Top Reason to Use a Financial Advisor for Your Retirement Plan

Did you know that the Number 1 reason retirement plan sponsors begin working with a financial advisor is because they have concerns about their fiduciary duties?

According to a recent study conducted by Fidelity Investments, this is the first time fiduciary concerns have topped the list, with the majority respondents rating an advisor’s willingness to take on fiduciary duties as very important.

It’s no wonder, as the list of fiduciary responsibilities continues to grow.  In the past, when plan sponsors thought of fiduciary oversight, they looked for support and guidance on investment selection and on-going monitoring.  Financial advisors soon took on the role of helping plan sponsors establish and abide by an Investment Policy Statement.  Today, the list has broadened to include helping plan sponsors decipher and benchmark plan fees, establish participant education and financial wellness programs and act as a liaison with their other service providers to help ensure they are addressing all of their administrative obligations; such as the distribution of required participant notices.

If you have questions about your fiduciary duties, please call us at Olson Wealth Group at (952) 835-1797.

For Plan Sponsor use only. Not for use with participants or the general public. This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.

Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC

E-rewards, an independent market research company, conducted an online survey of 976 plan sponsors on behalf of Fidelity in February, 2016.

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