It’s been a busy few days for Boise, Idaho-based Freedom Fiduciaries.
On April 13, the company announced its formation as an Investment Advisor with a focus on retirement plan consulting, founded by industry veteran Shane Hanson. Today, the new firm officially announced the creation of Bac(k) Office, a brand-new solution where the firm partners with other financial advisors and broker dealers to help enhance service for their plan sponsors and participants.
Hanson said in a statement that Freedom Fiduciaries was launched with the goal of “transforming the retirement plan industry by providing exceptional service to plan sponsors and participants alike.”
The firm offers full-service ERISA 3(38) fiduciary services and provides personalized guidance to participants through technology and personal connections. Hanson said the company’s team of professionals has years of experience in the retirement plan industry and are dedicated to helping clients navigate the complex landscape of ERISA.
“We are committed to providing exceptional customer service and delivering an unparalleled experience for our clients,” Hanson said.
With extensive experience in both advisory and recordkeeping roles within the industry, Hanson has a proven track record of successfully consulting, modernizing, and improving over 2, 500 plans throughout his career.
Freedom Fiduciaries has also developed proprietary technologies to better serve its clients. The ParticipantIQ engagement engine allows the firm to communicate with participants effectively, and personally. The FiduciaryIQ portal within the Plan Vault provides fiduciary training to plan sponsors, including videos, an e-learning course, checklists, and more. Additional technology has been created to streamline the administration and investment reporting behind the scenes, so the service team can focus their time on their clients.
“Freedom Fiduciaries understands that having access to tools alone is not enough. To truly succeed in the industry, plan sponsors need specialists who not only understand the tools, but also have in-depth knowledge of the business,” Hanson said. “That’s why we offer a unique combination of tool mastery and industry proficiency to help our clients achieve their goals.”
About the Bac(k) Office model
In its new Bac(k) Office model, Freedom Fiduciaries not only signs on as the ERISA 3(38) fiduciary but also handles the day-to-day minutia of a retirement plan like service issues, resolutions, payroll consulting, and plan design discussions. Hanson said this alliance allows the advisor partner to remain the face of the relationship and focus on their primary business initiatives, like wealth management financial planning, and insurance.
“Over the past decade, the retirement plan industry has evolved and now demands a specific skill set from retirement plan specialists. The need for a robust back-office solution has never been greater and will only increase as the industry becomes more specialized and complex.”
Wise Rhino CEO Dick Darian
“Over the past decade, the retirement plan industry has evolved and now demands a specific skill set from retirement plan specialists. The need for a robust back-office solution has never been greater and will only increase as the industry becomes more specialized and complex,” added high-profile industry veteran and Wise Rhino CEO Dick Darian. “Freedom Fiduciaries has developed a model that supports advisors by providing a high level of specialist service while assisting them in strengthening their relationships and focusing on their wealth management or ancillary services business.”
In addition to the day-to-day servicing of a retirement plan, Freedom Fiduciaries has also invested in technology to help their advisor partners maximize their relationship with plan participants. This includes ParticipantIQ which is an engagement engine that personally communicates with participants throughout their career to build a relationship a personalized website for plan participants and a “money in motion” report which streamlines the data extract process within the recordkeeper so the partner advisor can assist terminated participants with their options outside of the plan.
“We’re excited to bring a new partnership model and experience to the retirement plan industry,” Hanson said. “Our focus on financial freedom for participants and fiduciary freedom for our plan sponsors is what drives us. We believe that in partnership with other advisors, we can best serve plan sponsors and participants alike.”
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.