We often kid Josh Itzoe about his tendency to talk (and talk some more). While it’s good-natured, it also reflects his incredible passion for what he does and the impact he’s looking to make.
“This industry has a great community of people who are all aligned about doing the right thing.”
He’s launched several initiatives since appearing a little over a year ago as our April 2021 TAPO. He’d just left Greenspring Advisors, the firm he’d co-founded in 2004, as he was looking for new ideas and adventures.
Let’s just say he found them, and his FiduciaryRx platform has attracted attention, and big-name advisors, after its launch last March, including former TAPOs of the Year Alex Assaley and Jania Stout.
“I’ve got lots of conversations and interest from large teams at large firms,” Itzoe said. “I haven’t been this excited, passionate, and energized about the work I do in probably over 10 years. And I’m having a great time partnering with advisors, helping them work smarter and faster and be a hero to clients and their employees.”
It isn’t controversial to say the 401k and overall retirement plan industry needs new energy and ideas. Like Assaley, he seemed perfectly suited to a leadership role, and we asked him about possible voluntary positions with advocacy organizations like the National Association of Plan Advisors (NAPA). Unfortunately, it’s not something he’s thinking about, at least not currently.
“I haven’t at this point,” he said. “I can say this about Alex; what an incredible ambassador for the industry. I believe that the most important decision companies will make for the financial future of their people is hiring the right fiduciary advisor. That advisor will provide the leadership, guidance, and accountability to help companies make the hard decisions that will compound over the next 20 years. We need more people to provide that leadership to help companies fully embrace what it means to be a steward of the financial lives of their people.”
But for now, it’s all about Fiduciary Rx and supporting the advisor community.
“When I spoke to you for my TAPO interview, I said I felt like I could magnify my impact within the industry. I said we had about 50,000 participants at Greenspring, but if I could help 100 firms around the country build what we built, it meant I could indirectly impact 5 million American workers.”
Where once he fought the battle as a mercenary in the trenches, he now colorfully described himself as a weapons manufacturer and arms dealer supplying the troops.
“This industry has a great community of people who are all aligned about doing the right thing,” he concluded. “But also, there’s a collegial component. I love that my network of advisors has expanded even further because I’m no longer competing with them. I really can be there to support them, and I’m having a blast.”
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.
