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Acting in a fiduciary role can help you elevate your retirement plan practice and provide higher touch service to sponsors. Understanding the different types of fiduciaries, advantages of becoming one and tools available to address fiduciary responsibilities is key for advisors looking to expand their services — and grow their book.
5-in-1 tools, universal remotes, Swiss Army knives and smartwatches — we all appreciate gadgets that can do a multitude of tasks and make our lives easier. And we think that’s one reason you’ll love PlanFees’ latest offering, RFP Express.
Plan fiduciaries have many important responsibilities to uphold. And they must act solely in the interest of participants and their beneficiaries. To that end, they have to prudently manage investments, administer the plan properly, monitor service providers and much more.
According to PlanFees data, most advisors have a small staff of one to five employees. And with your team already performing intricate, three-to-five-year live-bid benchmarks, there may be little time left to conduct an annual benchmark on your other plans during off years.
Are you considering broadening your professional horizons in 2023? If you’re thinking about incorporating retirement plan advisory services into your offering, you probably have questions. And to provide a high level of service to your new plan sponsor clients, you may need to make some additions to your advisory toolkit:
Fiduciary responsibility compels plan providers to maintain a safe, fair and prudently managed plan for participants. Advisors should communicate openly to plan sponsors about their responsibilities and risks, which can vary depending on several factors including whether they’re engaged as a 3(21) or 3(38) fiduciary. Here are three types of fiduciary risk that your plan sponsor clients should be aware of, plus some ways to help mitigate them.
Retirement powerhouse Fidelity recently announced that they will soon become the first major 401(k) provider to offer cryptocurrency to participants, allowing retirement investors to allocate as much as 20% of their contributions to Bitcoin as part of the core investment lineup. Many financial professionals and legislators, however, are advising extreme caution for sponsors and participants who choose to include Bitcoin in their 401(k)s. As one of the largest asset managers in the world, this move has the potential to impact 401(k) savers adversely should Bitcoin remain on its volatile path.
It’s the scenario every advisor fears. A long-term client calls out of the blue. You think they’re just checking in, but when they mention how they’ve appreciated your work over the years, you begin to realize it’s a prelude to bad news. Then they drop the dreaded phrase, “We’ve decided to move in another direction …” And just like that, the client is gone.
You may have started your career as a wealth manager and picked up a couple of small retirement plans along the way from clients who run businesses of their own. But now you want to expand your practice and begin servicing more — and larger — plans. Here are some tips to sharpen your sword as you train to be a retirement plan ninja.
The new year traditionally brings increased focus on goals and priority setting — as well as greater scrutiny on time management as a tool to help maximize those efforts. As a retirement plan advisor, you’re well aware of the many demands that compete for your time and attention including — but not limited to: