2014 Government Regulations & Business Summit
Join PBN and our sponsors for our Government Regulations & Business Summit on Th ...
Jamie Worrell was recently inducted into the Plan Advisor Hall of Fame during the annual PlanSponsor/PlanAdviser Awards for Excellence dinner. Worrell is president and managing director of GPS Investment Advisors. He graduated from Connecticut College before earning a J.D. from Suffolk University Law School. Worrell also holds several professional designations and licenses.
PBN: You were one of two professionals to be inducted into the Plan Advisor Hall of Fame; can you tell us more about the selection process?
WORRELL: Inclusion in the hall of fame was, in part, a result of my 2011 honor of Retirement Plan Advisor of the Year by PLANSPONSOR Magazine. I was selected based on a number of factors, including the quantity and variety of retirement plans my firm services and the overall impression of our practice. With 20 years of experience providing retirement-plan investment solutions to employers and individual investors, I found it extremely gratifying to receive the hall of fame induction.
PBN: What strategies or efforts do you attribute to your success as a retirement-plan professional?
WORRELL: Early on at GPS Investment Advisors, we chose to specialize as financial advisers in retirement plans, an area in which we feel most advisers only dabble. Setting goals and measuring results has kept us focused on accomplishing what matters most to our clients. Our services and tools are dedicated to helping create successful retirement plans for employers and employees. We value our clients and pride ourselves on accountability, putting the client first, respecting clients’ time and providing sound advice and guidance.
PBN: What is on the horizon for retirement planning for both individuals and companies?
WORRELL: In July, new legislation is going into effect requiring disclosure by plan sponsors (e.g. employers) of all fees that employees pay in the company retirement plan. Many individuals may be surprised when they finally see their fees plainly stated. In addition, corporate officers overseeing company retirement plans continue to be at risk of personal loss, as demonstrated recently in two court cases. One case found the 401(k) committee liable for breach of fiduciary duty for excessive fund fees, while another case found the committee liable for not monitoring 401(k) fees and using higher-than-market costs to subsidize other relationships with their provider. •