How a Retirement Plan Advisor Can Help You Beyond Investments

Previously we discussed the invaluable service that a retirement plan advisor can provide in helping to select and monitor plan investments. Because of their specialized knowledge, they can navigate the myriad of investment options available. Utilizing their expertise can make a significant difference for your employees in retirement savings.

Investments are not the only thing that a retirement plan advisor can help you with, though. Just as your retirement plan entails a lot more than simply choosing investments, advisors who specialize in working with retirement plans can assist you with your administrative duties, have vast knowledge that you can tap into, and can leverage their industry expertise to help you solve problems efficiently and effectively.

They Provide Administrative Help

Retirement plans require a lot of administration. From completing and filing Form 5500 to performing discrimination testing and providing proper disclosures, there is a lot involved in running a retirement plan and keeping it ERISA-compliant.

A retirement plan advisor can provide critical advice on how to administer your plan and answer key administrative questions. They can explain to you everything you are legally required to do for your plan and walk you through the process, making sure you complete all regulatory mandates. Retirement plan advisors will help to keep you on track in maintaining compliance and fulfilling your fiduciary duty under ERISA. They should also be able to provide you with operational best practices based on their extensive experience with all kinds of retirement plans.

They Have Knowledge

Through years of experience, a good retirement plan advisor will have accumulated a vast warehouse of knowledge. Whether you have questions about administration, plan design, loans, or non-qualified plans, having an advisor to turn to for answers is invaluable.

ERISA law includes seemingly infinite details that are very difficult for a Human Resources employee to learn on their own. It’s easy to misunderstand key details or important deadlines, which can result in penalties or breach of fiduciary duty. Having a retirement plan advisor as a resource can save a lot of time and stress for those administering your retirement plan on a day-to-day basis.

They Solve Problems

A retirement plan advisor’s industry expertise is good for more than just answering your questions. It can be crucial in helping you solve problems.

Problems can crop up from time to time in even the most diligently run retirement plans. When they do, there is often a long and detailed process required to fix them. A retirement plan advisor can utilize their industry expertise to quickly remediate any problems that arise. They will know who to talk to and what forms need to be filled out in
order to minimize penalties and time spent on the problem.

For many plan sponsors, correcting plan errors is uncharted territory and a daunting task. It helps to have an experienced guide to lead you through it and stay by your side every step of the way. Having such assistance can save you a lot of time and money as a plan sponsor.

How To Find This Kind Of Retirement Plan Advisor

Retirement plan advisors can provide many helpful services beyond just selecting investments. Not all advisors provide the same services at the same level, though. It is important to know how an advisor gets paid in order to understand what level of service they will provide.

An advisor who is paid on commission only earns money when selling an investment product. Therefore, they have an incentive to focus on the investment product the client selects. Many do not provide the services listed above or only provide a minimal level of service.

For an advisor who is paid on a fee-only basis for their advice instead of for selling a product, it makes no difference if the advice is regarding investments or plan administration. They can offer high-quality services beyond investment selection, keeping conflicts of interest to a minimum.

If you’re looking for an independent retirement plan advisor that will help you optimize your retirement plan in ways beyond just investments, we are here to help. Give our office a call at (949) 718-1600 or email us at and we can schedule a meeting to sit down and discuss everything we can do for you and your company retirement plan.

Important Disclosure: This content is for informational purposes only. Opinions expressed herein are subject to change without notice. Beacon Pointe has exercised all reasonable professional care in preparing this information. Some information may have been obtained from third-party sources we believe to be reliable; however, Beacon Pointe has not independently verified, or attested to, the accuracy or authenticity of the information. Nothing contained herein should be construed or relied upon as investment, legal or tax advice. Only private legal counsel may recommend the application of this general information to any particular situation or prepare an instrument chosen to implement the design discussed herein. An investor should consult with their financial professional before making any investment decisions.

© Beacon Pointe Advisors. All Rights Reserved.


You are now leaving the website of Beacon Pointe Advisors and will be entering the website for Institutional Intelligent Portfolios®, an automated investment management service made available to you exclusively through Beacon Pointe Advisors. Beacon Pointe Advisors is independent of and not owned by, affiliated with, or sponsored or supervised by Schwab. Schwab has no responsibility for the content of Beacon Pointe Advisors' website. This link to the Institutional Intelligent Portfolios website should not be considered to be either a recommendation by SPT, Schwab, or any of their affiliates, or a solicitation of any offer to purchase or sell any security.

Privacy Preferences
When you visit our website, it may store information through your browser from specific services, usually in form of cookies. Here you can change your privacy preferences. Please note that blocking some types of cookies may impact your experience on our website and the services we offer.