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Redefining Retirement for Law Firms

In a significant move to modernize the retirement landscape for the legal profession, Advanced Strategies Group (ASG) and TIFIN @Work have announced a strategic partnership aimed at reshaping outdated benefit structures. This collaboration is set to address the pressing need for tailored retirement solutions that cater specifically to the complexities of law firms and their personnel.

The new initiative, branded as the Law Firm Benefits and Planning Platform, seeks to offer law firms innovative ways to attract, reward, and retain talented legal professionals. Traditional retirement plans often fail to meet the bespoke needs of attorneys, who require more sophisticated financial strategies. The reality is that the existing systems are often too generic and inflexible, prompting the need for a significant overhaul.

Through this partnership, ASG and TIFIN @Work are working alongside well-established institutions such as Franklin Templeton, Equitable, and Charles Schwab. Together, they aim to disrupt the current norms of retirement planning within the legal sector, implementing measurable changes that reflect the unique demands of legal practices.

"Law firms are confronted with a dual challenge: balancing immediate work demands with the necessity of strategic future planning," remarked Jeff Acheson, CEO of ASG. With over four decades of experience in retirement benefits design, Acheson emphasizes that the partnership with TIFIN @Work will yield modern tools that meet attorneys precisely where they are in their professional journeys.

TIFIN @Work's CEO, Marc McDonough, emphasizes the importance of recognizing that various industries, including legal, have distinctive needs when it comes to benefits. Leading firms have already leveraged services within TIFIN @Work to set themselves apart by focusing on the particular requirements of their respective fields. The legal profession now stands to benefit from this similar tailored approach.

The platform introduces several sophisticated innovations targeted explicitly at law firms:

1. Open(k) Plan Design: This modern 401(k) plan features reduced costs, enhanced investment choices, personalized planning tools, and fiduciary oversight - all powered by Equitable's retirement platform. This design aims to ensure that attorneys have the flexibility they need to develop a retirement strategy that fits their unique priorities.

2. Attorney Life Income Plan: A nonqualified,