Help Clients Find the 401(k) That's Right for Them
You know the expression - it's not a one-size-fits-all-world. We're different. From the foods we eat, to the cars we drive, to the places we go on vacation. And it's also true when it comes to 401k plans. Ask two company owners what their's looks like and you might get two different answers. It happens for a good reason - they may understand it differently and in fact, they may have very different plans. It's no wonder really since there are so many options available to meet each company's unique needs and goals. To be an effective advisor, it's important to recognize these distinctions and ask the right questions to determine the 401k that best fits your clients' needs. And in a competitive environment, our ability to customize their plan and experience can make all the difference. Here are few ideas to begin the discussion:
- Talk about their workforce. It's not just a matter of head count, it's about understanding their age groups, their needs, and their investment experience.
- Talk about their goals. For example: Is the purpose of the plan to maximize the owners' savings and tax benefits or is it intended to attract and retain top talent?
- Is financial wellness of the employees important to the company? After all, a 401(k) is a great savings vehicle, but it only works best when employees understand personal budgeting and finances and have the ability to take full advantage of the opportunity of the plan.
Each of these topics get the heart of what's most important: costs, flexibility, customization, outcomes. And all of these drive plan design. It's all about asking the right questions so that together, we can design and offer an ideal retirement plan for each of your clients. Give us a call to talk about how we can help.
- Consider Behavioral Bias in Retirement Plan Design & Communications
- Help Clients Find the 401(k) That's Right for Them
- Helping Participants Understand RMDs
- Compliance Essentials
- Use Benchmarking to Your Advantage
- Mergers and Acquisitions
- Four Things to Know About ERISA Fidelity Bonds and Fiduciary Liability Insurance
- Aligning Plan Design with Client Goals
- Your TPA Partner Can Help You Win Business
- Plan Audits
- Maximizing an Owner's Retirement Benefit
- Understanding how forfeitures work in retirement plans
- It's All About Relationships
- Help Clients Understand Why a QDIA Matters
- The Loan They Never Take May Make All the Difference
- Of Course Your Clients Are Fiduciaries
- When to Set Sail with Safe Harbor
- DB is Alive and Well
- Financial wellness - it's essential to saving for retirement
- Cash Balance Plans Allow Six Figure Annual Contributions
- To Roth or Not To Roth
- Answering the 'Why Us?' Question
- Auto-Enrollment and Auto-Escalation
© 2019 Karel Gordon & Associates