Reality: While there is administrative work involved with changing your Recordkeeper or Third Party Administrator, changing your Retirement Plan Advisor is straightforward and requires only a simple form. Appointing an experienced Advisor will not only make your plan more efficient but also save your team valuable time and energy in the long run.

Reality: Clear communication and proper education can help participants understand the benefits of the changes. Most employees appreciate improvements that lead to better investment options, lower fees, and enhanced services.

Reality: Retirement plans should be benchmarked every 2-3 years to ensure that you’re paying reasonable fees for the services you receive. If your advisor isn’t regularly benchmarking provider services and costs, it’s essential to seek an independent review of your plan to ensure it’s still competitive and cost-effective.

Reality: If your advisor focuses primarily on personal wealth management, they may not be dedicating enough time to your retirement plan. Managing personal wealth and overseeing retirement plans require distinct expertise. You need an advisor who specializes in retirement plan management to ensure your plan receives the attention and expertise it deserves.

Reality: Payroll companies excel in payroll services, but they may not have the specialized expertise needed to manage retirement plans effectively. Relying on a single provider for all aspects of your retirement plan can be risky—if you’re unhappy with one service, you might have to overhaul the entire plan. By hiring separate providers for recordkeeping, third-party administration, and advisory services, you create a system of checks and balances that ensures each aspect of your plan is managed with the appropriate expertise.