Francis LLC's Fiduciary Advice @ Work Podcast

Ensuring Adherence to Plan Documents. In the third and final part of this three-part conversation, Marquette University's Claudia Paetsch (Vice President for Human Resources) and Jessica Franken (Associate General Counsel) discuss the steps they’ve taken to improve their operational controls and cybersecurity practices.

During this episode, we cover:

· Performing operational review on plan document provisions (2:00)

· Perception of plan operation vs. Intention of plan documents (7:43)

· Ensuring security of assets and accounts and privacy with participant information (11:01)

· Marquette’s meaningful changes to employee retirement benefit (17:14)

Learn more at https://www.francisinvco.com/.

Monitoring Plan Costs. In part two of this three-part conversation, Claudia Paetsch (Vice President for Human Resources) and Jessica Franken (Associate General Counsel) discuss the effective steps they’ve taken to better manage and ultimately reduce Marquette’s plan costs.

During this episode, we cover:

· What has contributed to Marquette’s great ability to monitor plan costs over the years and how Francis has contributed (1:50)

· Asset-based vs. Participant-based fee methods (3:44)

· Participant-focused approach to paying service provider (7:58)

· Wisdom for peers at other institutions (14:50)

Learn more at https://www.francisinvco.com/.

Improving Governance Documents. Get first-hand plan sponsor insights from Marquette University. In part one of this three-part conversation, we hear from Claudia Paetsch (Vice President for Human Resources) and Jessica Franken (Associate General Counsel) as we discuss the important steps they’ve taken to improve their plan governance documents and their administrative procedures.

During this episode, we cover:

· Need for independent advisor for Retirement Plan Committee (1:24)

· Typical growth areas for governance documents (3:34)

· What initiatives are coming up next to improve Marquette’s retirement plan benefit (8:45)

· Operational audit of communication from recordkeeper (14:00)

· Meaningful changes to Marquette’s retirement benefit (16:38)

Learn more at https://www.francisinvco.com/.

Get first-hand plan sponsor insights from Olmsted Medical Center. In part two of this conversation, we discuss how Olmsted enhanced the plan participant experience by expanding financial wellness services and modifying their recordkeeper’s marketing practices, specifically covering:

• Why Olmsted expanded its approach to employee financial education and advice (1:53)
• Concerns Olmsted identified in its recordkeeper’s marketing strategy (6:07)
• Tips for plan sponsors to minimize risks associated with recordkeepers’ marketing tactics (7:51)
• Four recordkeeping practices plan sponsors should be aware of in order to limit their fiduciary exposure (15:04)

The information presented is from sources believed to be reliable but Francis Investment Counsel cannot guarantee its accuracy or completeness.  Olmsted Medical Center retains Francis Investment Counsel as its 3(21) investment adviser for investment consulting and employee financial wellness services. Neither Olmsted, nor any of its representatives, were compensated for participation in this podcast, and there are no conflicts of interest to be disclosed.  The information and experience described by Olmsted is not necessarily representative of all Francis Investment Counsel clients.  MoneyAdvice@Work® is offered through Francis Investment Counsel, a Registered Investment Adviser with the SEC. Francis Investment Counsel is not a registered broker/dealer. Neither the firm nor any employee is licensed to sell or be compensated for the recommendation of any financial products or product providers.

Get first-hand plan sponsor insights from Olmsted Medical Center. In part one of this two-part conversation, we discuss the impact of proactive plan cost management, including:

• Why improving fee transparency mattered to Olmsted (5:10)
• How to better match retirement plan recordkeepers' responsibilities with their compensation (11:45)
• What impact investment share class selection has on fees (16:03)
• The trust employees place in their employers (21:21)
• Strategies that work best for equitable cost allocation (22:40)

The information presented is from sources believed to be reliable but Francis Investment Counsel cannot guarantee its accuracy or completeness.  Olmsted Medical Center retains Francis Investment Counsel as its 3(21) investment adviser for investment consulting and employee financial wellness services. Neither Olmsted, nor any of its representatives, were compensated for participation in this podcast, and there are no conflicts of interest to be disclosed.  The information and experience described by Olmsted is not necessarily representative of all Francis Investment Counsel clients.  MoneyAdvice@Work® is offered through Francis Investment Counsel, a Registered Investment Adviser with the SEC. Francis Investment Counsel is not a registered broker/dealer. Neither the firm nor any employee is licensed to sell or be compensated for the recommendation of any financial products or product providers.

In this episode, we focus our discussion on the concept of financial wellness. While its popularity resulted in an explosion of services and solutions, will this interest last? Join experts from our team as we explore:

What financial wellness looks like in practice (and what’s often missing)
Overcoming common obstacles to implementing financial wellness
The evolution of financial wellness and what that will look like within the workplace

In this episode of the Fiduciary Advice @ Work podcast, we sit down with two of our Money Advisors and tackle the topic of money and diversity. We discuss what interacting with diverse employee populations has taught us and continue our conversation by covering:

• Why social and cultural factors may be overlooked in the financial planning process
• What employers can do to address the financial needs of their diverse workforces
• How financial wellness benefits can promote equality in the workplace and broader community

Market volatility accentuates the pain of negative emotions and the persuasive drive to react impulsively. In this episode, we talk with members of Francis Investment Counsel’s investment research team and cover why negative emotions are dangerous for investors and what to do when faced with them, what broader trends should attract investors’ attention, and why investment research matters, especially for plan fiduciaries.

In this episode, with the backdrop of a world-wide pandemic and a roller-coaster of market volatility, we discuss the powerful impact of financial advice, including:

• How we specifically define financial advice and why that definition matters
• The barriers employees face to obtaining financial advice
• The value - to both employees and employers - of financial advisory relationships in the workplace

In this episode of the Fiduciary Advice @ Work podcast, experts from Francis Investment Counsel discuss the role of a recordkeeper to a retirement plan benefit, trends in recordkeeping across the industry, and key elements for plan sponsors to focus on when evaluating their recordkeeping relationship.

In this episode, we focus on important elements of a plan sponsor's recordkeeping relationship, including:

• The role a recordkeeper fulfills in comparison to other plan service providers
• Challenges recordkeepers face in a consolidating marketplace and how plan sponsors should respond
• Key factors to consider in the event a plan sponsor conducts a recordkeeper evaluation
  

"Where selection [of a recordkeeper] matters most is when it comes to the consultative nature of the relationship ... Is the team experienced? Are they proactive? ... Those less tangible features are what separate really good relationships from great relationships."
- Kevin Skow, Vice President