Chief Believer, Managing Member
Benefit Plans Plus, LLC
Location: St. Louis, MO
Industry: Financial Services, Retirement Plan Administration and Consulting
Patrick Shelton leads with three words: Progress, not perfection.
Shelton has 30 years of retirement plan industry experience in banking/trust, insurance, and third party administrative (TPA) environments. The chief believer and managing member, Benefit Plans Plus LLC, said, “You should not beat yourself up when you don’t live up to your own expectations; aim for positive ways to improve yourself moving forward.”
Shelton joined Benefit Plans Plus in August 2001 and became managing member in 2007, increasing the firm’s annual revenue growth averaging a steady 12.66 percent increase year-over-year 2005-2020. Under Shelton’s leadership, the firm has had five acquisitions since 2008. Shelton is exceptionally good at bringing together whatever resources are needed to execute the firm’s business plan.
“We have a proven track record of success and currently maintain more than 1,650 benefit plans, 82,250 participants and $3.3 billion in assets under administration,” Shelton said. “Our clients span across multiple states, professions and industries. BPP works with all plan sizes, from start-ups to plans with thousands of lives.”
A nationally recognized industry expert, Shelton speaks publicly at various national, regional, and local conferences every year. He is an active board member and past president of the National Institute of Pension Administrators (NIPA), serving on leadership advisory councils organized and hosted by organizations including: American Funds; Empower Retirement; Fidelity Investments; John Hancock; Lincoln Financial Group and Principal Financial Group.
Shelton is also a founding member and executive committee officer of The Cerrado Group, a consortium of independently owned, high performing retirement plan consulting (TPA) firms, established in March 2021.
Shelton said despite all of the company’s success and accomplishments spanning more than two and a half decades, he believes, “what got us here will not sustain us going forward.”
“We dare to control our path moving forward in the current future,” he said. “An undeniable shift is happening in our industry, creating both big stakes and a huge sense of urgency. With that said, the path ahead for Benefit Plans Plus looks very promising.”
Shelton said that being a good leader requires being transparent and consistent about your core character.
“I have learned that being an authentic leader and remaining relevant requires honoring our commitments, reciprocal accountability, prioritizing balance of life, and living selflessly to serve others over gratifying ourselves. People want to know how you assess situations and assess their contribution. People want to see that you hold yourself accountable to these measures in everything you do.”
Known as a high-performer who demonstrates exceptional leadership through passion and influence, Shelton said, “Live life selflessly and be thankful.” He added, “This foundation is needed for personal and business success.”
Patrick is a video game fanatic and is currently "interested" in learning how to fly fish.