Retirement Plan Advisors (RPA) is a Chicago-based financial advisor firm that has more than a billion dollars in client assets under management (AUM). The firm's team of financial advisors provides a spectrum of services, ranging from investment management and financial planning to more specific managed account programs and advisory services. RPA advises individual clients, as well as investment funds and governmental entities.
RPA is a fee-based firm, as some in-house advisors may receive commissions from the sale of certain securities or insurance products. That's different from a fee-only firm, which avoids conflicts of interest by restricting its compensation to client-paid advisory fees.
RPA ranks among the top 10 financial advisors in Chicago, according to SmartAsset. In addition to its headquarters in Chicago, RPA has regional offices in Missouri, Wisconsin, Michigan and Louisiana.
Retirement Plan Advisors Background
Retirement Plan Advisors has been in business since 2000. The firm is a wholly owned subsidary of Retirement Plan Advisors Group, LLC. The firm's senior leadership comprises CEO Josh Schwartz and president Ken Mergen.
RPA started by providing public sector employers and their employees with services such as retirement plan design, vendor selection, plan consulting, investment guidance and financial education. Over time, RPA expanded its services to include investment menu options and managed account services for private sector and multi-employer plans, including Pooled Employer Plans (PEPs).
Some of the staff members at RPA hold various professional designations, including the Certified Financial Planner™ (CFP®), chartered financial analyst (CFA), certified public accountant (CPA), chartered life underwriter (CLU), chartered financial consultant (ChFC), certified retirement counselor (CRC) and accredited investment fiduciary (AIF).
Retirement Plan Advisors Client Types and Minimum Account Size
The vast majority of RPA's clinet pool consists of individuals below the high-net-worth threshold. The firm also manages money for high-net-worth individuals and institutional clients. While government clients account for a small percentage of the firm's overall client base, they account for the vast majority of its AUM.
RPA generally requires a $25,000 minimum to open a managed account, but this may be waived if your household has another account meeting that amount. For the WealthPort Program—a wrap fee program—the minimum is typically $5,000, though higher amounts might apply based on the account type. The PortfolioPlus program has no minimum investment requirement.
Services Offered by Retirement Plan Advisors
RPA offers a range of services for both individual and institutional clients. For individuals, the firm provides financial planning, including cash flow and budgeting analysis, debt management, tax planning, investment strategy development, and insurance advice. RPA also offers discretionary investment management services using strategic and tactical asset allocation, often implemented through mutual funds, ETFs and Collective Investment Trusts (CITs).
Clients can access tailored portfolio management solutions through programs such as PortfolioPlus and WealthPort, with regular reviews to align investments with evolving goals and risk tolerance.
For institutional clients, RPA specializes in retirement plan consulting and fiduciary services for public and private sector employers. The firm works with employers to design and manage defined contribution and defined benefit plans, including 401(k), 403(b), 457, and retiree healthcare plans.
Retirement Plan Advisors Investment Philosophy
Retirement Plan Advisors looks to tailor its investment strategies to the financial needs and objectives of each client. Advisors work with clients to develop an initial asset allocation model that's built specifically for them, using information about the client's risk tolerance, time horizon and investment goals to inform it. Advisors continuously monitor portfolios to ensure that goals are being properly pursued. Clients are encouraged to update the firm with any changes to their financial situation or goals.
Advisors tend to allocate a client's assets to mutual funds, exchange-traded funds (ETFs) and collective investment trusts (CITs). They inform their investment decisions using a variety of techniques, including charting, fundamental analysis and technical analysis. Advisors also try to utilize long- and short-term purchases when crafting client portfolios.
Fees Under Retirement Plan Advisors
All fees at RPA are subject to negotiation between advisors and clients, though there are some minimum and maximum rates. Financial planning fees typically average $600 for basic plans and $1,500 for comprehensive plans. Hourly fees are no higher than $500 per hour.
For investment management accounts, fees won't exceed 2.25% of a client's total AUM annually. Fees for other accounts and services may be negotiable. Fees at RPA are charged quarterly, monthly or all at once, in arrears.
What to Watch Out For
Retirement Plan Advisors does not have any disclosures listed on its Form ADV.
Retirement Plan Advisors is a fee-based firm, and it employs some financial advisors who can receive commissions when they sell certain securities or insurance products. This constitutes a conflict of interest. However, this doesn't affect the firm's status as a fiduciary, legally binding it to act in the best interests of clients at all times.
Opening an Account With Retirement Plan Advisors
To open an account with RPA, visit the firm's website. There you can search the firm's network of advisors and find one that operates in your area. When you locate a suitable option, you can submit a contact form, send an email or even chat directly with the advisor. Call (312) 701-1100 if you prefer working over the phone.
All information is accurate as of the writing of this article.
Investing Tips
- If you want some help managing your investments and retirement income planning, a financial advisor can be a great partner. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Formulating a precise asset allocation is a great first step to setting yourself up for success in investing. This all-important strategy considers your risk tolerance to determine what kinds of investments should occupy different percentages within your portfolio. If you don’t know where to begin, stop by SmartAsset’s asset allocation calculator.
