Why Hire Us
Why hire a retirement plan specialist?
Hiring an advisor is an important business decision, just as important as selecting the vendor who will administer your plan. Your advisor will help manage your plan and guide you through difficult decisions.
Not all advisors are the same. It takes years of training and experience to fully understand the complexities of a retirement plan. A qualified advisor must have the knowledge and experience to guide you through ERISA and avoid any conflicts of interest. If your advisor is lacking in any of these areas, then you run the risk of hiring someone that could cost you money or provide faulty guidance.
There are two types of advisors in the marketplace: Generalists, and Professional Retirement Plan Advisors.
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Generalists, such as wealth advisors or benefit brokers, work with retirement plans on a part- time basis. Their primary area of focus is elsewhere, which could ultimately increase the employer’s fiduciary liability. Generalists lack the specialized knowledge to act in the capacity of an expert, the fiduciary standard.
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Professional Retirement Plan Advisors have the training,skill and experience that is essential to guiding you through the complexities of a plan and avoid compliance pitfalls.
Sponsors who partner with a professional retirement plan advisor typically see benefits such as superior plan designs, more appropriate investment arrays, better overall asset allocation among plan participants, reasonable fees, and greater confidence in plan compliance and investment options.
Advanced Retirement Solutions demonstrates greater expertise and client servicing capabilities, boosting participation and deferral rates while reducing costs and fiduciary liability.
Our efforts often translate into measurable improvements in plan performance and retirement outcomes, and provide better visibility into important plan analytics, giving you the ability to help simplify plan administration and lower costs.
Generalist VS Professional Advisor
| Most are not fiduciaries to the plan and, as such, are barred by law from giving advice or recommendations. Allowing them to do so can increase the employer’s liability. |
Fiduciary | Are fiduciaries to the plan, skilled in guiding you through all aspects of your plan. Your professional advisor gives recommendations that are conflict free and in your best interest. |
| Use retirement plans as a way to sell investments or insurance products to employees |
Best Interest |
Book of business is primarily or exclusively retirement plans. No investment sales to your workforce. |
| Do not stay on top of retirement plan changes or trends |
Knowledge | Able to deliver a high level of expertise and knowledge about changing retirement plan issues. |
| Usually have a few “favorite” or alliance partner providers to pick from |
Vendor Selection |
Perform a true provider search that fits your specific needs and budget. Can use any vendor in the marketplace. |
| Lack the knowledge and skills necessary to answer plan design questions |
Education | Able to recommend and implement creative and compliant plan designs |
| Do not understand ERISA they rely on vendors or third party administrators for guidance |
ERISA | Versed in ERISA and knowledgeable about changing regulatory issues. Able to explain changes to ERISA, DOL and IRS regulations in simple-to-understand terms. |
| Will not be able to help with a Department of Labor audit |
DOL | Able to respond to the Department of Labor on your behalf, coordinate all document requests, prepare you for interviews, attend your on-site interview, and assist with corrective actions. |
| Don’t have liability insurance specific to retirement plans in case of any violations |
E&O | Fully insured for fiduciary acts |
