Advisor Connect

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:

  1.  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.
  2. 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?
  3. 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. 


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