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.
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: