Alongside the 2020 NAPA 401(k) Cyber Summit, we sat down (virtually) with a number of leading advisors for some insights on how they got started, what keeps them going, and what they see for the future of retirement and their practice(s).
A conversation with Kristi Baker, Managing Partner for CSi Advisory Services and President of Compensation Systems, Inc.
For over 25 years, Kristi has partnered with hundreds of plan sponsors to design and manage a successful retirement plan both from the company perspective and from retirement success of their employees. Kristi has earned the Certified 401(k) Professional (C(k)P®), the Accredited Investment Fiduciary® (AIF®) professional designation, is a Chartered Advisor of Senior Living (CASL®), a Chartered Financial Consultant (ChFC), and a Chartered Life Underwriter (CLU), and was recognized as a NAPA Top Woman Advisor. She is also a member of the NAPA 401(k) Summit Steering Committee.
NN: What led you to become an advisor?
KB: Out of college I joined the firm that I had been an intern for. There, I sold property and casualty insurance to large Fortune 500 companies. This experience provided solid training in salesmanship and perseverance. After several years I realized I wanted a career that I could make a difference, build relationships, and have a deep passion for. This led me to MassMutual, where I joined as a financial advisor in 1993 and began working with companies on their retirement plans. I was very blessed to have met several strong women and men early in my career who served as my key mentors; offering guidance and teaching me what is important. Today, I am very proud to be carrying on the legacy of my father, Don Kuhn, who started back in 1971 with his TPA and Retirement Plan Consulting business.
NN: What’s the hardest question you’ve been asked by a participant?
KB: “Can I retire now?” This was asked by a 64-year-old man who was making $40,000 a year and had $45,000 saved in his 401(k). Based upon his expenses and current debt, his ability to retire when he wanted did not play out in his financial favor. The sadness and disappointment he felt was heavy. Having to sit with him and share the results of his income needs vs. his assets was one of the hardest things I have done in my career.
NN: What’s the most important thing you’ve learned this year?
KB: Change and facing the unexpected can lead to outcomes that you never even knew were needed. Sometimes what is hard is the right thing for us; it allows us to reset and gain a different perspective. Also, I have learned a lot about technology, and communicating in new ways.
NN: What are you most looking forward to in 2021?
KB: Travel! I love to experience new places and I love to visit my clients. I miss being on the road, connecting with people, and seeing our beautiful world. I am on a quest to hike every national park and hike on every continent. As of right now, I’ve been to about 50% of the national parks in the U.S. and have two more continents to visit—Antarctica and Australia.
NN: What do you love most about being an advisor?
KB: Being an advisor is rewarding and challenging. It’s an incredible combination, which never allows me to get bored. Our business has changed so rapidly in the past several years. It takes a lot to keep up with technology, innovation, regulatory changes, markets, client expectations, and achieving client goals in a changing world. This keeps it interesting.
