Robert Mand, Esq., Partner and founder
of Mand Marblestone
Group, LLC, has practiced in the employee benefits field since
1972. Through Bob's extensive retirement plan practice, and using
powerful, IRS-approved plan designs, he has seen many clients retire
with substantial assets in their plan, allowing them to enjoy an
enhanced and secure retirement.
Bob
has written for many publications, including Taxation for Accountants
and Taxation for Lawyers. He has received an AVŠ rating from
Martindale Hubbell, the highest rating awarded for legal ability and
professional ethics. Bob received a Bachelor of Science degree in
Economics from The Wharton School at the University of Pennsylvania,
a law degree from the University of Pennsylvania Law School, and a
Master of Laws Degree in Taxation from the New York University School
of Law. Bob is also an avid amateur photographer.
Why did you go into tax law,
and, more specifically, why did you select the area of tax-qualified retirement plans as a
sub-specialty?
"I
knew right at the start of law school that I did not want litigation
or any other adversarial practice to be the major focus of my career.
I was an accounting major in college, and I gravitated directly to
the tax courses. As far as specializing in retirement plans, I felt that
the boundaries of this specialty were more manageable than the
enormity of general tax law. I might have been right about that when
I began my career, but with the advent of 401(k) plans, and the
increasing importance of retirement plans, there have been many new
laws and regulations enacted. So while the law has expanded
significantly and has become more complex, it's still finite."
Why did you start your
company?
"I
believed that the opportunities to business owners in retirement plan
design were (and still are) extraordinary, and that this critical
legal and consulting aspect of retirement plans was not being met by
the financial institutions that were focused on the plan's
investments. I view retirement plan investments as separate and
distinct from what we do, requiring a different skill set and
expertise. That requires our clients to have a trusted investment
financial advisor who can direct them on the investment side of the
retirement plan experience."
What is the value proposition
of your services?
"At
the outset of any engagement, we work directly with the owner(s) of
the company, and help them define their contribution objectives. We
then use their quantified objectives to design a customized
retirement plan that meets those objectives as closely as possible,
also taking into account the tax ramifications, the possible
volatility in their profitability from year to year, and their
ability to make continued contributions."
What size companies would
benefit?
"While
the plan design techniques and legal requirements apply to plans of
all sizes, most of our clients have fewer than 100 employees and are
closely held companies, such as family-owned businesses and
professional practices and other service companies."
What amount of annual income
would a business owner need to take maximum advantage of your
services?
"We
provide the greatest value to business owners who earn more than
$150,000 per year and want to shelter at least $30,000 per year for
themselves and favored employees (including family members."
Why aren't your services more
widely offered?
"What
we do is difficult. It requires three critical parts: a deep
knowledge of the law, an IRS-approved document to allow us to do what
the law permits and a consultative interface with our clients to
clearly define their contribution objectives. Since most of the
retirement plan industry focuses on plan investments, which is how
they're compensated, many providers choose to take the easy way out,
and give their clients a basic plan design. The unfortunate result is
that business owners do not get the full picture, which I believe
they want and need to make an informed decision."
What is the biggest
misconception about your industry?
"Most
business owners mistakenly believe that all 401(k) plans are
basically the same; that they're a commodity. In fact, there are
extraordinary plan design opportunities that will allow a company to
select a contribution structure that is in the greatest alignment
with their business objectives."
