generous than your current plan, employees could feel upset about losing those benefits if the plans are merged. Conversely, if their plan is less generous, there could be participation issues down the road.

Questions around plan design should also touch on:

  • Participation rates
  • Any unique plan provisions
  • Contribution levels from both employees and the employer

As advisors, we would look for any areas where the plan may be out of sync with your current plan or industry best practices.

3. What are the Funding Status and Investment Options?

Next, you’ll want to ask about the financial health of the acquired company’s retirement plan. Is it adequately funded, and are there any unfunded liabilities? Underfunded plans could leave the acquiring company with the burden of making up the shortfall, especially in stock sale situations where liabilities are inherited.

Another critical area is investment options. Does the target company offer a diverse, low-cost portfolio of investment choices? Are any of their funds underperforming or high cost? Merging your plan with one that offers inferior investment options could increase fiduciary risk.

As part of our role, we conduct an investment review to ensure that the plan’s options are appropriate and meet fiduciary standards. If the acquired plan’s investment lineup doesn’t pass our scrutiny, we’ll recommend steps for improvement or transitioning the plan into your current investment platform.

4. What Service Providers and Fees are Involved?

Retirement plan fees have become a significant area of scrutiny in recent years, with lawsuits and regulatory actions targeting high fees. Understanding who the acquired company uses for recordkeeping, advisory services, and custodial work—and how much they’re charging—is essential.

If the service providers are charging excessive fees, this could be a red flag. At the very least, these fees should be benchmarked against industry averages to ensure they are reasonable. Transitioning service providers can often come with penalties or disruption, so understanding those costs early can help you decide the best course of action.

As fiduciary advisors, we can assist in benchmarking fees and identifying areas where cost-saving measures can be applied without sacrificing the quality of service.

5. What Type of Transaction is It—Asset Sale or Stock Sale?

The type of sale—whether it’s an asset sale or a stock sale—will determine what happens to the acquired company’s retirement plan. In an asset sale, the buyer typically doesn’t assume responsibility for the seller’s plan. This often leads to the plan being terminated, and employees having the option to roll their assets into the buyer’s plan or an IRA.

In a stock sale, the buyer assumes both the assets and liabilities of the seller’s plan. This means the buyer could inherit any compliance issues, fiduciary breaches, or underfunded liabilities. In these cases, merging the plans or maintaining them separately becomes a crucial decision.

We work closely with CFOs to assess the risks of each scenario. If the transaction is an asset sale, we’ll guide you through the plan termination process, ensuring compliance and assisting with participant communications. In stock sale scenarios, we provide recommendations on whether to merge the plans or keep them separate, based on an in-depth risk assessment.

6. How Will Merging or Terminating the Plans Impact Employees?

The last key question is about the impact on employees. The acquired company’s employees may be accustomed to certain plan benefits that don’t align with your current retirement plan. Merging or terminating plans can create confusion or dissatisfaction among employees if not handled properly.

It’s essential to communicate clearly with employees about any changes to their existing plan. We help CFOs develop communication strategies that explain the benefits of any changes and ensure a smooth transition for all parties involved.

Conclusion

Acquiring another company involves more than just assessing their financials and operations. The company’s retirement plan represents a significant area of fiduciary risk if not carefully examined. By asking the right questions—and working with a knowledgeable fiduciary advisor—you can reduce liability, ensure compliance, and make decisions that benefit both your company and its employees.

If you’re in the process of acquiring a company and need help evaluating their retirement plan, reach out to us. We’ll help you conduct thorough due diligence and make informed decisions that align with your fiduciary responsibilities.

Have You Outgrown Your PEO?

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As a retirement plan advisor for small businesses, navigating the landscape of Professional Employer Organizations (PEO) can be both challenging and rewarding. While PEOs offer invaluable services for startups and growing businesses, there comes a time when your business might outgrow its PEO. Recognizing this milestone is crucial for your company’s evolution and can significantly impact your bottom line and employee benefits strategy.

Why Leave a PEO?

Perhaps, your journey with a PEO may have started because of the immediate benefits in HR management, employee benefits, payroll, and compliance support. PEOs offer the advantage of securing workers’ compensation insurance at lower costs and allowing small and mid-sized businesses to offer competitive benefits packages. However, as your business matures, pain points arise which might lead you to reconsider this relationship:

  • Cost Considerations: It can be difficult to assess the fees that you actually pay to a PEO for their services. Often times, the administrative cost paid to the PEO is significantly higher than the bundled cost to provide services. Comparing the cost to “rebuild” your PEO independently, you can often times find significant cost savings.
  • Desire for Control: As businesses expand, the need for customized HR and benefits solutions becomes apparent. Especially in competitive industries where competing for candidates is extremely difficult. PEO’s often times can’t keep up with benefits offered in the marketplace.
  • Vendor Selection: Partnering with a PEO means your choices for health benefits, workers’ compensation, and other services are often limited to the PEO’s selections. This results in poor vendor alignment and cost/benefit tradeoffs that limit choice and competitiveness.

Timing and Considerations for Exiting a PEO

Deciding to exit a PEO relationship requires careful planning and consideration of several key factors:

  • Tax Consequences: Exiting mid-year can potentially have tax implications, such as double-taxation on FICA and FUTA due to nontransferable employee wage bases.
  • Replacing Services: You will need to find alternatives for payroll, HR, compliance, and benefits administration. This might include hiring internal staff and partnering with new vendors.
  • Insurance and Benefits: Transitioning out of a PEO means securing your own workers’ compensation, health insurance, 401k and other benefits.
  • Timing is critical to make sure that all of your services are ready to go when you exit the PEO. Even one missing link can make an exit impossible and keep you in your contract for another year.

Assembling the Right Team

The good news is that experts can solve for all of these problems. Successfully transitioning away from a PEO requires assembling a team of experts to ensure a smooth changeover and continued compliance:

  • Payroll/HRIS Provider: An essential member of your transition team, a payroll/HRIS provider will ensure that your payroll and human resource information systems are seamlessly migrated and set up to support your company’s operations without interruption. The right provider will offer solutions that are scalable and customizable to your growing business needs, facilitating payroll processing, benefits administration, and compliance with labor laws.
  • Benefits Broker: An experienced broker can help you navigate the complexities of health insurance and other benefits to find the best fit for your company and employees.
  • Insurance Agents: For workers’ compensation and liability insurance, specialized agents can offer competitive options outside the PEO model.
  • Financial Advisor: A financial advisor can provide guidance on the tax implications of exiting a PEO and assist in restructuring your benefits and retirement plans to maintain or improve financial health.
  • HR Consultant: To fill the HR gap left by the PEO, an HR consultant can help establish internal HR functions tailored to your company’s specific needs.

Conclusion

Transitioning away from a PEO is a significant decision that impacts every aspect of your business, from financial planning to employee satisfaction. By carefully assessing the timing, preparing for the change, and assembling the right team of experts, you can ensure that this transition supports your company’s growth and long-term success. By embracing this change you can create a wealth of opportunity to create a custom benefits, HR and compliance strategy to help you compete for talent and add to your bottom line. 

For more information on how we’ve helped others in the past, click the link below. 

Retirement Impact named to NAPA Top DC Advisor Team 2023

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Retirement Impact named Top DC Advisor Team - 20223

The National Association of Plan Advisors recently announced their “Top DC Advisor Teams” for 2022 and named Retirement Impact, LLC a Top Advisor in the small team category.  

We are extremely proud to again be included in this exclusive list alongside some of the biggest and best retirement plan focused groups in the business. This is the third consecutive year that we have been included on this list since our founding in 2021.  

From the announcement:

Unlike other lists, this focuses on individual firms, or what may, in a wirehouse environment, be referred to as a team, or office, and the assets under advisement related to their defined contribution (DC) practice, specifically in a single physical location. The inaugural list was published in 2017.

 
“Since their inception, NAPA’s various industry lists represent the best of what the retirement plan industry has to offer, setting the bar higher for financial professionals and plan advisors specifically,” said John Sullivan, Chief Content Officer of the American Retirement Association, and Editor-in-Chief of NAPA-Net, the nation’s leading online resource for retirement plan advisors. “The NAPA Top DC Advisor Teams are ranked by self-reported DC assets under advisement and highlight the positive impact they’re making on the nation’s private retirement system.”


This year’s list features a record number of teams (452)—which oversees nearly $2 trillion in defined contribution plan assets belonging to more than 47,000 plans covering nearly 21 million participants. This year’s teams represented 43 states and the District of Columbia.

Click here to read the full announcement

Awards Disclosures

  • Established in 2017, nominees had to be individual advisor team/offices with a defined contribution book of business. To be considered, firms had to submit responses to an application form, including information about their practices, notably their defined contribution (DC) assets under advisement. The list is created and conducted by the National Association of Plan Advisors, an affiliate organization of the American Retirement Association, a non-profit association. No fee is charged to participate. The rating is not indicative of the nominee’s future performance.
  • In 2021 Approximately 340 submissions were received and 332 were selected.
  • In 2022, 438 applications were submitted and 430 were on the final list. 
  • In 2023, 452 applications were submitted and 452 were on the final list. 
  • Awards earned while at Baystate Fiduciary Advisors
  • Criteria on which the rating was based:
    • NAPA Top DC Advisor Firms, ranked by DC assets under advisement.
  • How was the category was calculated/determined:
    • Survey respondents had to have in excess of $100 million in AUA at end of 2016
    • 293 teams that completed the survey met the above criteria
  • Number of advisors surveyed:
    • 293 surveys were received
  • Percentage of advisors that received the rating:
    • 100%
  • Disclosure:
    • This recognition is not indicative of investment adviser’s future performance
  • Who created/conducted the survey:
    • NAPA (National Associated of Plan Advisors)
  • Was any fee paid to participate in the survey:
    • No
  • Awards earned while at Baystate Fiduciary Advisors
  • Criteria on which the rating was based:
    • The “PLANADVISER Top 100 Retirement Plan Advisers” list is compiled from responses to the PLANADVISER Retirement Plan Adviser Survey. The list is drawn solely from a set of quantitative variables and information in the survey supplied by the advisers themselves. For an adviser to be eligible for recognition in this year’s Top 100, he had to submit a completed entry to our 2015 Retirement Plan Adviser Survey, which was fielded this past September. A sub-segment of the questions was used to determine eligibility for the Top 100.
    • Individuals needed to have more than 100 plans or more than $1 billion in retirement plan AUA; small teams had to advise more than $2 billion in retirement plan assets or more than 100 plans; large teams needed more than $3 billion in retirement plan AUA or more than 170 plans; and mega teams had to oversee more than $5 billion in retirement plan AUA or more than 250 plan clients.
  • How was the category was calculated/determined:
    • Advisers were segmented into four groups based on the number of advisers and number of total employees including support staff. Those figures assigned advisers into the following categories: individual adviser – meaning one adviser with support staff; small team – a group of 10 or fewer, comprising two or more advisers and support staff; large team – a group of 11 to 25 advisers and support staff; and mega teams – 26 or more team members.
  • Number of advisors surveyed:
    • In 2016, 27 teams qualified under the small team with < $2B in AUA
    • In 2019, 33 teams qualified under the small team with < $2B in AUA
  • Percentage of advisors that received the rating:
    • N/A
  • Disclosure:
    • This recognition is not indicative of investment adviser’s future performance
  • Who created/conducted the survey:
    • PlanAdviser Magazine
  • Was any fee paid to participate in the survey:
    • No

Established in 2015, nominations from the list were provided by NAPA Broker-Dealer/RIA Firm Partners. Nominees had to be women, had to be retirement plan advisors with their own book of business. Nominees were required to submit responses to an application comprised of a series of quantitative and qualitative questions about their experience, size and composition of their practice, awards and recognitions, and industry contributions, which were then reviewed by a panel of senior advisor industry experts, who, based on those criteria, and following a broker-check review, selected the top women advisors.

Within the group of top women advisors, those who were principals, owners or team captains of their organizations were designated as “Captains”, while those with less than 5 years of experience as a retirement plan advisor, “Rising Stars”.

In 2022 (2023 Award), we received nearly 515 nominations, 258 applications, from which 50 Captains, 50 All-Stars and 27 Rising Stars were chosen.

In 2021, we received nearly 500 nominations, 273 applications, from which 50 Captains, 50 All-Stars and 33 Rising Stars were chosen.

In 2020, we received 550 nominations, and considered 270. There were 50 Captains, 50 All-Stars, and 25 Rising Stars on the final list.

In 2019, we received 502 nominations, and considered 209. There were 50 Captains, 50 All-Stars, and 19 Rising Stars on the final list.

In 2018, we received just over 600 nominations, and considered 225. There were 50 Captains, 50 All-Stars, and 15 Rising Stars on the final list

In 2017, we received nearly 587 nominations, and considered 201. There were 50 Captains, 50 All-Stars, and 10 Rising Stars on the final list.

In 2016 we received 395 nominations, and considered 191. There were 50 Captains, 50 All-Stars, and 10 Rising stars

The list is created and conducted by the National Association of Plan Advisors, an affiliate organization of the American Retirement Association, a non-profit association. No fee is charged to participate. Th award is not indicative of the advisors’ performance.

  • Established in 2017, nominees had to be individual advisor team/offices with a defined contribution book of business. To be considered, firms had to submit responses to an application form, including information about their practices, notably their defined contribution (DC) assets under advisement. The list is created and conducted by the National Association of Plan Advisors, an affiliate organization of the American Retirement Association, a non-profit association. No fee is charged to participate. The rating is not indicative of the nominee’s future performance.
  • In 2021 Approximately 340 submissions were received and 332 were selected.
  • In 2022, 438 applications were submitted and 430 were on the final list. 
  • In 2023, 452 applications were submitted and 452 were on the final list. 
  • Awards earned while at Baystate Fiduciary Advisors
  • Criteria on which the rating was based:
    • NAPA Top DC Advisor Firms, ranked by DC assets under advisement.
  • How was the category was calculated/determined:
    • Survey respondents had to have in excess of $100 million in AUA at end of 2016
    • 293 teams that completed the survey met the above criteria
  • Number of advisors surveyed:
    • 293 surveys were received
  • Percentage of advisors that received the rating:
    • 100%
  • Disclosure:
    • This recognition is not indicative of investment adviser’s future performance
  • Who created/conducted the survey:
    • NAPA (National Associated of Plan Advisors)
  • Was any fee paid to participate in the survey:
    • No
  • Awards earned while at Baystate Fiduciary Advisors
  • Criteria on which the rating was based:
    • The “PLANADVISER Top 100 Retirement Plan Advisers” list is compiled from responses to the PLANADVISER Retirement Plan Adviser Survey. The list is drawn solely from a set of quantitative variables and information in the survey supplied by the advisers themselves. For an adviser to be eligible for recognition in this year’s Top 100, he had to submit a completed entry to our 2015 Retirement Plan Adviser Survey, which was fielded this past September. A sub-segment of the questions was used to determine eligibility for the Top 100.
    • Individuals needed to have more than 100 plans or more than $1 billion in retirement plan AUA; small teams had to advise more than $2 billion in retirement plan assets or more than 100 plans; large teams needed more than $3 billion in retirement plan AUA or more than 170 plans; and mega teams had to oversee more than $5 billion in retirement plan AUA or more than 250 plan clients.
  • How was the category was calculated/determined:
    • Advisers were segmented into four groups based on the number of advisers and number of total employees including support staff. Those figures assigned advisers into the following categories: individual adviser – meaning one adviser with support staff; small team – a group of 10 or fewer, comprising two or more advisers and support staff; large team – a group of 11 to 25 advisers and support staff; and mega teams – 26 or more team members.
  • Number of advisors surveyed:
    • In 2016, 27 teams qualified under the small team with < $2B in AUA
    • In 2019, 33 teams qualified under the small team with < $2B in AUA
  • Percentage of advisors that received the rating:
    • N/A
  • Disclosure:
    • This recognition is not indicative of investment adviser’s future performance
  • Who created/conducted the survey:
    • PlanAdviser Magazine
  • Was any fee paid to participate in the survey:
    • No

Established in 2015, nominations from the list were provided by NAPA Broker-Dealer/RIA Firm Partners. Nominees had to be women, had to be retirement plan advisors with their own book of business. Nominees were required to submit responses to an application comprised of a series of quantitative and qualitative questions about their experience, size and composition of their practice, awards and recognitions, and industry contributions, which were then reviewed by a panel of senior advisor industry experts, who, based on those criteria, and following a broker-check review, selected the top women advisors.

Within the group of top women advisors, those who were principals, owners or team captains of their organizations were designated as “Captains”, while those with less than 5 years of experience as a retirement plan advisor, “Rising Stars”.

In 2022 (2023 Award), we received nearly 515 nominations, 258 applications, from which 50 Captains, 50 All-Stars and 27 Rising Stars were chosen.

In 2021, we received nearly 500 nominations, 273 applications, from which 50 Captains, 50 All-Stars and 33 Rising Stars were chosen.

In 2020, we received 550 nominations, and considered 270. There were 50 Captains, 50 All-Stars, and 25 Rising Stars on the final list.

In 2019, we received 502 nominations, and considered 209. There were 50 Captains, 50 All-Stars, and 19 Rising Stars on the final list.

In 2018, we received just over 600 nominations, and considered 225. There were 50 Captains, 50 All-Stars, and 15 Rising Stars on the final list

In 2017, we received nearly 587 nominations, and considered 201. There were 50 Captains, 50 All-Stars, and 10 Rising Stars on the final list.

In 2016 we received 395 nominations, and considered 191. There were 50 Captains, 50 All-Stars, and 10 Rising stars

The list is created and conducted by the National Association of Plan Advisors, an affiliate organization of the American Retirement Association, a non-profit association. No fee is charged to participate. Th award is not indicative of the advisors’ performance.

2024 Trends in Retirement Plans

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As we step into 2024, the world of retirement planning continues to evolve. It’s a great time to look ahead and understand what will guide us in improving retirement outcomes for our clients and their participants. This year, we expect to see a mix of familiar trends from the Secure Act 2.0 and new focuses on personalization and financial wellness. Also, we’re keeping an eye on how the economy will influence our strategies, especially with the upcoming election and the Federal Reserve’s actions against inflation. Here are the major themes we are working on this year:

1. Secure Act Updates

Changes continue to be implemented with the passage of the Secure Act 2.0. Some changes were delayed such as the Roth Catch-up requirement which will take place after 2025, however, there are some mandatory and optional that we are focusing on.

Long Time Part Time Employees.

Employers will now be required to allow long-time part time employees to defer into their 401k if they have worked at least 500 hours of service in each of three consecutive 12 month periods and have attained age 21. That requirement is reduced to two consecutive 12 month periods for plan years after 2025. Additionally, for plan years after December 31, 2024, 403b’s will be required to adopt these new provisions.

Matching contributions on student loan payments

Starting this year, Retirement Plans may treat certain student loan payments as plan contributions for the purpose of match contributions. This provision may mean that employees who make qualified payments on student loans can receive a match even if they were not able to contribute to their plan.

Emergency savings accounts linked to retirement plans

Starting in 2024 the Secure Act 2.0 allows for plan participants to make pre-tax payments to a linked emergency savings account up to $2500 and withdraw up to $1000 without penalty. Providing access to participants to emergency savings when they need it and still save for retirement could help alleviate the anxiety of saving in a retirement plan for lower income workers.

The Secure Act has many other provisions being implemented in 2024 as well. It is important that you discuss with your Administrator to ensure compliance.

2. Personalization

A key area of improvement in the defined contribution space is the increase in levels of personalization at the participant level. By using key demographic information already known by the plan and information received directly from plan participants, 401k and 403b providers can create personalized saving and investment plans for employees at scale. Our approach to personalization is to utilize a tiered approach depending on the level of engagement from plan participants.

Plan-level personalized reporting and engagement

Often times participants are disengaged or recordkeepers don’t have the necessary technological solutions for detailed personalized planning. When that happens, we are finding innovative ways to use readily available plan demographic data to create personalized reports. This strategy enables us to identify participants who need help, so we can proactively reach out to them.

Increased use of Managed Accounts for engaged participants

When participants are engaged and the recordkeeper has appropriate and cost-effective technology solutions, managed accounts can provide an advanced level of personalization for retirement savers. Managed accounts allow professional third-party management of a participants retirement account based on demographic data and input from engaged participants.

When utilizing managed accounts in a retirement plan it is essential to monitor the program to ensure that participants who are paying extra for the service receive additional value through personalization.

3. Focus on Financial Wellness

Technology improvements and engagement

In 2024, there’s a heightened focus on financial wellness within 401(k) and 403(b) plans. Technological solutions are playing a key role, offering sophisticated tools that provide a comprehensive view of an individual’s financial health, including retirement readiness. More providers are entering the market increasing engagement and reducing costs. These new tools are increasing engagement and helping participants create healthier relationships with their money.

Retirement Income hits the mainstream

There is a growing momentum for in-plan retirement income strategies. Plans are increasingly incorporating features that help participants transition their savings into a stable income stream for retirement, addressing concerns about outliving their resources. This shift underscores the evolving role of 401(k) plans from mere savings vehicles to comprehensive retirement planning tools.

As the retirement income market evolves, platforms and investment managers are creating innovative retirement income products at lower costs to benefit more participants.

4. Economic Disruption

The 401(k) landscape in 2024 is also navigating through economic disruptions. The influence of the Federal Presidential election is sure to be contentious and could potentially mean social and economic disruptions through the 2024 election season. 

Furthermore, the Federal Reserve’s efforts to achieve a ‘soft landing’ amidst economic uncertainty are crucial. The Fed’s monetary policies, aimed at stabilizing inflation while avoiding a recession, play a significant role in shaping the investment landscape. Participants and plan sponsors must stay vigilant, adapting their strategies to these evolving economic conditions to safeguard retirement assets.

Conclusion

The 401(k) and 403(b) landscape in 2024 presents both challenges and opportunities. Staying informed and adaptable is key to navigating this dynamic environment. Whether you’re a plan sponsor or a participant, understanding these trends is vital for making strategic decisions that secure a comfortable retirement.

3 Essential Traits to Look for in Your 401k Plan Advisor

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Navigating the labyrinth of corporate retirement plan regulations isn’t for the faint of heart, and that’s precisely where a knowledgeable 401k plan advisor comes into play. As HR managers and corporate executives, entrusting your company’s retirement plan to the right person is a responsibility you can’t afford to take lightly. But how do you distinguish a top-tier advisor from an average one? Look for these three crucial traits: fiduciary responsibility, robust governance, and absolute transparency.

The Importance of Fiduciary Responsibility in Your 401k Plan Advisor

One of the most essential characteristics of a proficient 401k plan advisor is their commitment to fiduciary duty. As a fiduciary, an advisor has the legal and ethical obligation to act in your Plan’s best interests. This critical responsibility goes beyond providing sound financial advice – it means putting the participant’s needs above everything else, even their own personal interests.


The best advisors prioritize their fiduciary duty, continually proving their worth through actions, not just words. Remember, a fiduciary duty isn’t something to be taken lightly – it’s a vital factor that protects your employees’ hard-earned retirement savings from potential mishandling.

Why Robust Governance is Critical for your plan.

Next, strong governance structures are crucial for the efficient management of your company’s 401k plan. Advisors with an effective governance strategy will work closely with you to design a plan that aligns with your organization’s vision and values. A robust governance structure ensures that your retirement plan is managed in a manner that minimizes risks, maintains compliance with regulations, and delivers the desired outcomes for your employees.


An excellent advisor will guide you through the creation and implementation of effective policies and procedures. They’ll also play an active role in educating your staff about the plan, fostering an environment where retirement planning is a shared and understood responsibility.

Transparency: The Foundation of Trust in a 401k Plan Advisor Relationship

Transparency is the cornerstone of any successful advisor-client relationship. A transparent advisor will ensure that you’re never left in the dark about any aspect of your 401k or 403b plan. This includes providing clear information about investment strategies, fee structures, and potential conflicts of interest.


Transparency breeds trust, and trust is essential when dealing with something as critical as your employees’ future. An advisor who places a premium on transparency demonstrates their dedication to avoiding conflicts of interest and nurturing a transparent relationship with your organization.

Taking the Next Steps

Choosing an appropriate 401k plan advisor is a decision that carries far-reaching implications for your company and its employees. That’s why it’s crucial to pick an advisor with fiduciary responsibility, robust governance, and unwavering transparency.


Now that you’re aware of what to look for, the next step is a review of your current plan. Whether you’re on the hunt for a new advisor or just want to ensure your current one is up to par, we’re here to help. Reach out today to schedule a review of your plan with us. Together, we can ensure that your employees’ retirement futures are in the right hands.

Retirement Impact named to NAPA Top DC Advisor Team 2022

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Retirement Impact named Top DC Advisor Team - 2022

The National Association of Plan Advisors recently announced their “Top DC Advisor Teams” for 2022 and named Retirement Impact, LLC a Top Advisor in the small team category.  

We are extremely proud to again be included in this exclusive list alongside some of the biggest and best retirement plan focused groups in the business. This validation in our first year in business shows us that we are on the right path and will continue to innovate and push for better retirement outcomes for our participants and fiduciaries in the future.  

From the announcement:

The NAPA Top DC Advisor Team list highlights the nation’s leading retirement plan advisor firms. Sure, we know it’s not just about the numbers – but the reality is that NAPA members are having a huge impact every single day, not just on the quality of retirement plan advice, but also in building a more financially secure retirement for millions of Americans. Unlike other lists, this focuses on teams, broadly defined as being in a single physical location, and having at least $100 million in DC assets under advisement. It is based on self-reported assets under advisement as of December 31, 2022, unless otherwise noted. We appreciate the commitment and hard work of the teams acknowledged – and are proud to have the opportunity to share it here.

Click here to read the full announcement

Awards Disclosures

  • Established in 2017, nominees had to be individual advisor team/offices with a defined contribution book of business. To be considered, firms had to submit responses to an application form, including information about their practices, notably their defined contribution (DC) assets under advisement. The list is created and conducted by the National Association of Plan Advisors, an affiliate organization of the American Retirement Association, a non-profit association. No fee is charged to participate. The rating is not indicative of the nominee’s future performance.
  • In 2021 Approximately 340 submissions were received and 332 were selected.
  • In 2022, 438 applications were submitted and 430 were on the final list. 
  • In 2023, 452 applications were submitted and 452 were on the final list. 
  • Awards earned while at Baystate Fiduciary Advisors
  • Criteria on which the rating was based:
    • NAPA Top DC Advisor Firms, ranked by DC assets under advisement.
  • How was the category was calculated/determined:
    • Survey respondents had to have in excess of $100 million in AUA at end of 2016
    • 293 teams that completed the survey met the above criteria
  • Number of advisors surveyed:
    • 293 surveys were received
  • Percentage of advisors that received the rating:
    • 100%
  • Disclosure:
    • This recognition is not indicative of investment adviser’s future performance
  • Who created/conducted the survey:
    • NAPA (National Associated of Plan Advisors)
  • Was any fee paid to participate in the survey:
    • No
  • Awards earned while at Baystate Fiduciary Advisors
  • Criteria on which the rating was based:
    • The “PLANADVISER Top 100 Retirement Plan Advisers” list is compiled from responses to the PLANADVISER Retirement Plan Adviser Survey. The list is drawn solely from a set of quantitative variables and information in the survey supplied by the advisers themselves. For an adviser to be eligible for recognition in this year’s Top 100, he had to submit a completed entry to our 2015 Retirement Plan Adviser Survey, which was fielded this past September. A sub-segment of the questions was used to determine eligibility for the Top 100.
    • Individuals needed to have more than 100 plans or more than $1 billion in retirement plan AUA; small teams had to advise more than $2 billion in retirement plan assets or more than 100 plans; large teams needed more than $3 billion in retirement plan AUA or more than 170 plans; and mega teams had to oversee more than $5 billion in retirement plan AUA or more than 250 plan clients.
  • How was the category was calculated/determined:
    • Advisers were segmented into four groups based on the number of advisers and number of total employees including support staff. Those figures assigned advisers into the following categories: individual adviser – meaning one adviser with support staff; small team – a group of 10 or fewer, comprising two or more advisers and support staff; large team – a group of 11 to 25 advisers and support staff; and mega teams – 26 or more team members.
  • Number of advisors surveyed:
    • In 2016, 27 teams qualified under the small team with < $2B in AUA
    • In 2019, 33 teams qualified under the small team with < $2B in AUA
  • Percentage of advisors that received the rating:
    • N/A
  • Disclosure:
    • This recognition is not indicative of investment adviser’s future performance
  • Who created/conducted the survey:
    • PlanAdviser Magazine
  • Was any fee paid to participate in the survey:
    • No

Established in 2015, nominations from the list were provided by NAPA Broker-Dealer/RIA Firm Partners. Nominees had to be women, had to be retirement plan advisors with their own book of business. Nominees were required to submit responses to an application comprised of a series of quantitative and qualitative questions about their experience, size and composition of their practice, awards and recognitions, and industry contributions, which were then reviewed by a panel of senior advisor industry experts, who, based on those criteria, and following a broker-check review, selected the top women advisors.

Within the group of top women advisors, those who were principals, owners or team captains of their organizations were designated as “Captains”, while those with less than 5 years of experience as a retirement plan advisor, “Rising Stars”.

In 2022 (2023 Award), we received nearly 515 nominations, 258 applications, from which 50 Captains, 50 All-Stars and 27 Rising Stars were chosen.

In 2021, we received nearly 500 nominations, 273 applications, from which 50 Captains, 50 All-Stars and 33 Rising Stars were chosen.

In 2020, we received 550 nominations, and considered 270. There were 50 Captains, 50 All-Stars, and 25 Rising Stars on the final list.

In 2019, we received 502 nominations, and considered 209. There were 50 Captains, 50 All-Stars, and 19 Rising Stars on the final list.

In 2018, we received just over 600 nominations, and considered 225. There were 50 Captains, 50 All-Stars, and 15 Rising Stars on the final list

In 2017, we received nearly 587 nominations, and considered 201. There were 50 Captains, 50 All-Stars, and 10 Rising Stars on the final list.

In 2016 we received 395 nominations, and considered 191. There were 50 Captains, 50 All-Stars, and 10 Rising stars

The list is created and conducted by the National Association of Plan Advisors, an affiliate organization of the American Retirement Association, a non-profit association. No fee is charged to participate. Th award is not indicative of the advisors’ performance.

  • Established in 2017, nominees had to be individual advisor team/offices with a defined contribution book of business. To be considered, firms had to submit responses to an application form, including information about their practices, notably their defined contribution (DC) assets under advisement. The list is created and conducted by the National Association of Plan Advisors, an affiliate organization of the American Retirement Association, a non-profit association. No fee is charged to participate. The rating is not indicative of the nominee’s future performance.
  • In 2021 Approximately 340 submissions were received and 332 were selected.
  • In 2022, 438 applications were submitted and 430 were on the final list. 
  • In 2023, 452 applications were submitted and 452 were on the final list. 
  • Awards earned while at Baystate Fiduciary Advisors
  • Criteria on which the rating was based:
    • NAPA Top DC Advisor Firms, ranked by DC assets under advisement.
  • How was the category was calculated/determined:
    • Survey respondents had to have in excess of $100 million in AUA at end of 2016
    • 293 teams that completed the survey met the above criteria
  • Number of advisors surveyed:
    • 293 surveys were received
  • Percentage of advisors that received the rating:
    • 100%
  • Disclosure:
    • This recognition is not indicative of investment adviser’s future performance
  • Who created/conducted the survey:
    • NAPA (National Associated of Plan Advisors)
  • Was any fee paid to participate in the survey:
    • No
  • Awards earned while at Baystate Fiduciary Advisors
  • Criteria on which the rating was based:
    • The “PLANADVISER Top 100 Retirement Plan Advisers” list is compiled from responses to the PLANADVISER Retirement Plan Adviser Survey. The list is drawn solely from a set of quantitative variables and information in the survey supplied by the advisers themselves. For an adviser to be eligible for recognition in this year’s Top 100, he had to submit a completed entry to our 2015 Retirement Plan Adviser Survey, which was fielded this past September. A sub-segment of the questions was used to determine eligibility for the Top 100.
    • Individuals needed to have more than 100 plans or more than $1 billion in retirement plan AUA; small teams had to advise more than $2 billion in retirement plan assets or more than 100 plans; large teams needed more than $3 billion in retirement plan AUA or more than 170 plans; and mega teams had to oversee more than $5 billion in retirement plan AUA or more than 250 plan clients.
  • How was the category was calculated/determined:
    • Advisers were segmented into four groups based on the number of advisers and number of total employees including support staff. Those figures assigned advisers into the following categories: individual adviser – meaning one adviser with support staff; small team – a group of 10 or fewer, comprising two or more advisers and support staff; large team – a group of 11 to 25 advisers and support staff; and mega teams – 26 or more team members.
  • Number of advisors surveyed:
    • In 2016, 27 teams qualified under the small team with < $2B in AUA
    • In 2019, 33 teams qualified under the small team with < $2B in AUA
  • Percentage of advisors that received the rating:
    • N/A
  • Disclosure:
    • This recognition is not indicative of investment adviser’s future performance
  • Who created/conducted the survey:
    • PlanAdviser Magazine
  • Was any fee paid to participate in the survey:
    • No

Established in 2015, nominations from the list were provided by NAPA Broker-Dealer/RIA Firm Partners. Nominees had to be women, had to be retirement plan advisors with their own book of business. Nominees were required to submit responses to an application comprised of a series of quantitative and qualitative questions about their experience, size and composition of their practice, awards and recognitions, and industry contributions, which were then reviewed by a panel of senior advisor industry experts, who, based on those criteria, and following a broker-check review, selected the top women advisors.

Within the group of top women advisors, those who were principals, owners or team captains of their organizations were designated as “Captains”, while those with less than 5 years of experience as a retirement plan advisor, “Rising Stars”.

In 2022 (2023 Award), we received nearly 515 nominations, 258 applications, from which 50 Captains, 50 All-Stars and 27 Rising Stars were chosen.

In 2021, we received nearly 500 nominations, 273 applications, from which 50 Captains, 50 All-Stars and 33 Rising Stars were chosen.

In 2020, we received 550 nominations, and considered 270. There were 50 Captains, 50 All-Stars, and 25 Rising Stars on the final list.

In 2019, we received 502 nominations, and considered 209. There were 50 Captains, 50 All-Stars, and 19 Rising Stars on the final list.

In 2018, we received just over 600 nominations, and considered 225. There were 50 Captains, 50 All-Stars, and 15 Rising Stars on the final list

In 2017, we received nearly 587 nominations, and considered 201. There were 50 Captains, 50 All-Stars, and 10 Rising Stars on the final list.

In 2016 we received 395 nominations, and considered 191. There were 50 Captains, 50 All-Stars, and 10 Rising stars

The list is created and conducted by the National Association of Plan Advisors, an affiliate organization of the American Retirement Association, a non-profit association. No fee is charged to participate. Th award is not indicative of the advisors’ performance.

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