Why Hire a Retirement Plan Advisor

Plan fiduciaries must act as prudent experts under ERISA, and are therefore held to a high standard of care with respect to plan-related decisions regarding investments, service providers, plan administration, and general ERISA compliance issues. Most prudent plan sponsors hire a plan consultant (advisor) to assist them in adhering to ERISA’s rigorous standards, and to meet their objective of offering a best practices 401(k) plan to their employees.

Attributes of a Good Advisor	Why You Should Hire One
Independence	Ability to help evaluate funds and providers objectively and without conflict of interest
Familiarity with ERISA	Ability to keep the committee updated on litigation, legislation and regulations impacting plans and fiduciaries
Prudent Expert	ERISA section 404(a) requires fiduciaries to act with the skill, knowledge and expertise of a prudent expert
Expertise with Plan Design	Ability to help plans maintain qualified status while continuing to meet the goals and objectives of our organization
Knowledge of the Provider Marketplace	Ability to ensure that our plan is being administered in the most efficient manner and for a reasonable price
Qualified Plan Investment Expertise	Ability to evaluate, select and monitor fund performance
Documentation Skills	Ability to demonstrate procedural prudence in a well-documented manner
Communication Skills	Ability to educate employees regarding plan highlights, and how to create an appropriate investment strategy
Acceptance of Role as a Co-Fiduciary	Willingness to acknowledge in writing that they are a co-fiduciary to our plan with respect to the investment advice being delivered
Full and Open Disclosure	Fully and openly discloses all sources of fees being received on a direct and/or indirect basis

About Asset Advisors of America’s Retirement Plan Advisory Group
Asset Advisors of America’s Retirement Plan Group is a dedicated defined contribution consulting firm that provides fiduciary consulting to plan sponsors. Learn more contact 866-657-401(k) or email matt.scovanner@ioausa.com.