For Advisors Who Specialize in Retirement Plan Consulting, Not All Firms Are Created Equal

For more than 30 years, Rick Tasker GFS®, AIF®, Managing Director and Principal at Robertson Stephens, has been singularly dedicated to helping ensure his clients achieve their retirement goals. That focus on retirement plan consulting meant he had some rather specific requirements when he decided to sell his consulting practice and began researching firms to partner with. The firm he chose needed to provide the right mix of advanced technology, digital marketing know-how, robust compliance capabilities, and most importantly, the right culture, combined with a deep appreciation and understanding of the nuances of retirement plan consulting. He found that with Robertson Stephens.

We recently sat down with Rick to learn more about his decision-making process, what advisors like him who focus on retirement plan consulting should look for in their next firm, and why Robertson Stephens was the right choice for him.

Rick, for many clients, their retirement savings plan, like their 401k, represents the bulk of their assets. How do you approach working with those employers and clients to provide peace of mind that their retirement planning is in good hands?
In our business, we serve two clients: the employer and the employees. While each has different needs and goals, the ultimate end game is to build a retirement nest egg for the employees.

For the employer, it’s about helping them oversee the operation and management of their retirement plan. We aim to mitigate risk, given that they are fiduciaries to the plan and are liable for its operation. We want to guide them in sponsoring a plan that best suits the needs of their employees. We monitor plan investments and fees, keep the employer updated on industry trends, regulations, and legislation, work with the other service providers, and provide fiduciary training.    

For employees, it begins with retirement planning. We want to ensure they have the tools and assistance they need to build wealth for a secure retirement. Along the way, they may require financial planning, estate planning, tax planning, and help with investment management. We offer assistance on where and how they can obtain those services.   

In summary, we closely monitor the fiduciary liability of the retirement plans our clients sponsor, ensuring that plan participants can build the wealth they’ll need for retirement. That is a steadfast and ongoing commitment we make to our clients.

When you were researching a new firm to partner with a few years back, what specifically were you looking for?
At the time, I had been running a successful retirement plan consulting business for 25 years. But like many advisors, I had reached the point where to further my growth trajectory, I knew I needed to partner with a firm that could provide robust compliance oversight, sophisticated technology resources, and a bigger team that I could lean on. That said, what was most important was culture. None of the other capabilities a firm has to offer amount to much without the right culture. To me, that means having a meaningful say in how I’m allowed to build my business, as well as a voice in the overall direction of the firm. I wanted to have a “seat at the table” and share my hard-won expertise over the last three decades. So, I diligently sought out a firm that respected and valued everything I had to offer, which I found in Robertson Stephens. I was looking for a firm that would provide long-term support. I wasn’t looking to sell my practice to move on.

Are there specific capabilities related to retirement plan consulting that you were looking for and that you would advise other advisors to seek out?
First, every advisor knows their strengths and weaknesses. For me, compliance, investment assistance, financial and tax planning, and a robust marketing team supported my needs, saving me time, energy, and money.

How does Robertson Stephens enable you to best meet your clients’ needs, as well as your own?
Robertson Stephens is built from the ground up to help advisors like me be successful. We are a firm of advisory teams, many of which specialize in specific services, located throughout the country. All the resources and capabilities an advisor needs are at your fingertips. It’s also wonderful to be part of a culture where advisors truly rely on and leverage each other’s expertise. There is no silly internal competition that often exists at other firms. It truly is a collaborative culture, where we all work toward the same goals.

Financial planning, estate planning, investment due diligence, and investment management capabilities enable me to serve my clients more effectively and pave the way for growth. 

Four years after joining Robertson Stephens, I can emphatically say I have not been disappointed. It has been wonderful to see Robertson Stephens grow, and I’m proud to have contributed to their success.

What should advisors like you be aware of when researching potential firms to avoid a cultural mismatch or ending up without the resources to serve clients as they expect and deserve to be treated?
Your expectations must be aligned with what the firm is willing to deliver. For example, if you expect to have a meaningful say in steering the direction of the business, you need to have confidence that it will actually happen and not just “lip service” during the interview process. Ask pointed questions of leadership and have a serious discussion with the firm's advisors. You need to feel confident that the firm you are researching will “walk the talk” when it comes to supporting your book of business. The more questions you ask, the better. If there is any reluctance or hesitation to answer among those you speak with, judge that as a red flag. Ultimately, you must listen to your “gut,” but asking the right people the right questions can provide enormous confidence that you’re making the right decision.