Corporate retirement adviser fills niche

Planning for retirement is getting trickier. You've got the recession to deal with, along with a dwindling number of pension plans and a stock market that can't seem to make up its mind. And, who knows what impact the climbing national debt will have when that bill comes due.

Imagine that times about 100, or 1,000.

That's the spot companies are in as they struggle to craft dependable retirement plans for their employees.

And, that's where Neil Garrett comes in. The Red Lodge resident runs Garrett Retirement, an independent retirement plan advisory firm that focuses on the corporate plan sponsor.

"My business is a relationship business," Garrett said. "It is important to listen to your clients and be there for them. They have hired you as the expert, similar to their attorney, auditor, CPA, etc., and you need to stay proactive and keep them updated and informed or risk them seeking out a new expert."

Those relationships have worked out pretty well for Garrett. The 401KWire lists him among the 300 most influential retirement plan advisers in America for 2009. And in 2006, Plan Sponsor magazine recognized him as one of the year's "most successful retirement plan advisers."

Garrett can be reached at 446-4015. Here's what else he had to say about building his business:

Nature of the business?

We work with plan sponsors at private, public and nonprofit organizations. Our services include plan design, fee benchmarking, provider searches, investment advisory, fiduciary compliance and education. Our goal is to help protect plan fiduciaries from loss and liability while enhancing the investment opportunities for participants. What differentiates us from others is that we take on a fiduciary role with our clients and charge a flat fee for our services that is fully disclosed.

Why start this business?

I was employed with a national property and casualty insurance brokerage firm for many years as their national resource for retirement business and wanted to bring those same capabilities and services with me when I relocated to Montana a year ago. I feel that the services we bring to the table are not only unique to this marketplace, but are also more comprehensive than any other offerings I have researched in the greater Billings area.

Where did startup funding come from?

I used my own funds to launch my business.

How long have you been in business?

I have been in the retirement industry for about 18 years. Before moving to the consulting side, I worked for Invesco Retirement Plan Services in Atlanta, Ga. Inversco is a mutual-fund company that had a retirement plan services division that was sold to Merrill Lynch several years ago. I gained a great deal of knowledge on the record keeping, administration and compliance side of the industry during those nine years.

Your biggest challenge during the current recession?

Learning patience. Our prospective companies' decision timelines are longer than the past, and other benefits such as their health and welfare are taking the front seat.

What is being done to expand the business?

I want to develop the business from just being in Montana to other surrounding states. I am reaching out to the Dakotas and as far west as Washington and California. I am constantly in front of business leaders through the Billings Chamber of Commerce as well as other chamber groups and organizations in the area.

Your best business decisions?

I feel my best business decision was to have a strategic partner -- 401(k) Advisors. In order to keep my existing clients and attract others, I needed a dedicated team of specialists that had a national presence and expertise in all areas of retirement plan consulting.

Your worst business mistake?

Assuming everyone understood what we do and what a fiduciary is. A fiduciary is any person who has discretionary authority over the administration of a plan or the management of plan assets. I have realized that people commonly think that their third-party administrator, provider, attorney, bank or broker is a fiduciary, and in most cases they are not and will not take on that responsibility and liability.

Number of workers?

I have a team through 401(k) Advisors in their California location as well as their office in Boise that assists my clients.

What's your five-year plan for the business?

My goal is to triple the size of our current book of business and to continue to educate the business community about the need for our services. As we grow, I would envision possibly adding a physical office in the Billings area as well as increasing the number of consultants to make sure that the level of service our client's receive is not affected.

What advice do you have for someone running a business?

My business relies on relationships. You are not always going to match personalitywise, but when you do, capitalize on that. Let me share a story that illustrates this. I call it "Georgia Pecan Pie." This was during my early consulting days in Atlanta. I will always remember the time that I was pursuing a prospect going on two years. We were at the final stage of their decision on our services, and the company wanted my team to fly out to make a final presentation. I remembered a conversation I had with the human resources director about how much he loved pecan pie from Georgia. So, you can probably guess what I did. I brought a fresh pecan pie on the flight as my carry-on and made it to the meeting the next morning -- all intact, I might add. Well, I have never been able to confirm that the pecan pie secured us the account, but it made a lasting impression.

A question you would ask other entrepreneurs?

I would ask other entrepreneurs what they feel makes them successful and would they ever consider working for a corporation again.