Hiring the right Retirement Plans Advisor Miami FL for a company’s 401(k) or a non-profit’s 403(b) retirement plan is one of the most important decisions any plan sponsor can make. Contrary to what many people believe, the main reason to hire this advisor is not to select funds or to chase the highest return rate. It’s the understanding and knowledge of the process used to prudently select investments and to make sure fiduciary standards are put into place that defines a quality advisor.
Minimizing Risk
The right Retirement Plans Advisor Miami FL is going to have a comprehensive background, as well as an entire team to help minimize risks and losses. This will include out-of-pocket expenses that can arise due to penalties for noncompliance, OL or ERISA investigations and audits, accusations of mishandling, and lawsuits.
Reasons a Plan Sponsor Hires an Advisor
At the end of the day, it’s important to assess how well the advisor is going to help the situation. A way to determine this is by considering what services they will, and won’t, offer. Some of the most common include offloading or limiting the fiduciary liabilities; understanding of the fiduciary responsibilities; helping the plan participants understand the benefits, options, and how to make changes; help to ensure the plan remains updated while complying with government regulations; and helping to structure a solid plan, while adhering it, as mandated by the law.
Get Everything in Writing
When hiring an advisor to manage a retirement plan, it’s important to ensure the advisor is willing to spell out their exact fiduciary levels, if they are going to assume the 3(38) roles, either a full- or limited-scope, or a combination based on the ERISA benefit plan.
When it comes to hiring a retirement plan advisor, there are more than a few factors to consider. Finding the right professional for the job is imperative to ensure those participating in the plan get what is expected and needed out of it. More information about hiring this professional and how to find one that meets all expectations can be found by contacting
