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Retirement Plan Consulting: Three Benefits for Small Business Owners

Get Professional Guidance Navigating a Complicated Landscape

Have you considered utilizing professional retirement plan consulting services for your small business? Given the time, energy, and resources it takes to run and grow your company – plus the risk of lawsuits related to mismanagement of retirement plans – it might make sense for you to work with a retirement plan consultant to help ensure that you and your company remain protected while serving your employees.

Here at Paces Ferry Wealth Advisors, we believe that one of the best ways to meet your company goals while also upholding your responsibilities to your plan participants is to work with an expert to establish and maintain the right retirement plan for your company. We take a holistic approach as we help our small business clients navigate the waters of plan design and governance, investment oversight, and more, and below I’ll share three benefits that come from professional retirement plan consulting.

1.    Ensure You’re Making the Most of Your Retirement Plan

Retirement plans are complex with many moving parts that change often depending on new legislation. Having someone with experience by your side can be incredibly beneficial. If you work with a fiduciary retirement plan consultant, you can leverage their experience and knowledge to learn how well your plan is working and where you can work to improve it. Utilizing retirement plan consulting also means you can benefit from expertise in helping you educate your employees on retirement savings, investment management, and how they can best meet their own financial goals.

2.    Aid in Meeting Your Fiduciary Requirements

As a small business owner, you also serve as the company’s retirement plan sponsor. This means you’re required to meet several fiduciary requirements to participants of the plan. You must be sure that your plan maintains qualified regulatory status, that it puts your plan participants’ interests before that of your own or your company’s, and that it is properly administered.

Working with a retirement plan consultant who is a fiduciary means you’d have someone in your corner who could help you meet all of the responsibilities you have as a small business owner so that plan participants are getting everything they deserve out of the plan. You benefit from independent and objective evaluations of the funds and providers you’re working with, and you don’t have to worry about any conflicts of interest or whether you’re meeting ERISA or Department of Labor regulations.

3.    Get Help Managing a Complicated Regulatory Environment

The regulatory environment that surrounds retirement planning is always changing, which can be incredibly difficult for small business owners to keep up with. This is one of the leading reasons that developing and maintaining a retirement plan for your employees has become so complicated. If you’re utilizing professional retirement plan consulting services, you have someone to help guide you as you navigate that complexity. Having a partner you can trust gives you more peace of mind, while also leaving you more time and energy to put into growing your business.

Finding the Right Retirement Plan Consulting Services for You

Your business is unique, and your company retirement plan should be, too. It’s imperative that you find the right consultant for your small business needs and goals, as well as your personal ones. When meeting with consultants, take the time to be thorough so that you can have confidence in your selection. It might be helpful to prepare a list of questions and objectives ahead of time. You’ll want to craft questions that reflect the unique needs of your company, but you should also include more general questions such as:

  • Are you bound by fiduciary duty?
  • What processes do you have in place for handling any employee account rollovers?
  • How are you compensated?
  • Is there a process in place for how you disclose fees and plan policies to employees? If so, what does this process look like?

Once you choose a consultant, be sure that you’re beginning the partnership with all parties on the same page. A written contract should include the exact nature of the responsibilities your retirement plan consultant has to you as the plan sponsor. Don’t leave room for ambiguity.

Do You Need a Retirement Plan Consulting Partner?

A properly constructed retirement plan will encourage employees to save for retirement, maximize contributions and benefits for owners, and help you recruit and retain talented and eager employees. However, it should also help educate your plan participants on things like investment management, retirement planning, and other financial planning topics.

At Paces Ferry, we want to help small business owners achieve all of this and more with their retirement plans. We take a holistic approach with our consulting, working to give you a comprehensive understanding of all facets of your plan, as well as any regulatory consequences that may result from any decisions you make. Ultimately, our advisors are here to help you navigate the complex world of retirement plans to ensure that you’re getting the best results for your company, yourself, and your employees.

If you’re interested in hearing more about how our retirement plan consulting services could help your small business, please reach out to begin a conversation with us today.

Paces Ferry Wealth Advisors, LLC is a registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”).  This material is intended for informational purposes only. It should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney or tax advisor.