Tom Kmak is the co-founder and Chief Executive Officer of Fiduciary Decisions (FDI, formerly Fiduciary Benchmarks). During his 16 years with the firm, FDI has become the industry’s leading firm for benchmarking retirement plans using a patented approach that recognizes the mathematical truth that “Fees Without Value is a Meaningless Comparison.”

Tom is pleased to say that FDI’s benchmarking service is used by 70% of the largest and most prestigious Recordkeepers as well as over 60% of the best Retirement Plan Advisors, as recognized by various industry publications.

Tom has also been involved in the development of other services at Fiduciary Decisions, such as the Rollover Decision Support System supporting DOL PTE 2020-02, as well as the interactive plan design tool called the Retirement Outcomes Evaluator.

Prior to founding FDI in 1990, Tom started the JPMorgan Retirement Plan Services business with American Century. Upon leaving in October 2007, that business employed 1,100 people serving two hundred large plan sponsors with over 1.5 million participants and more than $115 billion in assets. During his career with Retirement Plan Services, the company initiated numerous industry firsts, including no blackout conversions and the innovative employee education program, Audience of One. Tom also served on the Executive Committee for JPMorgan’s asset management business.

Tom graduated Phi Beta Kappa from DePauw University with a B.A. degree in Economics and Computational Mathematics. He was the first graduate of the prestigious Management Fellows Program, and he was a 3-year letterman in intercollegiate basketball.

In this episode, Eric and Tom Kmak discuss:

• Do Managed Accounts Provide Personalized Value?
• Does a Dynamic QDIA Enhance Individualization?
• Evaluation Requires Comprehensive Tools and Criteria
• Retirement Outcomes Should Be the Priority

Key Takeaways:

• Managed accounts can help participants who lack time or investment expertise by providing personalized guidance that can improve decision-making and long-term retirement outcomes.
• Dynamic QDIA strategies are intended to tailor investments to each participant’s age, account balance, and financial situation, and can potentially create a more individualized approach to retirement planning.
• The goal of adopting managed account solutions should be to improve retirement readiness and long-term results, with fees considered in the context of overall value and personalization.

“We've had some people say publicly, the reason I like managed accounts is they can't be benchmarked, to which we replied, hold my beer.” - Tom Kmak

Connect with Tom Kmak:

Website: https://www.fiduciarydecisions.com/team/tom-kmak/

LinkedIn: https://www.linkedin.com/in/thomas-kmak-5635b77/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected]

LinkedIn: https://www.linkedin.com/in/401kguy/

The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.