It’s estimated that for every $1 of assets managed for business retirement plans, another $7 in assets are available for the right advisor to capture. No reader will turn down this return formula, but most don’t know how to seize the opportunity.
Find the Right Partner
Business retirement planning is no easy game. As if there is not enough knowledge to consider in your daily operation, adding ERISA to your offering may be enough to pause readers for good. However, just like any profession the right experts do exist. You simply must have the patience to find them or allow a firm like your IMO, custodian, or broker-dealer to discover for you.
A business retirement plan alliance should have the expertise to review existing plans and consult with you and the plan sponsor to craft the optimal company plan. Take a 401(k) for example. Does the plan sponsor truly understand the plan, expenses, investment options, lag, and compliance? Most likely not. Moreover, the existing plan advisor probably isn’t doing much to consult and advise outside of a casual enrollment meeting a couple times per year.