Paul Sommerstad, QPFC, CBFA, AIF®
Senior ERISA Consultant
As a senior ERISA consultant, Paul specializes in helping organizations understand how plan design can dramatically improve their employees’ ability to successfully retire and how proper fiduciary governance can limit personal liability associated with being a plan fiduciary.
Paul is passionate about helping workers in all industries get on the right path for retirement success. By providing innovative design strategies to plan sponsors, he is able to help employees get on track in an effective and efficient manner for their employer. Furthermore, Paul has experience in prescribing common sense language to communicate plan changes to ensure employees get the most of their retirement plan.
Over the course of his 13+ years in the retirement plan industry, Paul has worked with a variety of public, private and non-profit organizations providing them with proven strategies that have resulted in improved outcomes for more than 100,000 retirement plan participants. Paul’s expertise in vendor negotiations has resulted in lowering total plan and administrative costs for plans of all sizes while improving the service levels for his clients. Paul is also an ardent researcher in the latest behavioral economics research and he helps sponsors design their retirement plans to provide the most bang for the buck.
Paul is a graduate of the University of St. Thomas – Opus School of Business with a Bachelor’s Degree in Financial Management. Paul has earned the following industry designations: Accredited Investment Fiduciary, Certified Behavioral Finance Analyst, and Qualified Plan Financial Consultant.
Paul moved to Chicago in 2013 after starting his career in the Twin Cities. When he is not working, you may see Paul pushing a stroller with his son Theodore through the Lincoln Park Zoo, out for an early morning jog, or at one of the countless hole-in-the-wall local restaurants in Chicago with his wife Krissy. Paul continues to support many non-profit organizations including serving on the Young Associates Board of the Chicago Chapter of the Positive Coaching Alliance. He also actively supports the Greater Chicago Food Depository, Prostate Cancer Foundation, and Bolder Options. Even though he lives in Chicago, he continues to root for his favorite Minnesota sports teams.