Finding the time to understand, supervise, and effectively maintain a stable and successful retirement plan for their employees is challenging for most business owners, especially those who have a myriad of other responsibilities. As an employer, you not only have a responsibility to your employees to provide them with the best plan to meet their goals, but you also have a duty to protect the fundamental and fiscal needs of your company. Reducing your fiduciary exposure, taking advantage of deductions and tax advantages, and avoiding high fees all while not overburdening your HR staff can overwhelm even the most successful business owners.
Rather than allowing inexperience or time constraints to deter your company from sustaining a successful 401(k) retirement plan, seek the assistance of an expert such as an independent retirement advisor. They can confidently guide the advancement of your current corporate 401(k)/retirement plan to be one that works positively for you and your employees.
An experienced 401(k) professional can help your company with:
· Outsourcing fiduciary roles for protection and efficiency. Your company doesn't need to handle these roles, which have to always be in the best interest of your employees. You'll be safer—and issues will be facilitated more easily—if you let a professional address this area.
· Making sure you're receiving the best value. Many fees are associated with these types of plans, but is your current plan avoiding them? You can limit your overall expenses when a professional guides you through your options and benefit opportunities.
· Providing education and one-on-one guidance to employees. Answering employee questions and leading your team through their investment opportunities is part of a successful plan. This will improve the financial success of the people who work for you, which is not only an investment in their future but also an asset for your company in the long run.
· Reducing the amount of time your HR department spends on day-to-day plan management.
Chances are, your HR department already has enough to do. By keeping their work with the 401(k) plan to a minimum, they can handle all their customary responsibilities more easily.
Hiring a Certified 401(k) Professional
When you're choosing someone to assist in the management of your 401(k) plan for your business, it should be noted that there is a distinct difference between a financial advisor and a 401(k) professional.
Choosing a CERTIFIED FINANCIAL PLANNER™ professional who is also a Certified 401(k) Professional (C(k)P®) can make a positive impact on the tenable performance of your business's plan.
Individuals who hold these designations have met certain requirements, including specific educational criteria and ethics and conduct standards. Hiring experts with the appropriate certifications to navigate and regulate your plan can protect you, your employees, and your business.
Perhaps your 401(k)-plan offering could use a benchmark analysis or second opinion? Contact the professionals of Central Coast 401k online at centralcoast401k.com, by phone at 805-439-0370 or stop by the office at 1104 Palm Street, San Luis Obispo, CA.
The Financial Professionals of Central Coast Wealth Management are Registered Representatives, and Investment Adviser Representatives with/and offer securities and advisory services through Commonwealth Financial Network® Member FINRA/SIPC, a Registered Investment Adviser.