America's Most Powerful Retirement Tool |
NOW AVAILABLE!
Paychecks for Life
How to turn your 401(k) into a Paycheck Manufacturing Company
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"Charlie is one of the brightest and most creative people in this business. Paychecks for Life contains valuable ideas that will help anyone on his or her journey to a successful 'desirement'."
Ted Benna,
"Father of the 401(k)"
CEO, Malvern Benefits Corp.
Author of 401k for Dummies
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The 401k Coach
Year 1 Program
* Register by February 15th for a $500 Discount!
There is still time to register, but seats are filling up fast! 2012 is looking to be our biggest group ever.
Our industry is going to embark on a major transformation with this year's execution of 408(b)(2) and 404(a)(5). A focus unlike any other will be brought on every plan's success metrics and individually onto every plan participants' success measurements.
Now, more than ever, is the time for intelligent 401(k) professionals to rise to the occasion and provide guidance for successful retirement outcomes. The ability for advisors to articulate their unique value and deliver solutions in this competitive environment is imperative to their success.
Along with our robust curriculum on how to build and grow a 401(k) practice, we will diligently be focused on staying ahead of the curve in this turbulent 401(k) landscape.
Click here to register or learn more about our Year One Program.
*ATTN BOOT CAMP ATTENDEES*
Your Additional Year One Discount Closes on February 1st! |
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2012 Year 1
Program Dates:
Session 1 & Session 2 (Chicago)
April 26th & April 27th
Session 3 (via webcast)
July 18th
Session 4 (Chicago)
September 21st
Click here to register! > |
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Grow your Business!
Learn how to Integrate Cash Balance Plans
Do you work with or want to work with closely held companies and professional service groups? Learn how to increase the retirement savings for high income business owners and at the same time benefit plan participants.
Our webinar last week with Mike Morhun of The Retirement Advantage, a leading provider of Third Party Administration services, grabbed the attention of over 150 attendees.
REPLAY WEBCAST HERE > |
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The Desirement Mortgage®
Calculator is Here!
Help plan participants calculate their Desirement Number™: the dollar value of the future cost needed to pay for all the things desired at retirement.
Watch as Charlie explains the Desirement Mortgage concept:
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Purchase the Software!
Please Contact us if you are interested in buying The Desirement Calculator App for your own PC!
Early Release Pricing:
1 yr subscription = $99
3 yr subscription = $249
Stay tuned for more tools in the Paychecks for Life® System! |
Take Your Business to the Next Level
Don't delay in creating a more successful 401(k) practice for yourself. Speak to a 401k Coach team member to learn more about the tools, systems and processes we provide that help you bring your business to the next level.
Toll Free: (877)932-6236 x7
info@The401kCoach.com www.The401kCoach.com |
Charlie Epstein, CLU, ChFC, AIF® is the founder of The 401k Coach Program, which offers expert training for financial professionals to develop the skills, systems and processes necessary to excel in the 401(k) industry and facilitate successful retirement outcomes for plan sponsors and participants. Charlie has frequently been named to 401kWire's Top 100 Most Influential People in the 401(k) Industry List and Top 300 Most Influential DC Advisor List and was named to the Legg Mason Retirement Advisory Council. |
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Greetings!
PAYCHECKS FOR LIFE®-an idea whose time has come!
They say timing is everything. Based on my recent experience in Washington D.C., I couldn't agree more.
Two weeks ago, I attended the Legg Mason Advisory Council quarterly meeting, held in our nation's capital just blocks away from the White House and Capitol steps. The council, created masterfully by Gary Kleinschmidt of Legg Mason, is dedicated to looking at how retirement plan professionals can work together in crafting initiatives that will get America on the right track to save more and maximize their company's retirement plan benefits.
During our morning session, we had the opportunity to meet with top officials from the DoL and Treasury. I won't name names, but I can assure you these individuals are driving policy initiatives that are about to change the way every service provider in this space does business. Think 408(b)(2) and 404(a)(5) as just starters.
Before each government official shared their perspective and brought us up-to-date on the most important themes coming out of the DoL and Treasury, each advisory member introduced themselves and indicated the total retirement assets and number of plan participants their organization manages. By the 10th introduction, my head was spinning as I tried to keep up with the magnitude of what was represented in the room. My estimate, sitting in front of these government officials, were some of the largest record keepers with combined assets in the hundreds of billions and over 20 million participant accounts!
When it was my turn, I simply stated; "My name is Charlie Epstein, The 401k Coach. I coach advisors to build successful retirement plan practices so that plan sponsors and participants achieve successful retirement outcomes. Ultimately, we are focused on creating a Paycheck for Life for every plan participant. In fact, Paychecks for Life: How to turn your 401(k) into a Paycheck Manufacturing Company is the name of my first book, released this month."
Now, back to "timing is everything."
After my introduction, each ranking government official went on to say, with great enthusiasm; "Paychecks for Life! That is exactly what we at the DoL [and Treasury] are focused on today!" My book title was then referenced over a dozen times throughout that morning session.
One of the major themes with the government we will be hearing more about in the coming months and years, is how to convert the 401(k) plan; currently a voluntary savings and accumulation mechanism, into a permanent monthly retirement income. The DoL is working diligently to craft a methodology that every record keeper would use to convert a 401(k) participant account into an equivalent monthly benefit. Translation: Paychecks for Life!
This is a major transformation in the way our government is looking at our profession and the way the entire country should as well. I have been saying for years in our 401k Coach workshops that; "Our job as financial advisors is simple: We must help every American create a Paycheck for Life. Anything less is failure."
I am happy to say it appears the government is aligned with this theme as well and they are applying significant resources to get this message across.
I have been working for the last three years on my book; Paychecks for Life. I couldn't be more thrilled on the timing and I'm even more emboldened that we at The 401k Coach Program are truly on the front lines of impacting and transforming our industry.
I hope you will purchase a copy of my book and share my nine powerful principles for creating a Paycheck for Life with every participant of every retirement plan you manage. I believe that together, we can provide a successful retirement outcome for all and strengthen the entire U.S. economy in the process.
Welcome to the new world of retirement planing. Paychecks for Life...an idea whose time has come! Warmest Regards, Charlie Epstein, The 401k Coach® 
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Teach Plan Participants
THE MISSING STRUCTURE™
To Becoming a Financial Winner
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Adding Value to Your Services
using upcoming
ERISA 404(a)(5) Regulations
The final deadline for ERISA 408(b)(2), which requires service providers to give plan sponsors fee disclosure information, is fast approaching. Receiving less attention, however, is the next step in the disclosure process: 404(a)(5). This ERISA section compels sponsors to disclose each participant's individual portion of the plan's total expenses along with a comparative chart of investments. Most plans will need to make these participant disclosures by May 31st, 2012.
Ultimately, recordkeepers will probably be delegated the task of compiling the required information for participants. Now is the time, for advisors to work with their clients on verifying if this is included in the recordkeeper's contract and create a game plan on what fees to gather (including yours) and what resources can be used to manage all of this. Don't forget to check with your B/D, as they may already have some tools prepared for you!
There are great opportunities presented by 404(a)(5) fee disclosure regulations for advisors to really showcase their value. It is important for disclosures to be made in an efficient and interpretable way for plan participants. Edu-tainment™ meetings would be a fantastic platform for advisors to review these disclosures, provide investment education and answer any questions. This will also help mitigate the service inquires and complaints to plan administrators. Without proper guidance, many participants may make the drastic move to withdrawal completely from their company-sponsored retirement plan, now realizing the annual expenses that they pay.
Participant fee disclosure should also be integrated in to ongoing Enrollment meetings. Ideally, your education programs should be outlined in an Education Policy Statements (EPS). If don't already have one in place with your clients, now is the time to discuss adopting one.
Education Policy Statements
An EPS describes the objectives of the education program, the frequency of the informational meetings that will be held for participants, the educational investment topics to be covered and any other relevant information. These statements also help plan sponsors and fiduciaries describe and document their ongoing efforts to providing the resources for participant success. This contributes to satisfying the requirements for fiduciary prudence.
An EPS has five major components: purpose and background, plan objectives, roles and responsibilities, performance standards and results. The EPS should include a list of investment materials that is provided to participants. However, it is important to remember that this cannot be construed as advice. If pressed by a participant to give direction, advisors can ask the interested participant to meet outside that session and retain your services as an individual investment advisor.
Downloadable Resources:
Dept. of Labor Model Comparative Investment Chart
Education Policy Statement example by Thornburg Investment Management |
401k Coach Products
Don't forget to visit our online Coach Store for unique tools created to help distinguish your value-added services.
Our Most Popular Items:
ERISA Plan Fiduciary Indemnification System™ takes on the issues surrounding fiduciary exposures and liabilities. Use this formalized process to offer complete protection for ERISA plan fiduciaries.
The Edu-tainment Experience™
Take a creative and innovative approach to 401(k) education. Watch Charlie demonstrate an Edu-tainnment meeting using his Paychecks for Life concepts.
If you are a 401k Coach Member, be sure you are logged in to take advantage of the member discount!
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