Lisa Drake: The Connection Between Financial Literacy And Financial Wellness

Be More Than A Fiduciary

Lisa Drake is a Retirement Plan Consultant based in SageView’s Florida office, working closely with plan sponsor clients on plan design, investment due diligence, monitoring and reporting as well as ERISA compliance to maximize fiduciary protection for employers. She specializes in driving positive retirement plan outcomes and developing long-standing client relationships.

Lisa has worked in institutional financial services for over 15 years, beginning her career at Charles Schwab. She worked as a financial advisor at Ameriprise Financial Services and later transitioned to a relationship manager role with CBIZ before moving on to FiduciaryFirst.

She was named among NAPA’s (National Association of Plan Advisors) Top Women Advisors in 2016-2018, as well as Top Defined Contribution Teams in 2018 and Top Retirement Plan Advisors Under 40 in 2019. She is currently NAPA’s President-Elect.

Lisa earned her Bachelor of Science in International Business and World Trade from the University of Buffalo and her MBA with a specialization in Human Resource Management from the University of Phoenix. She is an Accredited Investment Fiduciary (AIF®) and has earned her Certified Plan Fiduciary Advisor (CPFA) credential from the National Association of Plan Advisors. Lisa also holds the Certified Health Savings Adviser (CHSA) certification, helping provide a holistic consultative approach to employee benefits and retirement planning.

In this episode, Eric and Lisa Drake discuss:

• Going beyond the traditional trifecta (Fees, Funds and Fiduciary)
• Assessing individual needs based on feedback
• Streamlining plans for governmental entities
• What is true financial wellness?

Key Takeaways:

• Financial wellness for employees goes beyond the traditional trifecta of “fees, funds, and fiduciary”. The employees must be empowered with financial literacy through personalized engagement in financial wellness programs and custom solutions that transcend basic retirement education.
• It’s important to understand the full breadth of benefits following employee feedback. Companies must assess the need for investment allocation guidance and comprehension of the 401(k) plan before incurring additional costs.
• Streamlining your retirement plans for governmental entities by consolidating record keepers, gaining a grasp of fees, and recognizing fiduciary duties will enormously impact employees’ futures.
• Financial wellness is much more than numbers and technicalities—it's about shaping the present and future well-being of employees through education, personalized engagement, and sound advice.

“It's easy to have the best investments in the plan and have an efficient plan structure as far as the cost goes. But if the employee is not leveraging the benefit, if they don't understand the benefit, if they have other financial worries, then we're missing the mark. The big conversation is how to engage employees and how to help them with their finances.” - Lisa Drake

Connect with Lisa Drake:

Website: https://www.sageviewadvisory.com/

LinkedIn: https://www.linkedin.com/in/lisagarciasageview/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: [phone]

Email: [e-mail]

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

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance 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.