5 Reasons To Hire the Right Financial Advisor For Your Retirement Plan

PUTTING PEOPLE FIRST

As an organization offering a retirement plan to their employees, plan sponsors are faced with decisions that can affect the entire organization.  The plan design, investment line-up, and who the recordkeeper will be are typical for all plans. Beyond these standard decisions, there is the issue of knowing and understanding the ERISA laws that govern retirement plans. Depending on the complexity of your organization and business, not every advisor has the background to help.

Plan decision makers usually have other job responsibilities that can divert their attention, yet since they are considered fiduciaries of the plan, decision makers must act in the best interest of the plan participants and their beneficiaries.  How can they if they don’t know what the standards are?  The same is true of advisors.  Not all are well versed in ERISA law, which is complex and sometimes difficult to interpret. Hiring the right plan advisor can help plan sponsors keep the plan efficient and compliant. While there are certainly others, here are five reasons Employers should consider hiring not just an advisor, but a retirement plan focused advisor:

Hiring a financial advisor on a retirement plan can reduce the workload for the plan sponsor and mitigate the stress involved in running a plan. Plan advisors will help the plan sponsor understand and manage their fiduciary responsibilities. They serve as a dedicated point of contact for plan sponsors when seeking guidance.

Innovative Investment Fiduciaries is an RIA that advises on over 50 retirement plans throughout the country. We specialize in advising on complex plans that require a high level of due diligence and attention to detail. If you have any questions about your plan and whether you should hire an advisor, contact Innovative here.

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