Hermitage Wealth Management is pleased to announce that J. Cory Hoffer has been named as of the 2020 Financial Times 401 Top Retirement Advisers (FT 401).
The FT 401 aims to provide a list of professionals who specialize in advising employers on their defined contribution plans.
The formula the FT 401 uses to grade advisers is based on six broad factors and calculates a numeric score for each adviser.
The factors were:
- DC assets under management (AUM). This signals experience and success in managing money in 401(k) programs and other DC plans.
- Growth rate in DC plan business. Measured by changes in both DC plan clients and assets, growth is a proxy for performance, client retention and ability to draw new clients.
- Specialization in the DC business. This is measured by what percentage of the overall assets managed by the adviser are in DC plans and how that concentration has changed.
- Experience advising on DC plans. This tracks years spent managing DC plan assets through different economic and market environments.
- Industry certifications. These show technical knowledge that is particularly important in the complicated DC plan industry.
- Compliance record. A string of client complaints can signal potential problems.
Among the top factors in FT 401 scoring, DC plan assets accounted for roughly 60-65% of each adviser’s score, on average.
Another 12-18% of the score derived from the growth in the adviser’s DC business (as measured in both DC assets and number of DC plans advised).
This year, to emphasize long-term client satisfaction, FT 401 used a three-year growth rate instead of the one- and two-year growth rates used in the past.
To access the full list of FT 401 advisers, please visit https://www.ft.com/reports/top-401-advisers.