Portland, OR, June 06, 2024 – Deschutes Investment Consulting is proud to announce that Phil Sherman, CFP®, CPFA®, NQPC™ has been honored with a national award for his exceptional service to plan participants in 401(k) plans. This prestigious recognition was awarded by Planadviser, highlighting Phil’s dedication to providing top-notch education and support to retirement plan participants.
Phil Sherman joined Deschutes Investment Consulting in 2019, drawn by the firm’s commitment to retirement plan education and participant support. Phil’s journey into the financial services industry began as a wealth advisor working solely with families and individuals. However, witnessing numerous clients unprepared for retirement prompted a shift in his career focus. Phil found his calling at Deschutes, where he could address these challenges by educating and supporting plan participants, ensuring they are well-prepared for their financial futures.
Interview Highlights:
Planadviser: “Tell us about your practice and how you got into advising retirement plans.”
Sherman: “Our firm was started in 1997, and our founder, MacGregor Hall, has been involved with retirement plans his entire career. I personally joined the firm in 2019 and was specifically drawn to Deschutes due to their work with retirement plans and focus on education. The opportunity to assist participants not only in the present but also for years to come, providing the financial education and support they deeply require, was the perfect pivot I needed.”
Planadviser: “Are you connected to a wealth management division?”
Sherman: “Yes, Deschutes has a wealth management division. We are fortunate to have a team of CFP professionals that we can use to assist our education efforts. Our firm integrates both sides to support overall success. We also have built-in guardrails, like our free Retirement Assistance Program and required fee disclosures, ensuring transparency and ethical conduct.”
Planadviser: “What challenges do you think the retirement plan industry faces?”
Sherman: “The biggest challenges are financial literacy and income replacement. We tackle financial education and literacy through webinars designed for participants at various career and financial stages. To address income replacement, we work with HR to provide custom education presentations that illustrate what participants need to save for retirement. We then back out what Social Security will cover and offer strategies to fill the gap through their retirement plan and personal savings.”
Planadviser: “Why do you feel it is important to work individually with plan participants?”
Sherman: “The financial services industry often rewards advisers who serve the wealthiest clients, leaving many participants without adequate support. By offering individualized education and consultations, we aim to provide a sense of security that was once afforded by pensions. It’s crucial to help participants navigate their financial futures, especially when they are responsible for their own retirement savings.”
Planadviser: “What are three of the biggest challenges that plan participants face today?”
Sherman: “Income replacement, access to quality education, and dealing with industry jargon and paperwork. We address these by focusing on Social Security concerns, providing relevant and engaging educational content, and simplifying the process with user-friendly ‘How to’ guides.”
Phil Sherman’s recognition underscores Deschutes Investment Consulting’s unwavering commitment to participant education and support. Deschutes is proud to announce Phil’s achievements and continue on in the mission of helping businesses and individuals achieve their retirement goals.