Why Plan Sponsors Should Hire a Retirement Plan Consultant

Why Plan Sponsors Should Hire a Retirement Plan Consultant

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Many plan sponsors lack the expertise to effectively manage their retirement plan and fulfill their fiduciary obligations to plan participants without some outside assistance. This is where a retirement plan consultant can be invaluable. Plan sponsors rely on consultants to provide knowledge and expertise. No two plans are alike—and the same can be said of retirement plan consultants. Learn more about why plan sponsors choose to hire a retirement plan consultant, as well as a few of the questions you’ll want to ask if you’ve determined that you need one.

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Is Your Retirement Plan Advisor Providing the Best Services?

Is Your Retirement Plan Advisor Providing the Best Services?

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Outsourcing retirement plan management duties to a retirement advisor can just be good business—not only are these advisors up-to-speed on the most current regulations governing retirement plan offerings and industry best practices, but they can also free up a plan sponsor’s time to focus on critical aspects of company operation. However, it’s important to evaluate these advisors at the outset (and regularly during their administration of the plan) to ensure that you’re receiving the best possible services. How can you tell if your advisor is doing a good job? Below are a few key attributes that describe a good retirement plan advisor.

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Ongoing Plan Sponsor Concerns

Ongoing Plan Sponsor Concerns

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Managing a thoughtful retirement plan while trying to keep up with the ever-changing legal and regulatory environment can be challenging. Often, concerns over managing a retirement plan can vary, and plan sponsors are unsure of what needs to be addressed. Below, we review five ongoing plan sponsor concerns that sponsors should keep in mind to guarantee they have an effective retirement plan in place not only to ensure the retirement readiness of their employees, but to avoid liability should an audit occur.

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Why Plan Sponsors Need a Retirement Plan Consultant

Why Plan Sponsors Need a Retirement Plan Consultant

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Offering a thoughtful retirement plan can provide many benefits to an organization. It can have a significant impact on the hiring and retention of key employees as well as improving employees’ retirement readiness. However, the retirement plan space is complex. Trying to develop and manage a plan while complying with the constantly evolving legal and regulatory environment is not easy. Plan sponsors are held to a number of regulatory and fiduciary obligations, and failure to advocate on behalf of its plan members’ best interests can be subjected to hefty civil fines and penalties. Many sponsors lack the expertise to manage their retirement plan and fulfill their fiduciary obligations. This is where the need for a retirement plan consultant arises. Learn the key areas of service that retirement plan consultants can provide and why many organizations choose to hire one.

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The Increasing Growth of Fiduciary Advisors to Plan Sponsors

The Increasing Growth of Fiduciary Advisors to Plan Sponsors

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Employer-based retirement plans are a major benefit to employees, especially in today’s job economy where 401(k) or 403(b) plans make up the majority of employee retirement savings. A 2018 survey from the Plan Sponsor Council of America found that 70 percent of companies retain an independent retirement plan advisor, which was 66.8% in the prior year. There are several factors that lead to this growth, such as overseeing the delivery of investment advice to participants by way of registered investment advisors (30.8 percent), certified financial planners (28.8 percent) or third-party web-based providers (20.2 percent). Let’s look at why companies hire plan advisors, why they should care, and tips to find the right advisor.

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