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What Really Goes on Behind the Scenes of the Retirement Industry?

Cparks

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Chad Parks is Founder, President, and CEO of Ubiquity Retirement + Savings, formerly The Online 401(k), has helped savers contribute over $1.4 billion towards their retirement since 1999. As one of the first flat-fee-for-service small business plan providers in the nation, Ubiquity delivers peace-of-mind with zero hidden-fees in the fine print. The company is headquartered in San Francisco with satellite offices from coast-to-coast. Read More...

Parks started out as a broker in the financial services industry by growing a portfolio of individual clients at San Francisco’s Piper Jaffray. Driven by a desire to better serve his clients while anticipating the phasing out of the traditional broker model, Parks left Piper Jaffray in 1997 to obtain his CFP designation and start his own fee-for-service, independent financial planning practice, Retirement & Education Group, Inc.

In his financial planning practice, Parks came across many small business owners looking for cost-effective and quality retirement plans. Finding the small business market highly neglected and underserved, Parks saw the opportunity and took it by launching The Online 401(k). Today, Ubiquity serves more than 7,000 small business customers in 50 states, providing solutions both directly and through partners, such as Zenefits, Charles Schwab & Co. and Morningstar, as well as payroll companies, financial planners and CPAs.

Parks has been quoted in many financial services as well as national publications such as The Wall Street Journal, The New York Times, Fox Business, Yahoo! Finance, USA Today, CNN Money, Bloomberg Wealth Manager, Business Week, Entrepreneur and Plan Sponsor for his considerable work performed in the space of small business retirement as well as his foray into documentaries with his independently produced Broken Eggs Film, released in 2014.

With his extensive work in Washington DC in getting legislation passed in order to stop the practice of hiding fees in the fine print, Parks has become the go-to expert on public policy as it relates to 401(k), as well as the looming retirement crisis in America, and what we can do to fix it.

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March 16, 2016 at 5:34 pm
Ubiquity News + Announcements

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Greetings savers!

As you may know from our previous blog posts, we are currently working very hard to launch our new recordkeeping system that has been four years in the making, and will greatly improve your user experience.

We want to take this time to thank our existing customers for their loyalty and feedback on our services, and welcome our new savers to a new Ubiquity!

As we shift to this new and improved system, we know you will have questions. For example, you might be wondering: What’s going on with my accounts during the blackout period? Why does this process take 15 days?

To put your minds at ease, I wanted to take time to explain what goes on behind the scenes of the retirement industry and why these sometimes confusing processes are required to make saving for retirement and supporting you, as seamless as possible.

The reason for a blackout period is to make sure every single thing is accounted for when we move from one recordkeeping system to another. We double (and triple) check all reports from both the current and new systems to ensure everything matches perfectly in all accounts, including any new contributions, trades or dividends made during the blackout period.

As a plan provider, we are under numerous legal obligations to ensure you’re receiving the most sound, transparent product that will help you save better and smarter. This stems from the Employee Retirement Income Security Act (ERISA), which was implemented to protect plan participants and their account balances they work so hard to save and accumulate. We are operating in an industry surrounded by red tape and complex regulations, but that doesn’t mean this process should be difficult for you.

Though your plan online will be inaccessible during the 15-day blackout period, we are not! Our team is available and enthusiastic to answer any questions you may have regarding this transition.

Our new system takes the next step toward solving the looming retirement crisis, in that the technology is doing the heavy lifting for you so that saving for retirement isn’t a burden on your resources.

After 17 years of experience in the small business retirement market, we are staying true to our values by continuing to innovate our systems and capabilities to ensure your user experience is as clean and simple as possible.

Have any questions? You can reach Ubiquity Retirement + Savings’ customer service Monday-Friday from 8:30 a.m. – 5 p.m. PST. Also, please feel free to tweet your questions to us @askubiquity!