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Don Faller, CFP C(k)P

Don Faller, CFP C(k)P, has built a nationally recognized reputation as an expert in matters pertaining to the financial operation of ERISA plans and related retirement benefit programs.

What to Look for in a Professional Retirement Plan Advisor

Most retirement plan sponsors understand the benefits of hiring a professional retirement plan consultant. Professional advisors helping address compliance requirements and manage fiduciary risk. They also recommend plan design features and help educate participants. So how can plan sponsors select a retirement plan consultant that’s right for them?

A 2013 study1 from the Retirement Advisor Council shows that a plan sponsor typically base their retirement plan advisor selection on some standard criteria, including:

Participant education and communication. In the study, 50 percent of plan sponsors based their advisor selection the role the retirement plan consultant plays in participant education, communication, and counseling. Participant education can include a personalized one-on-one enrollment and investment advice, model investment portfolios, 24-hour access to online and voice response systems, and other communications designed to help participants get the most from their retirement plans.

Fiduciary support services. A retirement plan consultant must provide written acknowledgment of the fiduciary or non-fiduciary status for every service he or she provides. Fiduciaries are required to act in the best interest of plan participants and beneficiaries, but not all plan advisors are fiduciaries. Also, the advisor should disclose any service providers that will work with the retirement plan and designate their fiduciary or non-fiduciary status.

Compensation. A professional retirement plan consultant should disclose all fees and other compensation he or she will receive for working with your retirement plan. Plan sponsors need to make sure all fees are reasonable based on the services provided.

Choosing a retirement plan consultant is one of the most important decisions that retirement plan sponsors can make. A careful selection process protects your company and your employees, and qualified advisors provide better service to you and your participants. For more information about the retirement plan services provided by FiduciaryFirst, contact us at 866-625-4611 or visit www.fiduciaryfirst.com.

1 http://www.retirementadvisor.us/pdf/research/Choose_Advisor6.pdf

Tracking Number: 1-627004

Retirement Plan Consulting Program and other advisory services offered through LPL Financial, a registered investment advisor.

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Contact Details

1060 Maitland Center Commons

Suite 360

Maitland, FL 32751

Phone: 866-625-4611

Fax: 407-740-6113

Email: info@fiduciaryfirst.com 

Disclaimer

Retirement Plan Consulting Program and other advisory services offered through LPL Financial, a registered investment advisor.

This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice.  Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.  In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.

 

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