A Comprehensive Approach to Retirement Plan Consulting

The statistics are in and participants are not saving enough for retirement. While some might be saving enough, others might not be invested correctly for their situation. It is imperative that participants feel in control of their retirement future. We are here to assist.

How we help:

• Provide financial education through one-on-one meetings with participants

• Foster an open-door policy with participants so they know who they need to contact for specific information

Fiduciaries have an inherent responsibility to understand fully the charged fees within their plan. While on the surface this may seem straightforward, the complexities of fee structures can become cluttered and ultimately lead to unnecessary fees within your plan.

How we help:

• Provide an accurate and clear breakdown of all fees being charged to your plan.

• Actively track plans to make sure appropriate fees are in line with plan size

• Negotiate with providers to make sure that plans are being provided ongoing technology and education support

The Employee Benefits Security Administration (EBSA) reported in FY 2015 67.3% of company's 401(k)s that are audited by the Department of Labor fail the audit, resulting in average fines of $285,000. This has culminated in a cost of $5.6B over the last 4 years.

How we help:

• Serve alongside you as a fiduciary advisor under ERISA Section 3(21)

• Educate fiduciaries on their roles and responsibilities to their plans

•Continuously monitor plans on a macro & micro level to maintain compliance

There are hundreds of investment offerings that can be implemented within a plan. Careful selection of options is key in making sure that participants stay engaged and on track for retirement.

How we help:

• Help create and implement Investment Policy Statement (IPS)

• Evaluate target date funds and Qualified Default Investment Alternatives (QDIAs)

• Design an investment menu that suits the businesses demographics and needs

Human Resources and Payroll employees are not always well-versed in the ins and outs of plan administration and operation. By leveraging service providers and their technology/resources we can help streamline the necessary processes in running a plan.

How we help:

• Employing the resources embedded with plan providers to enhance payroll and administrative processes

Multiple factors go into a plan design. Some of these factors include increasing participation, improving compliance issues, minimizing fees, and or maximizing benefits for key employees.

How we help:

•Analyze and report on current plan structure

• Design and recommend changes to plan coupled with a roadmap on how to get there

• Ensure processes and rules such as eligibility, automatic enrollment, contribution formulas and others are suited for the plan

• Review plan design on an ongoing annual basis to identify inefficiencies

While most providers claim to have a one size fits all solution, this is just not the case. Our analysis has proven that certain providers fit better for certain plans. Factors that go into this formula include, plan size, service needs and demographics.

How we help:

• Initial review and benchmark of existing provider

• Provide joint meetings with one or multiple plan providers to choose best fit

• Serve as a liaison between client and provider in setting up, executing and maintaining plans

Getting participants off the sidelines and actively participating in their plans can be difficult. One of the biggest complaints from participants is that they just don't know where to start. For one, it is in a participant’s best interest to begin saving for retirement as early as possible. Secondly, it is vital as an administrator to make sure participation rates in the plan are high so as not to attract unwanted attention from the Department of Labor.

How we help:

• We have teamed up with Riskalyze, a risk alignment platform, which mathematically pinpoints a client’s Risk Number®. The first step is to answer a 5-minute questionnaire that covers topics such as portfolio size, top financial goals, and what the participant is willing to risk for potential gains. This will help pinpoint the exact Risk Number to guide their decision-making process.

• After pinpointing their Risk Number, we’ll recommend a model portfolio that we have created specifically from your investment lineup within the plan. This aligns their personal preferences and priorities, allowing them to feel comfortable with their expected outcomes. The resulting proposed model portfolio will include projections for the potential gains and losses they should expect over time.

• Once they have chosen their model portfolio, a breakdown of the investment choices will be e-mailed to the participant, the advisor and the plan administrator to inform all parties that they have gone through the proper process of choosing investments that are aligned with their risk tolerance.