In a galaxy far, far away—specifically your office—there exists a great disturbance in the Force. It’s the fiduciary liability, investment management, due diligence, and participant communication responsibilities creeping up on well-intentioned retirement plan sponsors. Fear not, for there is hope! Enter the financial advisor, wielding wisdom and expert retirement plan support instead of lightsabers, ready to help your 401(k) universe flourish.
The Force Awakens… to the Magic of Financial Advisors
For many retirement plan sponsors, managing a retirement plan can feel like piloting the Millennium Falcon through an asteroid field. However, advisors can bring clarity to the chaotic world of investments, fees, and cybersecurity. They provide oversight, knowledge, and insight in these areas, reducing liability and stress for plan sponsors.
Avoid the Dark Side of Fiduciary Responsibilities
Much like the Sith Lord’s insidious plans, fiduciary responsibilities are not to be taken lightly. Fortunately, financial advisors act as trusty co-pilots in navigating these obligations, as many can act as a 3(21) or 3(38) fiduciary.
The Return of the Investment Strategy
Much like the Ewoks’ improbable victory over Imperial forces, crafting a robust investment strategy can lead to triumphant outcomes for retirement plans. Financial advisors help develop and fine-tune investment lineups, ensuring they align with the plan’s goals and the needs of its participants.
Jedi-Level Employee Education and Engagement
Another perk of a financial advisor? Participant education and communication! Through workshops, personalized advice, and engaging communications, advisors empower employees to make informed decisions about their retirement. They’re like the Yoda of personal finance, guiding workers towards a financially secure future, no Jedi mind tricks needed. According a Morgan Stanley survey, 87% of plan sponsors believe their employees experience better retirement outcomes with a financial advisor on board.
Conclusion: Don’t Go Rogue—Hire a Financial Advisor
Retirement plan sponsors, take a note from the Rebel Alliance playbook and recognize the value of having an ace up your sleeve—or in this case, a financial advisor on your team. In fact, according to the report referenced above, 95% of plan sponsors with a financial advisor believe it is worth the cost. Thus, it’s clear most plan sponsors see the incredible value in having a financial advisor for investment management, recordkeeper due diligence, employee support and communication, and even cybersecurity and regulation guidance.
When it comes to securing a prosperous retirement galaxy for your participants, you want the best allies by your side. Extremely valuable, they are (in Yoda-speak). May a financial advisor be with you!
