Thank you to those that were able to make it for the discussion on December 20th. We had a good group.
Discussion Recap
- 401k Best Practices – Philip Steel (psteele@ceritypartners.com) from Cerity Partners.
- Fiduciary liability – personal assets of trustees are exposed, advisor should be taking on the 3(38) liability
- Growing plans, cost less in expenses
- 5500’s make your data publicly available for all to see (including litigators)
- Secure Act 2.0
- Revenue sharing present in approximately 80% of plans (non-transparent form of compensation, should remove if possible)
- 50 basis points of expense starts to draw the ire of litigators, but most plans are closer to 05 to 15 basis points in cost
- Shop the recordkeeper every 3 years to keep them honest, costs have significantly decreased in recent years due to increased competition and increased asset/plan size
- Auditors only audit the arithmetic, not the fees and the expense structures
- Investment mix
- Fleet management
- Lease vs buy
- Company car vs auto allowance – including administration and philosophy
- Maintenance and how budgeting is conducted
- Insurance/risk for each
- Use of cameras and GPS – most carriers have partner programs to offer discounts on certain systems
Discussion topics for next meeting – February 21, 2024
- ERP Functionality (CU, Trackabout, etc.)
- Credit Cards
- Settlement fees
- Managing customer payments
- A/R – encourage or not
- A/P
- Bonus – Fraud and accounting, positive pay
Additional note
- Future meeting – April 10, 2024, Topics TBD
Tony Hopkins
Tony has also realized that talking a good game is not enough. The true mark of a professional is execution. Horton achieves this through a process which consistently delivers on promises made and holding themselves accountable. “Once a plan is established, we are committed to plan execution. Our team functions as an extension of our clients operations; we are just as invested in their success as our own – their goals are our goals,” says Tony.
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