Cleveland, Ohio, June 2015 – The Financial Times (FT) has selected Frank Fantozzi, President of Planned Financial Services in Cleveland, for its first ever listing of America’s top 401 Retirement Advisers.
The FT advisers were selected from a nationwide group of advisers specializing in serving the $3 trillion market for defined contribution retirement plans. Only a relative handful of advisers were selected from Ohio and only four from Cleveland made the list, including Mr. Fantozzi. To qualify for the FT list, advisers had to have 20% or more of their total client assets in defined contribution plans.
“FT 401 advisers are in the vanguard of specialization; the average adviser on the list has 71% of his, or her, total practice’s assets under management concentrated in defined contribution plans,” the FT said. Qualified advisers were then graded based on seven broad factors including plan assets under management, growth in plans and assets, degree of specialization in the business, experience, participation in plans advised, industry certifications and compliance record.
Commenting on being named to the inaugural FT list Mr. Fantozzi said: “I am both pleased and proud that we have been recognized by being named to this prestigious new list. The defined contribution retirement business is facing dramatic change this year. The Supreme Court just affirmed that employers providing these plans must be more vigilant in monitoring them, which means they will rely more heavily on plan advisers and products like our 401(k) Prosperity. The Department of Labor has also proposed new rules that put plan advisers and compensation under greater scrutiny. Today, more than ever, you need a knowledgeable, trusted adviser with years of experience helping clients invest for retirement. We are honored that the FT has recognized us for our leadership in this important field.”
2015 Financial Times Top 401 Retirement Plan Advisers minimum criteria: financial advisers managing at least $25 million in defined contribution (DC) plan assets and for whom DC plans represent at least 20% of total AUM. Selected based on several criteria, including assets under management in defined contribution (DC) plans, degree of specialization in DC plan advising, growth in DC plan assets under management, growth in number of DC plans advised, average participation rate in advised DC plans, years of experience as a DC planner, industry certifications, and compliance record.