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Active investment management’s weekly magazine for fee-based advisors

Timothy Lay, CFEI, AIF • Sisters, OR
TPA Financial • Founders Financial Securities, LLC

Our firm works across a broad target audience of individuals and businesses, handling any number of financial needs. The initials of our firm, TPA, stand for Trusted Partners Alliance, and that represents our operating philosophy well—bringing high-quality resources together to help work on behalf of our clients.

Over the years, I have acquired a great deal of knowledge in the area of qualified retirement plans. In a previous position, I worked closely with third-party administrators in assessing compliance issues and fee structures for their business clients regarding their companies’ qualified retirement plans. I reviewed about 300 of those client plans and, at that time, about 25 were ready to make a transition. We were able to help those clients realize a very substantial reduction in fees for their plans, in the area of a 40%–50% savings.

Today, I focus a great deal of time and energy on the qualified plan market. I primarily work through centers of influence, such as CPAs, attorneys, third-party administrators, and insurance brokers, to help identify potential business owner prospects. Once I am in front of a business owner prospect, I think our firm has a very powerful story around structuring a plan, keeping fees to a minimum, addressing fiduciary issues, providing financial education for plan participants, and, of course, incorporating investment options that fit the needs of the company’s employee base.

v12-i01-advisor-timothy-lay-350px-5When we are successful in helping manage the company’s qualified retirement plan, this can also lead to individual relationships with the business owner, key executives, and employees who are beginning to consider their retirement needs. I believe it is a win-win situation for all of the stakeholders involved, and it is becoming the key growth area for my practice.

The educational piece is a key differentiator for our firm. I am a Certified Financial Education Instructor and have many years of experience in educating individuals, business owners, and professionals from other fields. We have an educational program that contains nine modules that is part of the training curriculum developed by the National Financial Educators Council. Most retirement plans, even those with a financial advisor, do not offer enough educational resources and tools to help with basic budgeting, financial planning, insurance, and other key fundamental topics. I consider this to be an important value-added service offered by our firm to sponsors of qualified plans.

Disclosure: Securities and advisory services offered through Founders Financial Securities, LLC. Member FINRA & SIPC. A registered investment advisor.

Photography by Joni Kabana

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