It’s my pleasure to introduce Rowena Lei, the newest member of the Adams Financial Concepts family. As a recent graduate from the University of Washington, Rowena majored in History. Monday was her first official day in the office. She’s a bright, talented young woman and I’m very excited to have her on board. Over the next few months, she will play a crucial role as we continue to develop our 401(K) program.
Why is this important? I have talked often about 401(K)s. Frequently On The Money we’ve explored the historical development of 401(K) plans, their pros and cons, and the upcoming changes such as transparency of fees. In the next few months, new regulations require plan sponsors and participants to be notified of previously hidden fees. Additionally, the Department of Labor estimates 77 percent of all 401(K) plans are not compliant with regulations. Sponsors of non-compliant plans can be fined up to 10 percent of each plan’s value. The scramble to meet regulations has already begun.
As an Account Administrator, Rowena will help layout initial meetings with plan sponsors, develop and implement an educational component for clients, and discuss investment policies.
In 2008, 40 percent of people stopped contributing to their 401(K). To me, this makes about as much sense as not making your house payment because housing prices drop. Unfortunately, most people spend more time each year planning for a vacation than they do planning for their retirement. As with other aspects of wealth management, I believe Adams Financial Concepts clients expect to win by achieving more than the standard return on their investments.
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