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PHOTO courtesy of Lebel & Harriman
From left to right, the Lebel & Harriman Retirement Advisors team: Front row – Michael Lebel, Vickie Bell, Rebecca Burchill, Laurie Reed, Linda MacMillan, Zach DeQuattro. Middle row – Bernadette Pesce, Michelle Romano, Jennifer Breton, Grace Bennett, Emily Helliesen Day, Amara Young. Back row – Owen Ramsay, Nate Moody, Nate Chisholm, Philip Harriman, Matthew Arey, Jonathan Blaisdell.
What do the words “financial services firm” bring to mind? Probably not a lively group of 20 to 60 somethings who frequently gather mid-office to recap a client meeting, celebrate earning a new relationship with high fives – or the new “fist bump” equivalent – share “good news” of the week (both personal and professional) on a white board or collaborate with colleagues on a subject beyond their expertise. And yet, that’s exactly the vibe that exists at this 44 year-old company.
“Lebel & Harriman Retirement Advisors is the antithesis of your traditional advisory shop, and yet we are continuously expanding our market share of business and individual clients in New England and beyond” says CEO, Jennifer Breton.
Equally important, Lebel & Harriman (L&H) has dozens of relationships that span a decade or more. Every one of these is precious to us. We recognize that consumers can easily access good advice from a host of local firms, or virtually. Our team genuinely cares for those who choose to place their trust in us, and we take every opportunity to deepen our connection with them, whether it’s in the board room, on the soccer field, at the grocery store, on the slopes or out at sea.
What most differentiates L&H is the experience we deliver along the way. Our founders, Phil Harriman and Mike Lebel, are to thank for planting those roots.
Mike and Phil formed Lebel & Harriman, LLP in 1978. They pioneered the concept of providing independent advice, while most of the industry was peddling proprietary products. Based on his own personal experience, Phil was passionate about helping business owners protect their income and assets with insurance solutions. And despite being told there was no money to be made in the retirement plan arena, Mike embraced the promotion of 401(k) plans as an alternative or supplement to defined benefit pensions as written into the Employee Retirement Income Security Act of 1974 (ERISA). Phil and Mike’s shared commitment of treating others the way they wanted to be treated cultivated strong relationships and friendships in the community.
With growing success, they began adding to their team. First Laurie Reed to support retirement plan clients. Then Rebecca Burchill to support insurance clients. As business owners and 401(k) plan participants began asking for help with managing other assets, retiring, gifting and more, Michelle Romano was brought on board to manage their personal assets. Jennifer Breton joined a few years later, bringing expertise as a fiduciary advisor to retirement plans and helping Lebel & Harriman build out a “best interest advice” model long before it was mandated.
Today, these four women have between 16 and 30 years tenure with L&H. They serve as the “Leadership Team” and manage day-to-day operations, human resources, finance and business development along with advising clients and mentoring the next generation.
We’re proud to be one of the few financial service firms across the country owned and operated by women. The four of us are so grateful for Phil and Mike’s trust, support and friendship. We’ve learned from them that success should be measured by the strength and duration of client relationships, the tenure of our team and the many referrals we receive from existing customers, ERISA attorneys, CPAs, Third Party Administrators and retirement plan recordkeeping partners.
Because everyone here is focused on doing the right thing – every time – and treating people the way they’d want to be treated, Lebel & Harriman’s three business lines have experienced tremendous growth, especially the financial planning and consulting services introduced nearly a decade ago. We continue to be perfectly postured for the evolving needs of our clients.
Consulting and insurance services expertly help clients at every life phase – determining whether they’re on track to retire comfortably; meeting shorter term goals like buying their first home or helping with their children’s college expenses; exploring business succession options; insuring against the risk of death, disability and long-term care events; evaluating annuity solutions; implementing executive benefits such as Non-Qualified Deferred Compensation programs; and arranging life settlement structures for those with insurance they no longer need.
Our retirement plan services have never been more robust. In addition to acting as fiduciary advisors to nearly 200 401(k) and 403(b) plans with $4 billion in assets, we provide each client a dedicated relationship manager to support human resources, student loan debt assistance programs to aid recruiting/retention goals, a monthly Financial Wellness webinar on topics beyond retirement, integrated ESOP education, personal investment advice to participants and a proprietary ESG investment survey and screening process. Our four decades of insurance expertise means we’re also ready and excited to vet the wave of “in-plan” guaranteed income solutions that are coming to the marketplace.
And for those with assets outside a 401(k) or 403(b), our advisory team has a suite of investment management solutions, including risk managed options like buffered ETFs and services such as coordinating with client’s tax advisor(s) at year end and partnering with their legal counsel in estate planning conversations.
The firm’s first round of succession planning is nearly complete. Laurie was named a partner in 2009 and Jennifer became a majority owner in 2019. In 2021, Matt Arey, J.D. was named partner. Mike still has an equity stake and there is a plan in place to transition those remaining shares internally within the next year. He anticipates moving away from the “day to day” at the end of 2022. Phil is no longer a shareholder, however, he is still actively advising clients and enjoying the more relaxing role as a founder, employee and mentor. It’s incredibly gratifying to keep ownership local and pass the baton to seasoned employees who understand and value our culture.
As part of the succession plan, a number of organizational enhancements were made in recent years. These include a rebrand from “Lebel & Harriman” to “Lebel & Harriman Retirement Advisors;” hiring a marketing specialist; refreshing our website and logo; and the appointment of Emily Day, RICP, as Director of Operations, Matt Arey, J.D., as Director of Fiduciary Services and Nate Moody, CPFA, as Director of Business Development and Marketing. We’ve also opted to move away from the traditional compensation model which incentivizes advisors to compete rather than collaborate. In addition to competitive salaries, employees are eligible for quarterly bonuses based on both individual accomplishments and firm-wide goals. These innovations were approached with the same thoughtfulness you would apply to renovating a beautiful historic house in the best neighborhood to include the latest amenities.
We’re now a team of 20 and the energy in our office is palpable. We have all the right people in the right seats. Everyone is hard-working, reliable, brilliant, friendly and fun. We win as a team, and we occasionally lose as a team. But every one of us shares the same values and a commitment to making it easy to do business with us. We’re fortunate to represent the brand Phil and Mike built and fully intend to scale it.
The firm is certainly off on the right foot. This year, Lebel & Harriman’s Retirement Plans Team swept the awards given annually by the National Association of Plan Advisors (NAPA). Collectively, they were nationally recognized as a Top Defined Contribution Advisory Team and individually, Jennifer Breton was recognized as a Top Woman Advisor and Nate Moody as a Top Advisor under 40. Even more, their work in student loan debt and assistance, led by Matt Arey, was featured by the American Retirement Association and a featured panel discussion at the NAPA 401(k) Summit.
Rather than reacting to industry changes, we’re actively involved in improving it. We participate in the Maine Estate Planning Council, the Maine Employee Benefits Council and the Retirement Advisor Council. Phil, Matt and Jennifer helped draft LD-193 legislation to increase creditor protection of IRA assets. We’re staunch supporters of our human resources partners and ESOP clients. We give back to our community through volunteering, board service and charitable donations (such as the “40 Forward” campaign which donated $40,000 to local charities).
So, how will Lebel & Harriman Retirement Advisors measure success in the future? The same way our founders did: by the number of lives we positively impact and the lasting relationships we build – both in and outside the walls of this firm.
Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. Investment Advisory Services offered through Valmark Advisers, Inc. a SEC Registered Investment Advisor. Lebel & Harriman, LLP and Lebel & Harriman Retirement Advisors are separate entities from Valmark Securities, Inc. and Valmark Advisers, Inc.
366 U.S. Route 1 Suite 1, Falmouth, ME 04105
Sector: Finance
Jennifer Breton, AIF®, CPFA®: Retirement Advisor, CEO
Founded: 1978
Number of Maine employees: 20
