Considering a change?
As the wealth and retirement markets continue to aggregate, adviser changes are becoming more frequent and necessary. Plan sponsors report that they need more help with education, plan governance, increasing regulations, risk mitigation, efficiency, retirement income solution and much more. 401(k) plans have become overly complex and too much of a business distraction than a benefit.
The Employee Retirement Income Security Act of 1974 (ERISA) demands the highest legal standard of care so it is critically important to work with an adviser who is experienced with ERISA and who will, in writing, state they are a fiduciary. Advisers working with ERISA covered plans will find it increasingly difficult to do as a non-fiduciary adviser.
Plan sponsors should expect their adviser to be a fiduciary at the bare minimum. Finding an adviser who will both state they are a fiduciary and demonstrates a prudent governance process will be key to raising the quality of your 401(k) plan and helping your employees enjoy a more secure financial future.
Many plan sponsors don’t realize how easy it is to replace your 401(k) plan’s adviser and it doesn’t even require any plan changes.
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“Despite the continual debate between regulators and industry, ERISA demands a higher standard of care so that’s what we’ll continue to do. Not many sponsors hear: you don’t have to be the fiduciary but that’s where the real value is. It’s what makes our solution unique, and better.”
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