{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"All About Retirement Plans with Andy Bush","description":"All About Retirement Plans with Andy Bush Summary: The hosts of The Confident Wealth podcast Bill Bush and Peter Bush open up this episode to the topic of retirement plans with Andy Bush \u2013 the head of the retirement plan division of Horizon Financial Group. The three Bush brothers discuss the important retirement plan designations that advisors should equip themselves with. They also talk about the six steps of \u201cThe 401k Confidence System\u201d and the eight steps of \u201cThe 401(k)onfidence Scorecard\u201d that were both created internally at Horizon Financial Group. Time Stamped Show Notes: \u25cf 00:25 \u2013 Bill Bush and Pete Bush introduce the episode\u2019s topic of retirement planning. \u25cf 01:07 \u2013 Their retirement plans, although based in Baton Rouge, spread through Louisiana and beyond the state into places like Texas and Alabama. \u25cf 02:00 \u2013 The bulk of the plans are 401k but they also service 457, 403b, and smaller IRA plans. \u25cf 02:29 \u2013 There is a push to make sure that the advisor on a plan is a specialist and knows what the fiduciary responsibilities are. \u25cf 05:00 \u2013 What makes an advisor a specialist begins with training and earning designations to learn what it means to be a fiduciary, what the processes are, and what the requirements are for documentation. \u25cf 05:42 \u2013 Both Bill Bush and Andy Bush are Chartered Retirement Plan Specialists (CRPS). Other designations that are available include: Accredited Investment Fiduciary (AIF) that covers the fiduciary roles and tasks, Professional Plan Consultant (PPC) is sort of a bridge between CRPS and PPC. \u25cf 06:45 \u2013 The 401(k)onfidence System, created by Horizon Financial Group, is provider agnostic and can be layered on top of whatever record keeper you want to use. 401K Confidence System as 6 Steps: \u25cf 07:47 \u2013 Step 1: \u201cThe Clarity Conversation\u201d is the \u201cget to know you\u201d phase where they gather the information, have a conversation with the client, find out what is important to them, and what their vision is. \u25cf 08:04 \u2013 Step 2: \u201cThe Confident Plan Evaluation\u201d is created for the client to benchmark their retirement plan against industry standards, and gives them analysis and feedback about what is working and not working. \u25cf 09:10 \u2013 Step 3: \u201cThe Plan Improvement Report\u201d is where areas have been identified as to where they can improve their plan. \u25cf 10:18 \u2013 Step 4: \u201cThe Guided Transition walks the client through changes that can improve their plan \u2013 such as a vendor replacement. \u25cf 10:57 \u2013 Step 5: \u201cThe Participant Engagement Experience\u201d is an ongoing conversation and offers education opportunities along the way. \u25cf 12:32 \u2013 Step 6: \u201cYour Fiduciary Check-Up\u201d is a proactive way of making sure that plan sponsors are taken care of and have peace of mind. \u25cf 14:15 \u2013 There has been a myriad of problems that Andy has run into with clients including: plan sponsors that never met their advisors and plans that are thick with fees that aren\u2019t transparent. \u25cf 17:40 \u2013 The 401(k)onfidence Scorecard looks at eight critical areas that a plan sponsor should be concerned about with their 401k plan. Each area has four statements for plan sponsors to grade themselves and see which category they fall into. \u25cf 25:40 \u2013 Closing credits. 3 Key Points: 1. The main retirement plan designations are: Chartered Retirement Plan Specialists (CRPS), Accredited Investment Fiduciary (AIF), and Professional Plan Consultant(PPC). 2. The 401(k)onfidence System, is a six-step plan that is provider agnostic and can be layered on top of whatever record keeper you choose to use. 3. The 401(k)onfidence Scorecard has at eight areas that a plan sponsor should be concerned about with their 401k plan and each area has four statements for plan sponsors to grade themselves. Tweetable Quotes: - \u201c90% of Americans save probably 90% of their money in their retirement plan at work and or in their IRAs.\u201d \u2013 Pete Bush. - \u201cWe have about 60 plans and about $340 million in assets covering well 5,000 employees.\u201d \u2013 Andy Bush. - \u201cAs you age, you certainly want to have a dialogue and an engagement with somebody who is a professional advisor and knows what they are talking about.\u201d \u2013Andy Bush. Resources Mentioned: \u25cf Confident Wealth \u2013 Website for Confident Wealth \u25cf The Confident Wealth Experience \u2013 Horizon Financial Group\u2019s planning system \u25cf The 401(k)onfidence System \u2013 Horizon Financial Group\u2019s retirement plan planning system ","author_name":"The Confident Wealth Podcast","author_url":"http:\/\/confidentwealth.libsyn.com\/website","html":"