A new book uses a collaborative interview strategy that includes subject matter experts in a number of areas involving the 401k business to assist plan sponsors in meeting their responsibilities to participants.
Titled The Right Plan, The Right Process: Optimizing Your Retirement Plan, Benefits and Planning Strategies, author and advisor David Medina recruited the likes of Liz Davidson of Financial Finesse, Jason Roberts of the Pension Resource Institute, and Don Trone of 3ethos to help.
“By utilizing a collaborative interview strategy, you leverage the knowledge of other experts in related fields to benefit the plan sponsor,” Medina, Senior Financial Advisor with D.A. Davidson & Co., explains.
The book covers four general topics relevant to plan sponsors:
- The first is duties and governance, consisting of three chapters.
- The second is plan design and administration, with four chapters.
- The third is plan integration with three chapters.
- Finally, the participant outcomes section contains three chapters.
“I think the book is so relevant now because it covers all of the different areas that plan sponsors need to be concerned with,” Medina says. “In our industry, there are trends and buzz phrases like fiduciary, fees, and plan design. But ultimately, plan sponsors have a duty to deliver a quality benefit to participants.”
Order The Right Plan, The Right Process Here
He adds that by doing something that’s broad and covers all of the different areas that are significant to a plan sponsor is what gives the book its value.
“It was designed to be fully encompassing. For instance, in the duties and governance section, we have experts like Don Trone, Jason Roberts, and Brian Schiedel that give specific instructions, considerations, and thought-processes that sponsors should follow to keep them out of the courtroom and keep them away from people like [fiduciary breach attorney] Jerry Schlichter.”
Having worked in middle management, Medina brings corporate expertise and experience to the table, as well as expertise in workplace retirement plans.
His exhaustive drive within the space is impressive (and we mean exhaustive)—within his first two years as an advisor, he earned four destinations: the Certified Financial Planner (CFP) and Certified Wealth Strategist (CWS), and then two additional designations specifically targeting workplace retirement plans; Accredited Investment Fiduciary (AIF) and Certified Plan Fiduciary Advisor (CPFA).
“And I earned these designations while building a book of business from zero,” he matter-of-factly notes.
The book was launched on June 4, 2020, and received No. 1 status in two categories on Amazon: Human Resources & Personnel Management, and Project Management.