| 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. |
