Financial Advisors & CPAs

Our Business Model

We require that each DPS client also contracts with a specific Financial Advisor(s). As DPS is independent of investment product, we want to insure that the client is getting the best employee education for its retirement plan, and the appropriate due diligence regarding the investment platform being used. If a Plan Sponsor wants to go directly to Fidelity or Vanguard for its entire 401(k) plan, for example, without the use of a Financial Advisor, that prospect would not fit into our business model.

Types of Financial Advisors

We work with most licensed investment professionals, including independents, those working at the wire houses or within banks or trust departments, Registered Investment Advisors, and Fee-for-service providers.

Helping Advisors by dealing with administration

DPS can help Advisors by taking away the ministerial work associated with plan compliance and plan administration. Our goal would be to have Financial Advisors not to have to worry about the day-to-day compliance and administration. Achieving this goal would allow Advisors to do what they do best: Advise on the financial product.

Helping Advisors through our experience

As we work with hundreds of plans using many different investment strategies and record-keeping systems, we are able to steer advisors to the best platforms in the market. We are able to help with pricing questions, share classes, platform features and service support from the various platform vendors in the marketplace, given our experiences and the feedback we hear from our clients.

The referral relationship

Approximately two-thirds of all our sales leads come from Financial Advisors. As the 401(k) business can be very complicated (thank you Congress), we can be the expert administrator firm that "partners" with the Advisor. We tell our clients and prospects alike that hiring experts in their respective disciplines can be a great combination. Advisors deal with the investment product; DPS deals with the administration. Why not get the best of both worlds?

Certified Public Accountants (CPAs)

Our Business Model

We typically include our client's external CPA in correspondence revolving around plan design, contribution calculations, deposit deadlines and any issues near and dear to the CPA. We understand the essential requirement of synchronizing contribution calculations with what is ultimately deducted on the business tax return.

3-Way Triangle at Year-end

In many cases, we communicate various contribution scenarios with our Client Contact and the client's external CPA, in order that the company's books and the retirement Plan's books are in sync. So, communication between Client, CPA and our DPS contact is common and desirable. We recognize that the external CPA has an integral role with our mutual client and communication among the parties is not only desirable, but necessary.

The referral relationship

Approximately one-third of all our sales leads come from CPAs. As the President of DPS is also a CPA, we can talk the same language. Often times, a client will be invited to meet at the CPA's office along with DPS to discuss plan design.

Ever get a tough pension question?

CPAs are encouraged to call us with pension questions, even on non-mutual clients. We have research tools that are specific to the pension world and can sometimes help CPAs with unusual situations that arise. During tax season, CPAs are strapped for time. DPS may be of service, lending their experience and interpretation of the pension laws.

 

© 2012 Downeast Pension Services. Inc 41 Campus Drive, Suite 302 New Gloucester, ME 04260 Ph (207) 688-4219 Fax (207) 688-4095 info@downeastpension.com

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