Sometimes the hardest part of solving a problem is correctly defining it. Having an elite retirement plan focused advisor is key in making sure you have all the possible solutions to choose from.

Fiduciary liability can feel like an incredible burden to bear, even for HR professionals. Job requirements day to day are demanding enough without adding retirement plan management on top of it. That’s where a fiduciary financial advisor comes in to help carry the weight of it all.

I had the privilege of being in a finalist presentation today, which is always fun. The retirement plan committee asked a very pointed question at one point that caught me off guard.

Stuff goes awry during transitions sometimes. A consultant can help you understand what’s normal, what’s not, and what to expect, so that you have a frame of reference. Much like planning and executing a wedding, there’s a big difference in how mishaps are handled and the bride’s (or her mother’s) interpretations of how bad the mishaps are.

I meet with a lot of folks in the investment advisor and broker community. It never ceases to amaze me when they inquire how our practice is set up and how we manage to "make money" servicing retirement plans. Usually it's coming from a competitor who dabbles in our space citing the time they spend on it, or one who thinks they want to "get into the retirement plan business." I'll tell you how we do it and I'll tell you why you shouldn't hire a generalist to serve as your retirement plan's advisor.

I am often asked what it is that a Retirement Plan Advisor does (we call them Retirement Planologists™ at our company). First, it's important to know that a retirement plan advisor works with a company to help them build and manage their company's retirement plan for their employees. (That's a very different thing than helping an individual plan for their retirement, which is what a financial planner/financial advisor does.) A Retirement Plan Advisor probably specializes in pensions, 401k, 403b, 457 and other plans provided by employers, and they may even have certain designations or credentials specific to employee retirement plans, such as the Accredited Investment Fiduciary or the Chartered Retirement Plan Specialist.