Carlo Bentley, PresidentOffering optimization of retirement plans and comprehensive financial advisory services, it delivers options that feature a lower expense ratio or cost to plan, all while complying with the Employee Retirement Income Security Act (ERISA) regulations.
“We assist clients in constantly reviewing their financial plans that work toward safeguarding employee retirement benefits to make sure they are on the right path, given where they are in life,” says Carlo Bentley, principal advisor and president.
Bentley is an Accredited Investment Fiduciary Analyst (AIFA) certified by FI 360. With him at the helm, Bentley & Co.’s team remains committed to staying updated with the latest regulations and best practices in an effort to maintain retirement savings plans.
Personalized Support, Every Step of the Way
Bentley & Co., being industry agnostic, serves a diverse clientele with its ability to understand and adapt to the specific needs of different sectors. Its deliberate limitation on the number of project SERVICES PROVIDERS - 2024 ERISA commencements further enhances the bespoke nature of its services. Clients benefit from the attention and care necessary for optimal plan setup and implementation through one-on-one engagement.
A tailored approach is adopted while designing employer-sponsored qualified plans for new schemes. It leverages advanced tools for new prospects and adapts them to custom-fit customer’s needs. This involves analyzing employee demographics, payroll systems and other factors to select appropriate record keepers, third-party administrators and investment options. Conversely, with existing plans, Bentley & Co.’s strategy emphasizes gradual improvement, allowing the plan to evolve while seeking to optimize features like cost management, fund selection and operational efficiency. This simplifies day-to-day operations for HR personnel or trustees by ensuring that the plan is fully packed to perform seamlessly, enabling them to concentrate on core business activities without the burden of ongoing plan maintenance.
In one instance, Bentley & Co. collaborated with an engineering firm that wanted to establish a new retirement plan for its employees. It adopted a customized approach to meet this need, recognizing the diverse financial acumen among the organization’s engineers.
For those well-versed in investments, it provided various advanced portfolio options, and for those new to financial planning, it offered educational sessions to improve their understanding of retirement savings. This approach helped it structure a flexible retirement plan that meets the varied needs of the client’s personnel, fostering financial confidence and security.
A significant challenge associated with financial management is the need for more proactive employee engagement in retirement planning. Many individuals hesitate to initiate saving or fail to adjust their contributions over time, jeopardizing their long-term financial security. Bentley & Co. focuses on automating processes like enrollment and step-ups of contributions, making it easier for employees to save money without needing explicit actions.
“Our approach to streamline retirement planning aims to nudge employees toward saving by default, encouraging them to start and continue contributing to their retirement accounts,” says Bentley.
Education and Empowerment—the Bentley Method
Bentley & Co. prides itself on providing robust support and consistent servicing to ensure customers make informed decisions. A dedicated team is readily available and offers comprehensive assistance related to distributions, account inquiries, or navigating different investment options. Accurate guidance and timely support equip clients with the knowledge they need to manage their plans.
Its dedicated servicing ability was demonstrated when a large organization overseeing more than 600 employees wanted to enhance its existing retirement scheme. The plan faced flaws due to employees’ varying income levels and a lack of proper financial literacy. Recognizing these complexities, Bentley & Co. streamlined investment choices by recommending a target-date series of funds, allowing the convenience of automatically allocating assets into the fund from day one.
It also went the extra mile to review the client’s Form 5500 procedures, assess fidelity bonds and scrutinize audit reports. Identifying discrepancies in the audit process raised concerns about compliance and potential future issues with regulatory bodies like the Department of Labor. Proactively, Bentley & Co. advised them to seek a second opinion on their audit to rectify inconsistencies and mitigate compliance risks.
Our approach to streamline retirement savings aims to nudge employees toward saving by default, making it easier for them to start and continue contributing to their retirement accounts
The ability to deliver these comprehensive services stems from an unwavering commitment to improvement through innovation and client feedback. Regular meetings are conducted with clients, typically three to four times a year, to assess their processes and review plan performance, welcoming positive responses and criticism to make necessary adjustments.
Bentley & Co.’s efforts to benchmark client plans against industry standards and implement strategies to enhance the effectiveness of its services set it apart in the industry. It becomes an adept partner for employers seeking to establish a secure and prosperous financial future for their workforce.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
Securities and advisory services are offered through LPL Financial, a registered investment advisor, Member of FINRA/SIPC.
