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 Heidi Sidley, Principal & Managing Director at StoneStreetEquity
Heidi manages a thriving Retirement Plan Consulting practice at StoneStreetEquity. Based in White Plains, NY, the firm serves as Fiduciary Investment Advisors for Corporate & Not-for-Profit Companies, consulting on every aspect of their Institutional Clients’ 401k, 403b, Defined Benefit, and Non-Qualified Retirement Plans. Her diverse background in plan design, administration, actuarial and investment management services contributes a unique perspective to her clients. She is passionate about her extensive martial arts background, holds a double black belt, and brings those core disciplines and values to her business every day.
NN: What led you to become an advisor?
HS: I started out as an actuary in my early days, inspired mainly by having to work summers and through college for my father under the tutelage of his head actuary and partner back in the ’80s and ’90s. I worked as an actuary for Towers Perrin and KPMG before moving to Paris France to head up a comp & benefits division and while living and working in Paris, I was recruited by Shearman & Sterling and ran the international side of their employee benefits practice. Coming full circle and moving back to the US, and 20 plus years of not working alongside my father, I made the move over to the advisor side of the benefits round table. I was inspired by my father’s mantra of movement, motion, make it happen, and wanted to make a different and have the flexibility to do it my way by running my own firm. I’ve never regretted leaving the mega consulting shops and have enjoyed and expanded my comfort zone often while benefiting from the continued wisdom and mentoring of one of our retirement industry leaders, my father, Bob Goldstein.
NN: What/Who inspires you?
HS: My kids inspire me to be the best I can be. I want to continue to learn and grow and strive to find better ways to do things that will help people. I want to set an example for them and lead by doing. I am also inspired by the martial arts students I teach. Martial arts has many of the same values that are ingrained in any trusted advisor, respect, loyalty, honesty—doing the right thing even when nobody is looking.
NN: What’s the hardest question you’ve been asked by a participant?
HS: I have stumbled across participants that have no family and are all alone, trying to make hard financial decisions. Continuing to work because they have to, and really should not be, but didn’t make the right decisions early enough, or circumstances and life just did not go the way they had planned. Telling an elderly lady that she likely needs to keep working as she has no savings (when she is clearly not fit to work & well over the age of retirement) is probably one of the hardest conversations I recall having.
NN: What’s the hardest question you’ve been asked by a plan sponsor?
HS: I recall an ex-client asking us to do something that was not what we recommended or felt was in the best interest of the plan and its participants. The reply was if you don’t, we will find someone who will. Some clients are just not a good fit. It was new management and we parted ways as our core values were no longer aligned.
NN: What’s the biggest challenge facing you as an advisor today?
HS: Ensuring our clients are weathering this new normal and taking care of their employees retirement safety. Ensuring employees have transparency and communication on their retirement options during these difficult times and tackling tough conversations with some that have difficult situations to face.
NN: What’s the most important thing you’ve learned this year?
HS: That the world was defaulted into a new normal and that video meetings and virtual get togethers can be more efficient. That when pushed outside of comfort zones, even in bad situations, good things can be created and new ways of doing things embraced.
NN: How are you/your firm “giving back”?
HS: I helped develop a Nonprofit Think Tank that provides Master Class webinars, seminars and materials to the Nonprofit Community. Founded in 2018, Mission Control is a New York City-based nonprofit think tank comprised of seasoned business leaders who are deeply grounded in and passionate about the nonprofit sector. Our purpose is to support and empower change-makers and advance the global nonprofit community. The way we do that is by sharing knowledge via master classes, facilitate collaborative partnerships, provide innovative resources, and encourage meaningful exchanges that help bring our nonprofit community together. Our impact occurs when more nonprofit leaders are informed and inspired, they are able to fulfill their missions more efficiently and effectively, and have an increased ability to make the world a better place for all.
NN: What are you most looking forward to in 2021?
HS: Plan sponsors that are able to worry less about their employees getting sick and focus on their business. I would like to see a return to a blend of in-person meetings while harnessing virtual meetings to make business even more efficient. A re-evaluation of whether so much office space is really necessary and perhaps a virtual workplace should be explored more to help with work life balances.
