Retirement Plans and How to Make Them Work with Tom Ackmann

Owner's Corner by SYM Financial Advisors

Aug 23 2022 • 56 mins

Tom Ackmann is a principal and senior retirement plan advisor at SYM Financial Advisors, an RIA firm with a long history of serving plan sponsors and their employees. He previously worked as the Vice President of Baden Retirement Plan Services and the Vice President for Ascensus. At SYM, Tom leads a team that advises over 100 corporate clients and 10,000 participants. Tom holds a degree in Communications/Political Science from Concordia University Chicago.

Tom joins me today to discuss retirement plans and how to find the right one for your company. He explains which plans offer flexibility and outlines their components. He also highlights why business owners should consider offering retirement plans to employees and underscores the value of working with advisors to work out retirement plans.

“Understand that as your business evolves, your retirement plan evolves, too.” - Tom Ackmann

This week on Originators:

  • Tom’s background and his journey in the retirement planning industry
  • The concept of compensating factors
  • The difference between defined benefits and defined contribution
  • SYM’s “Three Uniques” and taking on fiduciary responsibilities
  • The three investment models SYM offers their clients
  • Encouraging people to save and invest even in down markets
  • The pendulum in the 401(k) space and why today’s younger people are more interested in 401(k) plans
  • The components of a 401(k) plan
  • Why business owners should offer 401(k) plans to their employees
  • Incubator plans and making the 401(k) transition easier
  • Why business owners should know every retirement plan option
  • Why health insurance is the most popular benefit among companies
  • Holding retirement plan providers accountable
  • The value of working on retirement plans with trusted advisors

Our Favorite Quotes:

  • “The eighth wonder of the world is compounding money.” - Seth Whicker
  • “Even though you’re young, you want to retire someday. To do that, you’ve got to rely on yourself by saving early and often.” - Seth Whicker
  • “You don’t make a profit off of the 401(k) plan. What you’re making is goodwill for your employees and, if it’s designed properly, goodwill for yourself.” - Tom Ackmann

Connect with Tom Ackmann:

About SYM Financial and The Owner’s Corner Podcast

The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.

Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.

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