Why You Should Hire A Retirement Plan Fiduciary In Salt Lake City
Why is it important to hire a fiduciary for your 401(k) or 403(b) Plan? Well, you want to be sure that the advice you are getting is solely in the best interests of your Plan Participants and Beneficiaries. To begin with, one of the most important reasons why you need a professional fiduciary is to improve your Plan’s “efficiency”. The only way you can be assured of proper Plan efficiency is by getting advice from an experienced fiduciary who is not “conflicted” in any way with your other retirement plan vendors. In this post, we are going to disclose the benefits of hiring an outside professional fiduciary in Salt Lake City.
In most countries, requirements are imposed on fiduciaries to prevent them from having any conflict of interest with their clients. Such impositions are crucial for obvious reasons and most importantly because fiduciaries are delegated the legal authority of making decisions on your behalf. You still have the final say, but will have the written and legal assurance that prudent decisions are being made on your behalf.
Working with our experts is the best decision you can ever make because we have no other ownership interests or contractual agreements with other vendors your Plan may retain. In other words, we are agnostic on your other Plan vendors. Our job is simply to make sure whatever vendor you retain is competent, efficient and “reasonable” under ERISA Regulations.
Hiring an outside professional fiduciary is beneficial to you and your Plan Participants as it ensures maximizing savings within their account. Unfortunately, many retirement plan vendors lack the proper training and experience in helping you make prudent and reasonable decisions, as well as the knowledge to proper process to fully document any said decisions. For that reason, working with an outside professional fiduciary means that you have access to unvarnished and honest guidance as you make decisions regarding your 401(k) or 403(b) Plan.
As a business owner, you have many different things with which to deal. Hopefully, you already have an outside attorney and CPA, as well as business partners to help. We, as your Plan’s Named Fiduciary and Plan Administrator, work with your other advisors on behalf of the business and your Plan so that all activities are coordinated properly.