Retirement planning is serious business. A strong, effective retirement planning tool attracts the best new hires to your business or organization, helps retain your top talent, keeps the grass from looking greener elsewhere, and perhaps most importantly, allows you to care for and protect your loyal workforce.
We design and manage retirement plans for big, medium, and small businesses, in and around Roanoke, VA, with an unwavering focus on the future of your employees and, of course, your bottom line. We take the time to follow four essential steps:
Research + Design
Based in downtown Roanoke, VA, Wayne Firebaugh's unique approach sets him apart from other investors and financial advisers. Everyone says they are different, but hear us out: Wayne does the right research and custom-designs each and every business retirement plan with employee and company costs, benefits, and transparency of process and outcome at the forefront. Simply picking a template or a retirement plan from a list...we'll leave that to the competition. We hold ourselves to a higher standard.
Wayne will walk you through these important discussion points to aid and inform the design process:
Impact Change Analysis
After getting to know your company, discovering your goals, and understanding your bottom line, Wayne will perform an objective cost-benefit analysis that will quantify and clarify your decision making process. You will clearly understand how making changes to your current retirement plan will benefit your employees and your business, and you'll know exactly how much you will save (or how much it will cost, if you are looking to add more benefits to your plan).
When making such momentous decisions for your company, sometimes it is nice to take the time to ask "what if?" Wayne invites and guides this process with the sole purpose of ensuring no rock is left unturned, and that you can feel confident that your decision is the absolute best-possible scenario for both your employees and your business. It's hard to put a price tag on that kind of certainty.
Peer Group Metrics
How do the costs and benefits of your plan compare with similar investment options? There will be no need to wonder with Wayne's comprehensive assessment of how your plan compares to plans offered by similarly sized businesses in your industry.
Plan Specific Metrics
How are your employees using your retirement plan right now? Are your employees meeting their retirement goals? Understanding your employees' current investing habits will lead to plan that will actually work.
Armed with the right information, Wayne will custom-design the business retirement plan that is right for you, your employees, and your business. And here's something you should know: Wayne is an independent custodian and is not tied to one company or investment platform, so he's free to pick and choose from the widest possible array of investment options that will provide the best results. There are no kick-backs and no conflicts of interest. Your interests are our interests, period.
Education + Self-Help Resources
Simply designing the perfect employer-sponsored retirement plan isn't enough. That is why we give you and your employees powerful educational resources and self-help tools to maximize the benefits of your retirement plan.
iJoin Enrollment (www.ijoinsolutions.com)
We include iJoin enrollment for each one of your employees. Here's how it works: We'll load your employees' information into iJoin so they can log in anywhere, anytime, on any device, and enjoy 24/7 access to all of their investment information to include contributions and current balance, answer basic questions about their personal goals and let the application create a personalized retirement analysis, receive retirement predictions, and even get recommendations on how to better accomplish their retirement goals. Click here to check out a sample. Just enter 111223335 for the username and 19790301 for the password.
Personal Retirement Readiness
Once we've armed your employees with the unbelievable power of iJoin, we'll do the same for you with our personal retirement readiness reports. We engage the company leadership by providing an understanding of how employees are doing with the retirement program you have selected, and we'll give suggestions on how you can affect your employees' investment behavior to benefit their future.
If you'd like, we can even provide you with employee-specific metrics that let you know how much each individual employee is saving.
The heart of a powerful retirement plan is, quite obviously, powerful investing options. That's why we don't skimp on picking the very best options for your employees, and we use our wide range of investment choices (since we aren't tied to one single investment company) to cherry pick the cream-of-the-crop. Here's how we select those investments:
Evidence Based Selection
The science of good, fiduciarily responsible investments (https://us.dimensional.com/process/portfolio-management.aspx) - include videos from dimensional fund advisors
We've said this a couple of times so far, but it bears repeating: Wayne Firebaugh has no relationships with any investment group, so he's free to choose the best investment for you - no kickbacks or conflicts of interest get int the way of the smartest, most sensible investing options for your employees and your business.
We go beyond the raw numbers of broad benchmarking and create a black and white fee comparison that tells you if you are overpaying for the services your plan receives. Using our database of thousands of plans, we can document why you may be paying too much. In addition to "scoring" your plan's services and fees, we can also provide an independent numerical score of your plan's investments. Using the fi360 Fiduciary Scoring model, we measure your plan's investments against 11 criteria to provide confirmation on your high performers and feedback on the laggards in need of possible replacement or enhanced future monitoring.
Compliance represents an ongoing responsibility that if neglected can affect the sponsoring company, the participants, and even the personal finances of the plan's fiduciaries (often the owners of smaller companies). It seems that hardly a month passes without news of some large company being sued over the operation of its 401(k) plan - large companies with dedicated human resource departments, ERISA attorneys, and investment purchasing power. Most Main Street companies have not historically had access to these resources. That's where Wayne Firebaugh, Inc., can help. Here are some of the tools we can employ to keep your plan in compliance and your company out of the news.
- A “best interest” model where we provide transparent and disclosed fees . Your fiduciary obligation to your employees means you must know what the plan's costs are. We help you fulfill that duty because our loyalties lie only with our clients not any investment provider.
- Required and best practices procedures to mitigate fiduciary liability or even assume some of that liability and remove it from the company's owners and officers.
- The Department of Labor has made stated that the absolute amount of fees is not the issue in many plans but rather a lack of knowledge as to what fees are even assessed and the reasonableness of those fees given the service received. We gather information on the fees you pay (even the invisible ones), the services being provided by outside entities to the plan, and provide a FeePoint(tm) Measurement.
- Fee to Service Market Analysis takes your plan's FeePoint(tm) Measurement and breaks it down into a report that asks the right questions - is the fee you're paying market-based?
- Independent cost-benefit and qualitative analyses before you implement plan design changes so that you know how a given provision will affect the retirement readiness of your employees and whether your competitors are already adding these provisions to their plans.
- Sponsor’s Fiduciary Web Portal makes the documentation governing your plan and demonstrating your responsible stewardship available 24/7.
- No Surprise Checklist that shows key dates and facilitates planning of your annual compliance responsibilities.
Have you as a plan fiduciary ever stopped to consider the processes used to manage your company's plan and whether you're doing enough? See how well you are doing with our Scary Questions for Plan Sponsors survey.