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Small Business Retirement Plan Consulting: Learn the Benefits of Professional Guidance

Learn about the various ways that professional small business retirement plan consulting can benefit your company.

We Can Help You Maximize Your Employee Retirement Plan

If you’re a small business owner, you know just how much of your time, energy, and resources it takes to keep the company running from day to day. You may always have your customers or clients on your mind, but you’re likely thinking about how to best serve your employees, too. To that end, it may benefit you to consider utilizing professional retirement plan consulting services for your small business.

Small business retirement plan consulting could help you establish and maintain the right retirement plan for your company and can be a valuable way to meet your company goals while also upholding your responsibilities to your plan participants. Not only are you busy, but there’s always the risk of lawsuits related to the mismanagement of your retirement plan, making it even more important to protect your company while also serving your employees. Below, we’ll discuss several more important benefits we see and share more about how Paces Ferry’s small business retirement plan consulting services may add value to your business operations.

Benefit #1: Confidence in All Elements of Your Retirement Plan Offering

Retirement plans can be complex, with many moving parts that change and evolve 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 should be able to leverage their experience and knowledge to learn how well your plan is working and where you can work to improve it. Utilizing small business retirement plan consulting also means you may benefit from expertise in helping you educate your employees on retirement savings, investment management, and how they may best meet their own financial goals.

Benefit #2: Assistance in Meeting Your Fiduciary Requirements

As a small business owner, you generally serve as the company’s retirement plan sponsor and must meet several fiduciary requirements for plan participants. This may include maintaining qualified regulatory status for your plan, prioritizing the interests of plan participants above your own or your company’s, and administering the plan correctly.

Working with a fiduciary retirement plan consultant means you have someone in your corner who may help you meet all your responsibilities as a small business owner, making sure that plan participants receive everything they deserve from the plan. This partnership should offer independent and objective evaluations of the funds and providers you work with and eliminates concerns about conflicts of interest or compliance with ERISA or Department of Labor regulations.

Benefit #3: Support in Managing a Complicated Regulatory Environment

The regulatory environment surrounding retirement planning is constantly evolving, making it challenging for most small business owners to stay up to date. As a result, developing and maintaining a retirement plan for your employees has become increasingly complex. Utilizing professional small business retirement plan consulting services may provide valuable guidance as you navigate this complexity. A trustworthy partner may alleviate some stress and free up time and energy for business growth.

How to Find the Right Small Business Retirement Plan Consulting Services for You

Every business has unique retirement plan needs and goals, which is why finding the right consultant is important. Take the time to thoroughly evaluate potential consultants so that you can make an informed decision. Before meeting with them, consider preparing a list of questions and objectives that reflect your company’s unique needs. Additionally, we suggest including general questions, such as:

  • Are you a fiduciary?
  • How do you handle employee account rollovers?
  • How are you compensated?
  • What is your process for disclosing fees and plan policies to employees?

Once you select a small business retirement plan consulting service, we suggest you be sure that all parties are on the same page by drafting a written contract that outlines their exact responsibilities as your retirement plan consultant. You want to be sure to avoid any ambiguity.

Small Business Retirement Plan Consulting at Paces Ferry

A retirement plan may offer numerous benefits, such as encouraging employees to save for retirement, maximizing contributions and benefits for owners, and aiding in the recruitment and retention of skilled employees. Additionally, it may be an opportunity to educate plan participants on investment management, retirement planning, and other financial topics.

At Paces Ferry, we take a comprehensive approach to small business retirement plan consulting, including helping you navigate the complexities of plan design and governance, investment oversight, and more. We strive to provide small business owners with a thorough understanding of all aspects of their plans, including any regulatory implications of their decisions. Our advisors are committed to guiding you through the intricacies of retirement plans, helping you obtain the best possible outcomes for your business, your employees, and yourself.

If you’d like to learn more about our small business retirement plan consulting services and how they can benefit your small business, please don’t hesitate to contact us. We’d be happy to start a conversation and answer your questions.

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.