Diversity and the DC Plan
“YOU HAVE TO KNOW THE PEOPLE with whom you’re working, value them, and elevate their needs above what you’re trying to do for them.”
It might sound like a boilerplate quote from Buckman and Corning Financial Strategies Group’s Nicole Corning until she describes the client case in more detail, one of the most fascinating TAPO recognition program profiles yet.
Located in Scottsdale, Arizona, the nine-person retirement plan advisory and wealth management practice is surrounded by tribal entities, particularly the Navajo Nation.
Corning and partner Perry Buckman count on knowing where they bring value and “not trying to be something they’re not” as competitive differentiators, which their work with a tribal health care center illustrates.
“Although Corning claims it helps to connect much faster, it’s not necessarily the language but the cultural differences.”
“Obviously, every plan is different, and every plan is idiosyncratic,” she explains. “They’ve been ground zero for everything Covid, and it hit the Navajo Nation particularly hard.”
Yet what they’ve achieved in the nine years of working with the plan’s doctors, nurses and staff is nothing short of astounding.
“When we took over in 2013, only 8.14% of employees contributed,” Corning said. “Today, that contribution rate is at 98.2%. Plan assets were at $9.7 million and today are $37.4 million with 439 participants as of April 5, 2022.”
She credits the implementation of auto-enrollment and auto-escalation and “a lot of hands-on education” as reasons, but there’s one driving factor of which she’s most proud. In introductory and organizational meetings, their practice’s value proposition was apparent to the committee, but Corning sensed something was missing. She kept digging until one woman finally said, “It would be great if we had someone who spoke the Navajo language.”
Light bulb moment
“It was a light bulb moment. How many times do we say we have Spanish-language material? We’re speaking to a tribal entity, and many Americans don’t understand that tribal land is a sovereign nation. It would be like me going to Mexico and pitching a plan and never mentioning that we have enrollment material in Spanish.”
Buckman and Corning recruited a Navajo speaker for education meetings, and they’ve worked closely with her ever since. Although Corning claims it helps to connect much faster, it’s not necessarily the language but the cultural differences. It almost goes without saying that Navajo culture differs from what most Americans experience daily.
“They don’t have a lot of words for the financial concepts we discuss,” she explains. “You’re not supposed to speak about death; it’s taboo. How do you talk about beneficiary forms if you’re not supposed to speak about death? Our translator has really helped us understand how to be better servants of that population.”
Calling it interesting to initially have such a blatant blind spot, it’s been a teachable, if humbling, experience.
“They’re amazing people,” she concludes. “What I learned the most is that you can’t go in with a mentality that this is the right and only way to do something. You’ve got to bridge that gap and meet them in the middle because their ideas about community, family, and caretaking are beautiful. I had to learn how to relate to them in a way that’s acceptable and helpful to them.”
Nicole Corning is a Managing Partner of the Buckman & Corning Financial Strategies Group of Wells Fargo Advisors Financial Network. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Buckman & Corning Financial Strategies Group is a separate entity from WFAFN. CAR-0422-01282
Listen to Nicole Corning on the 401(k) Specialist Podcast
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
