Rich Sotell Wins Retirement Advisor Council 2017 SUCCESS! Award

East Granby, CT – We are pleased to announce Rich Sotell of The Kraematon Group of Wellesley, Massachusetts is this year’s recipient of the SUCCESS! Award recognizing his achievement as a Professional Retirement Plan Advisor.

The award distinguishes Rich Sotell’s comprehensive client service strategy beyond the typical retirement plan advisor duties as demonstrated in his case study involving a freight hauling company.

The plan sponsor’s cost for training a new driver is about $5,000. Turnover was very high at 50% each year, so I wanted to propose a solution to reduce that now and in the future,” says Sotell.    Rich estimates that reducing this high turnover rate could save the company nearly $1 million in training costs.

I suggested to the client that they should focus on hiring former military, an abundant resource—and specifically those recently discharged, many of whom have the driving skills required for the job,” continued Sotell. “Helping the client re-focus their hiring strategy was essential, but I’m also advocating for a robust communication plan targeting not only the drivers themselves but their spouses—or in many cases parents—as it’s not unusual for younger drivers who spend a lot of time on the road to still live at home.”

Further, Rich is helping the client to build a better sense of community for their workforce. “Our goal is to create a team environment, like in the military, and we can do that by encouraging regional competitions, awards for loyal service and recognizing milestones such as miles driven per year with no accidents—which can all contribute to keeping turnover rates, and the associated expenses, lower than ever before.” At Rich’s direction, the plan is also developing an auto-enrollment/escalation strategy to further increase retirement savings among their workforce.

Rich was selected among three finalists, and voted the winner live during the Retirement Advisor Council Semi-Annual Planning Meeting in St. Petersburg, Florida on January 13, 2017. Rich said, “We are grateful for having received this award in addition to our having been recognized by the Financial Times as a 2016 Top Advisor Award Winner.

Of the 47 advisors entered in the competition, three finalists were selected by a jury of six recordkeeping service providers that represent a mix of business models. Honorable mentions go to the other two finalists: Troy Redstone of PHD Retirement Consulting and Jamie Hayes of FiduciaryFirst.

The Kraematon Group, Inc. an elite member of GRP Advisor Alliance was established in 1982 and began retirement plan consulting in 1985. For over 30 years, Kraematon has assisted its clients in designing customized retirement benefit programs that are cost effective and administratively convenient, while providing their employees the opportunity to maximize their retirement savings. Our combination of creative plan design combined with customized client communications has resulted in our being recognized as a leader in the field of retirement.

Learn more about Kraematon at www.kraematon.com.

The Retirement Advisor Council is a national organization that advocates for successful qualified plan and participant retirement outcomes through the collaborative efforts of experienced, qualified retirement plan advisors, investment managers and defined contribution plan service providers.  To advance its mission, the Council undertakes initiatives in the areas of research, public relations and promotion, general public education, regulatory positions and practice management.  The Council accomplishes this mission by:

  • Identifying duties, responsibilities, and attributes of the Professional Retirement Plan Advisor.
  • Sharing professional standards with plan sponsors who are responsible for the success of their plans.
  • Providing collective thought capital to decision makers, product providers, legislators and the public.
  • Giving voice to the retirement plan advisor community
  • Offering tools to evaluate advisors to ensure the quality of services provided.

Learn more about the Retirement Advisor Council at www.retirementadvisor.us

 

 

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