We have a rather unique business model: we focus first and foremost on the worksite marketplace. Our firm, Stein Financial, was an early leader in the Minneapolis area in the government deferred-compensation area, or 457(b) plans. This is similar to a 401(k) for the private workforce, without the employer contribution. We have around 60% participation, which is very high for this industry segment.
When I sit down with peers around the country who do not participate in the worksite business, they’re just blown away. One of the hardest parts of our business is developing new clients—so we are extremely fortunate that we have this chain of people constantly bubbling up to us through the model that we have built.
The idea is to cultivate the relationships established through the worksite business and grow those into more holistic financial-planning and asset-management clients. While we seldom make many cold calls, we are constantly making ‘warm calls.’ It is a win-win for our firm and for the new clients who’ve come to appreciate our focus on managing risk and our active-management investment style.
Disclosure: Jeffery Stein is an investment adviser representative of ING Financial Partners. Securities and investment advisory services offered through ING Financial Partners, member SIPC. Stein Financial Group is neither a subsidiary of, nor controlled by, ING Financial Partners.
Post-publication note: Mr. Stein is currently registered with Voya Financial Advisors, Inc.
Photography by Marla Olivia Photography