Myth: They will take up more of my time

Reality: A good advisor will be an administrative support and a net-timesaver.

The administrative burden of a 401(k) plan is an unwanted hassle for HR heads and CFOs. The good news is a willing and able advisor can take a substantial part of that burden away, leaving more time for you to do the rest of your work. Saving our clients’ time is perhaps the most appreciated part of the sponsor-advisor relationship. Time is money as they say. We think a good advisor should be asking these questions.

Regarding Committee Meetings and Management:

Can we coordinate your 401k meetings for you?
Are the meetings too frequent and too long? Do you spend unnecessary time talking about the same things every quarter or six months?
Do you get questions from your leadership team and just want to send them to someone else to handle?
Would you like help recording meeting minutes, sending follow-up summaries, and tackling follow-up tasks?

Regarding Participant and Vendor Communication:

Do you get questions from your employees about the plan and just want to send them to someone else?
Would it help to have a drafted sample email or letter which you can send to your participants regarding upcoming plan meetings or changes?
Would it help if someone spoke to your record-keeper (or other vendor) first and tackled an issue for you?

Regarding Understanding Complex Plan Details:

Do you need help with year-end compliance testing?
Would you like help checking some of the boxes that the Department of Labor requires?
Are you overwhelmed at the thought of researching complex plan issues and want someone to take that for you?

Regarding Fixing Problems and Driving Efficiency:

Is plan organization a struggle? Ever have trouble finding plan documents for instance?
Do you wonder if there are ways to change the plan to make your life easier and help your employees?
When you don't know who or what to ask, wouldn't it be nice to have a go-to person?