The Difference Between Investment Brokers and Retirement Plan Consultants

The Difference Between Investment Brokers and Retirement Plan Consultants

Posted on by Editorial Team2 Comments

Updated January 2020

Retirement plan sponsors face a challenging legal and economic landscape in 2020. Regulation and litigation has increased dramatically over the past decade.  While the Department of Labor’s fiduciary rule is now defunct, the SEC has adopted a best interest standard effective in 2020. While all qualified plan sponsors are fiduciaries under the Employee Retirement Income Security Act of 1974 (ERISA), legislative changes have made it confusing to determine which parties should share in that responsibility.

Since the vast majority of plan sponsors need to involve external plan managers in some capacity, it’s important to understand how financial professionals of different classes differ in what they bring to the table. Two major categories of professional assistants are available to sponsors. Broadly speaking, they can be grouped as investment brokers and retirement plan consultants.

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Retirement Plan Consultant Checklist

Retirement Plan Consultant Checklist

Posted on by Mark OlsenLeave a comment

As a plan sponsor, you know the importance of providing a well-managed retirement plan for your employees. You are also aware of how much time and energy it takes to organize and administrate such a plan, not to mention the fiduciary responsibility that goes along with it. As a result, you may turn to a retirement plan consultant to provide expertise, objective guidance, and service. Your business and your employees are a high priority, so you don’t want to choose just any consultant. How do you know if your consultant is the best fit for your business? Is there a way to ensure they are doing their job and improving your plan? Use our retirement plan consultant checklist below.

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Five Qualifications to Evaluate When Selecting a Retirement Plan Consultant

Five Qualifications to Evaluate When Selecting a Plan Consultant

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Previously, we’ve discussed when a plan sponsor may seek the guidance of a retirement plan consultant and what services consultants can offer. When you’ve decided to seek assistance from a consultant, the next focus should be finding an appropriate consultant that can provide the specific services you need. The search for a retirement plan consultant shouldn’t be rushed. There are thousands of consultants and many offer unique or varying levels of service. These guidelines are designed to help clarify the process and what to look for when selecting a plan consultant.

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The Key Services a Retirement Plan Consultant Should Provide

The Key Services a Retirement Plan Consultant Should Provide

Posted on by Editorial TeamLeave a comment

A retirement plan consultant plays an important role in your business, helping you follow fiduciary responsibilities, mitigate risk, and provide an appropriate plan based on cost parameters and employee needs. Businesses rely on consultants to provide objective and knowledgeable guidance, advice, and service.

The extent of services provided by retirement plan consultants can vary significantly; therefore, in searching for an advisor, it is best for you to look for the services most optimal for your plan’s specific needs.

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Does Your Retirement Plan Require a Consultant?

Does Your Retirement Plan Require a Consultant?

Posted on by Editorial TeamLeave a comment

In light of the highly volatile market conditions over the past few years, as well as recently added regulatory disclosure requirements, plan sponsors are facing a growing level of fiduciary responsibility and risk. Many plan sponsors seek out the services of a plan consultant to provide them necessary assistance. Because of today’s circumstances, plan sponsors are looking for far more from their consultants than ever before.

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