Why do you need an advisor for your 401(k) Plan?

Friday, March 1, 2013

Written by Bill Arthur

Navigating a 401(k) plan can be a time consuming and complicated task for anyone.  For this reason, it is critical to consider someone who has expertise in this area.  A 401(k) Plan Advisor has the knowledge to assist you, and help alleviate the burden that many plan sponsors face.

Are you considering setting up a 401(k) plan for the first time, or wanting to evaluate your current 401(k) plan?  The advisor you choose can help you tailor the services that are best suited for your needs.

The 401(k) Plan Advisor can offer valuable assistance and guidance by helping you:

  • Assess your needs
  • Recommend providers to meet those needs
  • Evaluate proposals
  • Explain fees and expenses
  • Select & monitor 401(k) plan investments
  • Educate Employees

The key to a successful 401(k) plan is high participation rates.  A robust communication program can have a dramatic effect on the participation and deferral rates in a 401(k) plan.  This is where a 401(k) Plan Advisor can have a great impact.  By educating the participants on the benefits of the plan and providing insight on the investments, the plan and the participants will achieve higher enrollment and deferral rates and therefore, a successful plan.

In summary, your 401(k) plan advisor can help you navigate through the confusion by:

  • Reviewing your plan periodically
  • Resolve day-to-day issues
  • Inform you of legislative changes and changing trends

As your 401(k) plan advisor, we can work with you, as the plan sponsor, to develop a coordinated plan and be a catalyst to get things done. I encourage you to visit our website to learn more about our 401(k) advisory services or give us a call to schedule a meeting with one of our advisors to begin discussing how we can help you make your vision a reality.