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Hicks Pension Services was established
in 1968 by founder, Dave Hicks. Hicks
Pension Services has nothing to do with
selecting and managing investments.
Instead, the firm deals with the
administrative end of employee benefit
plans such as preparing employee
statements, insuring the benefit plans
meet all federal regulations and
preparing all required government forms.
Ten years after Dave Hicks founded Hicks
Pension Services, the company brought
its expertise to San Luis Obispo and
Hawaii. Hicks Pension Services has
become a "family" business with Hicks'
older son, David Lee Hicks, the
President of the San Luis Obispo
company, while his daughter, Kathy Hicks
Cannon is head of the Fresno office. His
youngest son, Michael Pau Hicks, became
President of Hicks Hawaii Corporation.
The senior Hicks moved to Hawaii from
California in 1949 after WWII. His
father, a home builder, founded the
successful Hicks Homes in Honolulu,
which is now run by his nephew, John.
After earning a degree in Business
Administration from Fresno State
University, Hicks worked for his father,
drawing up his first profit sharing plan
in 1960 for Hicks Homes in Hawaii.
Later, he worked as a chartered life
underwriter for New England Mutual Life
Insurance Co. About then, some certified
public accountants suggested to Hicks
that he "unbundle" pension services,
separating the administrative and
investment sides of the services so
clients had a choice between plan
services and investments.
"It's hard to be a specialist in pension
law and an investment expert." Hicks
specialization benefits clients because
they get experts in pension design,
government regulations and IRS reports
who do not need to divide their time by
also keeping up with the investment
market.
Hicks has been a dominant factor in the
California and Hawaii pension market.
When 401(k) retirement plans came on the
scene, employers who had been investing
their own money, as trustee of their
plan, were afraid to risk employee
401(k) contributions and began offering
employees a choice of investment
options.
The introduction of 401(k) plans also
altered Hicks referrals. Prior to 401(k)
plans, most referrals came from
accountants, but afterward, referrals
were also being given by life insurance
agents, financial planners and
stockbrokers. The firm tries to limit
its clients to those with fewer than 500
employees. In addition to the
administrative services, Hicks also
hosts meetings to explain plans to
clients' employees and offers continuing
education credits to CPAs, life agents,
attorneys and financial planners.
Dave Hicks is now retired from the
pension business, traveling extensively
and spending time with his eleven
grandchildren.
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