Knowing Your “Why” Is Critical to Success

Before you start a new 401(k) or change to a new plan, it is important for business owners and executives to understand “why” they want to offer a retirement savings plan. What is the purpose of the plan? What results do you wish to achieve?

The reasons can vary from employee attraction or retention to taking advantage of tax breaks. Whatever your answer, we can work with you to determine the most appropriate plan for your business. Of course, starting a plan isn’t enough. You need to be prepared to face the ongoing administrative needs to keep the plan running and to fulfill fiduciary responsibilities.

Ultimately, responsibility lies with the plan sponsor as it relates to all 401(k) plan administration and fiduciary responsibilities. However, few business owners, office managers and HR professionals of small- and mid-sized businesses have the knowledge, experience or resources to be able to realistically meet the requirements of this task. It is virtually impossible for plan sponsors to keep up with constant regulatory and industry offering changes and the ever-changing needs of plan participants, while at the same time focusing on their primary responsibility--their company.

That is why an experienced advisor should act as a Chief Retirement Officer (CRO) for your company.

Some other ways we can help:

Results – Once you know what your real retirement plan purpose is, how are you going to measure your progress? As your Chief Retirement Officer, we will develop the measurable metrics that help you monitor your progress toward your goal.

Fiduciary responsibility – We serve as a 3(38) fiduciary, which means we assume discretionary investment advisor duties and help reduce your exposure to liability. Download our 401(k) Fiduciary & Due Diligence checklist here to better understand your fiduciary duties.

Fees – The cheapest plan isn’t always the best plan. We seek to find the most appropriately priced services and investments in order to build a plan that is the most cost-effective. High plan fees can increase your operating costs and make it harder for your employees to succeed. Learn more here.

Funds – Employers are typically responsible for researching and monitoring the investment options in your 401(k) plan. With our model portfolios, we can do the heavy lifting for you.

Employee Readiness - The financial well-being of your employees is crucial to the health of your organization. Our services can help your employees effectively use your retirement plan.

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