Morgan Planning Group, LLC is proud to announce that it has been named to the National Association of Plan Advisors’ (NAPA) prestigious list of the nation’s top defined contribution (DC) Advisor Teams for 2024. This recognition highlights the firm’s dedication to excellence in the retirement plan industry and its commitment to providing top-notch advisory services.
Scott Morgan and Mark Booth, the key advisors on the team at Morgan Planning Group, have been instrumental in achieving this honor. Demonstrating their dedication to staying abreast of industry developments, Scott and Mark also attended the NAPA national conference in Nashville in April. Their participation ensured they are staying up to date with the latest in 401k plan design, plan compliance, and industry trends, further enhancing their ability to serve their clients effectively.
Morgan Planning Group’s inclusion in this list underscores the firm’s significant role in managing defined contribution plans with assets under advisement amounting to over the $100 million threshold for this listing. Unlike other lists, the NAPA Top DC Advisor Teams list focuses on individual firms or teams within a single physical location, emphasizing their specific contributions to the DC practice.
“Since their inception, NAPA’s various industry lists represent the best of what the retirement plan industry has to offer, setting the bar higher for financial professionals and plan advisors specifically,” said John Sullivan, Chief Content Officer of the American Retirement Association, and Editor-in-Chief of NAPA-Net, the nation’s leading online resource for retirement plan advisors. “The NAPA Top DC Advisor Teams are ranked by self-reported DC assets under advisement and highlight the positive impact they’re making on the nation’s private retirement system.”
This year’s list features a record number of teams (452) overseeing nearly $2 trillion in defined contribution plan assets belonging to more than 47,000 plans and covering nearly 21 million participants. The teams represented 43 states and the District of Columbia.
“As the nation’s voice for retirement plan advisors, we are once again pleased to highlight the contributions and commitment of these teams,” Sullivan added.
The list of NAPA’s Top DC Advisor Teams will be published in the Spring issue of NAPA Net, the Magazine, and is available online at NAPA Top DC Advisor Teams 2024.
About Morgan Planning Group, LLC
Morgan Planning Group, LLC is a leading advisory firm specializing in defined contribution plans, dedicated to helping clients achieve their retirement goals through strategic planning and expert advice. From bolstering long-term financial security to providing tax advantages and other incentives, retirement plans can be a key differentiator for your business or practice group. Morgan Planning Group can help you craft a plan that reflects your size, business philosophy, the nature of your organization, and your investable resources. Count on us also for superior guidance and assistance, so that it’s easy for plan sponsors and your participants to navigate your plans, policies, procedures, and tools.
Selected based solely on defined contribution (DC) plan assets under advisement as reported directly by nominees.
Congratulations to Morgan Planning Group’s Partner Mark Booth on being featured in this month’s Fortune Magazine for the second year in a row as a Five Star Wealth Manager Under 40! Mark is a CERTIFIED FINANCIAL PLANNER™ with over 15 years of experience. He will be finishing his Masters in Business Taxation at the Carson School of Business this year, and we look forward to his continued success in the years to come.
Mark Booth, a young and dynamic financial advisor, has recently been awarded the prestigious Five Star Wealth Managers Under 40 Award and featured in Fortune Magazine for his exceptional contribution to the financial industry. As a seasoned professional, Mark has established himself as a advisor, working closely with clients to create personalized investment strategies around their unique financial goals.
In addition to his accomplishments as a wealth manager, Mark is currently pursuing a Master of Business Taxation at the University of Minnesota’s Carlson School of Management. Furthermore, he is a CERTIFIED FINANCIAL PLANNER™, a testament to his commitment to maintaining the highest standards of professionalism in his field. With his combination of experience, education, and dedication, Mark Booth is poised to continue making a significant impact in the world of wealth management for years to come.
One of the most important ways to recruit and maintain the best talent is to offer a competitive benefits package. As premiums for health insurance continue to rise in the individual market, offering group coverage is effectively mandatory for any competitive benefit offering. Although there are still a number of choices in terms of health plans that can help set you apart, it is with voluntary benefits where you can really make a difference. Making sure that you offer competitive dental, disability, life, and other coverage, will go a long way to recruiting and retaining employees.
There are a number of studies which link good oral health to better overall health.[1] Thus, an important part of keeping your employees healthy and happy is to ensure they have access to dental insurance. Dental offerings can be a relatively inexpensive option for your employees. We will be looking at dental plan design in a later post, but most plans offer coverage for basic and major services. For your employees with children or who may require adult braces, there are plans which offer an orthodontic component. Dental plans are usually available to employers with ten or more employees, but there are exceptions. Given their cost and the known importance of oral health, dental insurance remains one of the most common and desired types of voluntary benefits that employees look for when evaluating a benefits offering.
Vision is one of the most cost effective voluntary benefits. With plans costing as low as $4 a month, employees who require glasses or contacts can receive a substantial benefit. An eye exam is included in most health plans. So why offer vision coverage? Vision plans are often material benefit plans. This means that they provide significant savings if your employees need to purchase glasses or contacts. The material discount can provide assistance with frames, lenses, contacts, and other necessary vision correction. With around 75% of the adult population requiring some form of vision correction[2], this is an excellent benefit that would appeal to many employees.
Even with good health insurance, the fear of an extended illness or disability leaving an employee unable to work and collect an income is common. Fortunately, disability insurance exists to cover the gap when an employee is unable to work for an extended period of time. Both Short Term and Long Term disability are available. Short Term disability protects an employee when they are unable to work after several days due to the same condition. These policies typically pay for 13 weeks, and can be used to cover absence due to pregnancy, as well as illness or accident. Long Term disability comes into effect once an employee has either exhausted their Short Term coverage or after 90 days of absence. Long Term benefits pay usually until the Social Security Normal Retirement Age.
Short Term and Long Term disability benefits are an important part of any benefit offering. They ensure that employees have a sense of security should they experience an unexpected illness or accident. These are plans that can be designed around your needs and the needs of your employees. Some employers cover the cost of these for their employees. Others offer the disability coverage as a voluntary benefit. Either way, disability insurance is a reasonably cost effective way to ensure your employees have some peace of mind in the event of a health crisis. A recent study found that 40% of Americans can’t afford a $400 emergency, meaning that many cannot live on their savings.[3] Protecting your employees’ income is thus a vital and popular benefit.
Many companies provide a group life and AD&D policy for their employees. This benefit is often included to ensure that employees’ families are take care of in the event of death. However, these benefits often have a modest amount of coverage, sometimes not covering the employee’s annual salary, for example. In these cases, it can be a positive benefit to offer your employees the option of adding voluntary life and AD&D coverage. Whether on top of existing group coverage, or as a standalone benefit, voluntary life and AD&D is an important way to ensure that your employees have peace of mind for their loved ones if the worst should come to pass.
An often overlooked benefit, Accident coverage can be very popular when offered to employees. Accident coverage provides a set payout in the event that a person is injured as the result of an accident. These payout vary, but they are often enough to help cover the incurred medical expenses that result from the accident. Accident coverage also works well in tandem with disability coverage. It can help to cover initial expenses until any Short Term disability benefit pays out. Finally, many accident plans offer a wellness benefit. This benefit pays employees if they receive their routine physical or vaccination during the course of the year. This payment can help defray some of the cost of the coverage itself, and has the added benefit of encouraging your employees to get their annual physical!
We’ve presented here some common voluntary benefits that employers offer. These benefits can help you to round out your benefits package in a way that won’t break your budget. It also allows your employees some control over the benefits they want. If you’re interested in learning more, or want to add some voluntary benefits to your benefits package, please contact us! We can be reached at info@morganplan.com, or by phone at 800-484-2199.
[1] www.mayoclinic.org/healthy-lifestyle/adult-health/in-depth/dental/art-20047475
[2] https://www.thevisioncouncil.org/sites/default/files/Q415-Topline-Overview-Presentation-Stats-with-Notes-FINAL.PDF
[3] http://money.cnn.com/2018/05/22/pf/emergency-expenses-household-finances/index.html
