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Genesis Wealth Advisor Group helps business owners navigate retirement plans and create custom employee solutions.
As a business owner in New Jersey, Scott E. Jones was aware of the state’s RetireReady NJ law, which requires companies with 25 or more employees to offer a retirement plan or participate in the state program. However, as similar mandates emerged in other states, Scott realized that what started as a local challenge was becoming a national problem. Recognizing the importance of not only meeting regulatory requirements, but also providing a robust retirement plan for employees, Scott decided to lead Genesis Wealth Advisor Group to help business owners navigate these evolving regulations.
The birth of Genesis Wealth Advisor Group
Genesis Wealth Advisor Group, LLC, was founded with the mission of helping individuals, families and business owners secure lasting wealth and peace of mind. With more than twenty years of experience in the financial services industry, Scott E. Jones, an experienced financial advisor and certified financial planner, has dedicated his career to providing personalized wealth management and wealth planning services. Scott recognized that business owners faced a new challenge: navigating retirement plan mandates while ensuring their employees received meaningful financial security.
The rise of state-mandated retirement plans such as New Jersey’s RetireReady NJ and California’s CalSavers were the catalyst for Scott’s decision to help companies create better solutions. These state-run plans offered limited flexibility and few benefits, such as no employer contributions or customization options. Many entrepreneurs found these options insufficient to attract or retain top talent. Scott saw an opportunity to help clients understand these new regulations and create retirement plans that offered additional benefits.
Overcoming obstacles and training entrepreneurs
Many business owners, unfamiliar with the growing trend of pension mandates, found themselves facing significant risks. Missing a deadline or failing to comply with laws such as RetireReady NJ can result in fines. In New Jersey, fines can start at $500 per employee for continued non-compliance, with even higher costs in other states.
Scott understood that many business owners were so focused on the day-to-day operations of their businesses that they were unaware of changes in retirement laws. “Many entrepreneurs don’t realize what’s at stake until it’s too late,” he said. “Our role at Genesis Wealth Advisor Group is to ensure they are compliant while offering their employees a retirement plan that goes above and beyond state-managed options.”
To address this, Scott and his team began educating entrepreneurs about their obligations. They helped clients understand specific state laws and worked to design retirement plans that would benefit both the company and its employees.
Creating a competitive advantage
A key service offered by Genesis Wealth Advisor Group is the design and implementation of customized retirement plans. Whether or not a company should participate in a state program, Scott believes that offering a customized solution, such as a 401(k) plan, offers greater benefits than state-run options.
Employer contributions to 401(k) plans are tax deductible, saving companies thousands of dollars annually. In addition, offering a pension plan with employer contributions is an attractive benefit, allowing companies to compete for top talent. Employees who know that their employer is committed to their financial security are more likely to feel loyal and satisfied.
Genesis Wealth Advisor Group also assists companies with 401(k) investment advice and ensures retirement assets are managed wisely. The company’s comprehensive approach to wealth planning includes tax planning, Social Security maximization and other factors to secure employees’ financial futures.
The Behavioral Finance Approach
What sets Genesis Wealth Advisor Group apart from other financial companies is its focus on behavioral finance. Scott has spent years studying the psychological and emotional factors that influence financial decision making. In 2020, he obtained the title of Behavioral Financial Advisor through Kaplan University and Think2Perform®.
“Traditional financial planning often assumes that people make rational decisions,” Scott explains. “In reality, financial decisions are heavily influenced by emotions. By integrating behavioral finance, we can guide clients toward decisions that lead to better outcomes and greater peace of mind.”
A unique tool used by Genesis Wealth Advisor Group is the “Alignment Model,” which allows clients to align their financial goals with their personal values. This approach reduces stress and increases overall happiness by focusing on goals that are personally meaningful.
A helping hand in a complex landscape
As more states implement retirement mandates, requirements vary considerably. For example, California will require participation in CalSavers for businesses with one or more employees, effective December 31, 2025, for businesses with 1 to 4 employees. Maryland requires registration by December 31, 2024, and New York will launch a pilot program in 2025.
With varying regulations in multiple states, business owners must stay informed and proactive to avoid compliance issues. Genesis Wealth Advisor Group provides ongoing support to manage the setup, compliance, and ongoing management of these plans so business owners can focus on running their businesses.
Moving forward: the next step
Whether you’re in New Jersey, California, Delaware, or another state with similar mandates, it’s critical to stay ahead of regulatory changes and ensure your business and employees are on track for long-term success. Genesis Wealth Advisor Group, LLC is here to help you navigate the complex landscape of state pension laws and design a custom solution tailored to your business needs. With a commitment to fiduciary responsibility and a focus on behavioral financial planning, Genesis Wealth Advisor Group offers entrepreneurs a comprehensive approach to wealth management that benefits both the company and its employees.
If you’re ready to ensure a secure future for your team, visit Genesis Law Advisor Group today for more information. Contact us Facebook And LinkedIn for updates and insights. You can also contact directly Scott E. Jones on LinkedIn.
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