“The emergence and organization of professional retirement plan advisors will have a profound impact on our business over the next five years,” said Joe Masterson, Diversified senior vice president. “These professionals are dedicated to the retirement plans business, and therefore are well-suited to understanding plan compliance, designing appropriate fund arrays, positively impacting plan design and helping participants achieve funded retirements.”Professional retirement plan advisors will be influential in provider searches. Among plan sponsors switching providers, 35 percent will use the services of a professional retirement plan advisor. However, only 10 percent of plan sponsors will actually change service providers annually through 2015, while more than one-third of plan sponsors will perform due diligence of their service provider and 17 percent will add or replace at least one investment option.
The retirement plan (401k) professional will be dedicated and specialize in the management of the retirement plans. Gone are the days of giving the company retirement plan to any “adviser” or “broker”. We must of a better job of providing a prudent plan for employees. Risk management must be a factor when implementing the retirement plan benefit.
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- Help for building your retirement savings is a click away (seattletimes.nwsource.com)
- IRS Becoming Better at Identifying Noncompliant Retirement Plans (bjconquest.com)