In this episode of The Accel Advantage podcast, Stacie Brass discusses wealth management. Stacie answers questions like, “How do I know if I need a financial advisor? How do I find the right financial professional? Should I just DIY and manage my money myself? How does my financial advisor get paid?”
Money stress is real, and according to a 2024 Bankrate survey, nearly 47% of U.S. adults say finances negatively impact their mental health. This staggering statistic only reinforces why financial planning and financial literacy are essential.
At Accel Wealth Management, based in Iowa, we believe in turning complexity into clarity. Stacie Brass, Partner, Managing Director, and Chief Compliance Officer, shares insights on how businesses and individuals can improve financial outcomes, starting with smarter 401(k) management and considering financial planning.
The Evolution of Financial Wellness
With financial literacy seeming like an overwhelming topic, people often avoid it. Due to this, employers are stepping in to fill that gap, often taking on an educational role to help their teams better understand employer-sponsored plans and financial tools. Over the past 10-15 years, there’s been a powerful shift in the way businesses approach benefits. It’s no longer enough to offer a solid 401(k). Companies need to engage employees with education, tools, and real-life support. Helping employees feel confident in their retirement plans not only reduces stress but also improves job satisfaction, productivity, and retention.
That’s where financial wellness programs come in. These programs go beyond retirement to address everyday concerns like budgeting, payroll taxes, and debt management. When employers invest in their people’s financial health, the payoff is significant.
The Rise of Pooled Employer Plans (PEPs)
One of the most exciting advancements in retirement planning is the growth of Pooled Employer Plans (PEPs). Created under the SECURE Act of 2019, PEPs allow unrelated businesses to join together in a single 401(k) plan managed by a pooled plan provider (PPP).
Think of it like a rideshare for retirement plans: shared costs, less administrative hassle, and built-in compliance. For small and mid-sized businesses, especially those in Iowa without a dedicated retirement plan administrator, PEPs can be a game changer.
Fiduciary Responsibility Made Simpler
Employers have a fiduciary obligation to ensure their retirement plan is in the best interest of their employees. With PEPs, the fiduciary duties shift to the provider, reducing legal exposure and simplifying oversight for plan sponsors.
The Big Question: Do You Need a Financial Advisor?
Shifting to the personal side of financial planning, many individuals wonder whether hiring a financial advisor or financial planner is necessary or even affordable. The truth is, it depends on your situation.
If you’re navigating major life events (marriage, divorce, inheritance, a new baby), nearing retirement, or feeling unsure about how to manage your investments, a trusted fiduciary advisor can help you:
- Develop a comprehensive financial plan
- Set and track long-term goals
- Manage investment risk
- Mitigate expensive mistakes
What to Look for in a Financial Planner
Not all advisors are created equal. Make sure you:
- Ask if they’re a fiduciary (and if they are 100% of the time)
- Understand how they’re compensated
- Keep an eye out for credentials like CFP® (CERTIFIED FINANCIAL PLANNER®), showing they’ve undergone rigorous training
- Look for a collaborative, not transactional, relationship
Take the First Step
Whether you’re an employer managing a 401(k) plan or an individual wondering how to prepare for the future, the most important action is simply to begin. Financial clarity starts with curiosity, learning, and, when needed, getting support from professionals who care.
At Accel Wealth Management, we’re proud to help businesses and individuals across Iowa build confidence through financial wellness, wealth management, personalized retirement planning strategies, and more. Tune in to the full episode:
- Apple
- Spotify
- YouTube
- Your favorite platform (Amazon Music, iHeartRadio, and more)
As Stacie mentioned, we offer a complimentary plan review to help you evaluate your current setup, reduce costs, and improve employee outcomes! Start the conversation with one of our advisors today.
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