CASE STUDIES
MONITOR TECHNOLOGIES:
Challenge
The company’s retirement plan was overseen by a broker whose compensation was tied to a percentage of plan assets. This broker also managed the firm’s health insurance but lacked expertise in retirement planning, delivering minimal strategic value. In 2011 alone, the broker earned $6,807 in commissions—costs that would have continued to rise as assets grew.
Approach
To gain clearer budgeting and deeper participant support, the company terminated the broker relationship and engaged Paul D. Sippil & Associates on a flat annual fee of $6,000 (unchanged since 2011). Under this arrangement, we increased our contact frequency, meeting with plan participants twice yearly on average. These meetings include detailed guidance on asset allocation, retirement goal setting, and personal budgeting.
A few years later, the client transitioned record-keeping from John Hancock to Paychex through their PEO, moving from asset-based administration fees to an all-inclusive, fixed-cost model. This switch ensured consistent, high-quality service without the escalating fees tied to plan growth.
Result
Predictable Costs: The flat advisory fee of $6,000 remains unchanged, shielding the company from variable commission increases as plan assets grow.
Enhanced Participant Service: Regular, in-depth meetings have improved participant engagement and financial education, leading to more informed retirement readiness.
Lower Administration Fees: By consolidating record-keeping under Paychex’s PEO offering, the company eliminated asset-based fees, resulting in substantial long-term savings without compromising service quality.
“Paul has provided my team and I a clear, honest voice in a retirement plan market filled with confusing terminology and numbers. His approach is realistic and sound, without the over-exaggeration so common with financial planners.”
-Craig Russell, owner of Monitor Technologies
FLETCHER & SIPPEL:
Challenge
From 2010 to 2018, the firm’s broker commissions ballooned from $4,917 to $18,534 as plan assets grew from roughly $2 million to over $5 million. Despite these rising fees, the broker had minimal engagement with plan participants, leaving the firm questioning whether such escalating payments were justified. At the same time, Securian’s top-tier record-keeping service came with an asset-based fee structure that grew ever more costly alongside the plan’s expanding asset base.
Approach
In 2019, the firm locked in a flat annual advisory fee of $8,000—no matter how large the plan grew—ensuring predictable costs and aligning incentive with service value. That same year, they moved record-keeping and administration from Securian to Guideline, slashing those fees by roughly 80%. Although Guideline’s platform introduced occasional errors and slower response times, the net savings justified the switch. Today, the firm is vetting additional record-keepers who combine flat-fee pricing with the robust support required for their evolving retirement plan.
Result
Stabilized Advisory Expenses: The flat $8,000 fee has remained unchanged since 2019, delivering substantial savings compared to the prior escalator model.
Dramatic Admin Fee Reduction: Switching to Guideline reduced record-keeping costs by approximately 80%, freeing resources for participant education and plan enhancements.
Enhanced Cost Transparency: Flat-fee structures for both advisory and administration have eliminated budget surprises, allowing the firm to forecast its retirement-plan spending with confidence.
Ongoing Service Optimization: By actively exploring new record-keeping partners, the firm continues to seek the ideal balance of cost efficiency and high-quality support for plan participants.
What's the difference between one 401K service provider and another? A lot, it turns out. And what Paul Sippil has taught me is that what you DON'T know is probably costing your company big. Paul has been indispensable in helping my firm identify, procure, and (as needed) oversee lower-cost 401K services. He has done so without compromising on 401K product quality or scope of investment options, saving my partnership and our employees thousands of dollars, collectively.”
Rob Wimbish, partner at Fletcher & Sippel
R B CONSTRUCTION:
Challenge
As of September 2018, the company relied on Nationwide for record-keeping, custodial (and likely administrative) services under an asset-based fee model—and struggled to obtain a clear fee disclosure due to subpar customer service. They were also paying an annual advisory fee of $2,400, yet receiving minimal guidance or participant support.
Approach
Shortly after our initial conversation, the firm engaged Paul D. Sippil & Associates for a flat annual advisory fee of $2,500—locking in modest, predictable costs in exchange for significantly deeper involvement. We ramped up participant communications, proactively assisted with investment selection and ongoing monitoring, and ensured full transparency around all fees.
At the end of 2019, the company shifted record-keeping and administrative duties to Correll and custody to Charles Schwab. Correll’s client service and flat-fee structure delivered the reliability they needed at approximately 67% less cost than Nationwide’s asset-based model.
Result
Predictable, Aligned Advisory Costs: The $2,500 flat fee replaced an under-delivering $2,400 asset-based arrangement, ensuring ongoing value regardless of plan growth.
Enhanced Participant Engagement: Regular, proactive check-ins and comprehensive investment oversight boosted participant understanding and confidence.
Significant Admin Fee Savings: Transitioning to Correll reduced record-keeping and administrative fees by about 67%, even as assets climbed from $1.7 million in 2018 to $3.9 million in 2021.
Improved Transparency & Service: The firm now receives timely fee disclosures and responsive support from both advisory and record-keeping partners, simplifying oversight and budgeting.
“We’ve been working with Paul for several years and highly recommend him. Paul has been helping us with our 401k and everyone in our company looks forward to his visits. He brings knowledge, insight and interesting topics. Paul has simplified and personalized our investing. He takes the time to connect with individuals and work with their needs. He listens much better than previous financial professionals. Our plan is more efficient.We’ve been working with Paul for several years and highly recommend him. Paul has been helping us with our 401k and everyone in our company looks forward to his visits. He brings knowledge, insight and interesting topics. Paul has simplified and personalized our investing. He takes the time to connect with individuals and work with their needs. He listens much better than previous financial professionals. Our plan is more efficient.”
Rich Bianco, owner of R B Construction
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