For Private Investors:
Employers: Are you looking for advisers whose independence allows them to focus on customizing the plan design to meet your specific situation? What about advisers who can facilitate a competitive bidding process among leading industry providers? If it's been more than three years since your plan had a competitive review and your plan is between $1 million and $70 million in assets, you need to call us. We can help you recruit, reward, and retain talent!
Individual Investors: Do you have "orphaned" 401(k) accounts still at prior employers? Are you seeking to maximize your personal retirement savings? We can help.
In this scenario, this privately held business (Plan Sponsor) is a professional services provider that has thrived in good times and, thanks to the owners' sacrifices, survived through the bad. Let's call them "PSP Inc." With the frugality that comes with having to make tough decisions to survive, this Plan Sponsor chose to work with Sample Mutual Fund Company/Deep Discount Provider. With this decision, the owners thought, "Who could criticize us?"
When we have a chance to meet with owners of businesses like this, we often find the following opportunities for them to upgrade their plan:
If any of these components sound like your plan, we can help!
Here's another scenario we see: A family-owned manufacturer, let's call them "G3 Manufacturing," is pitched a recommendation from a retail broker they know and a "slick" representative from a large mutual fund provider who is focused on 401(k) business. Slick flew into town for this pitch, makes many promises while ensuring you know he feels he is the smartest person in the room. G3 Manufacturing is assured that their business will be a priority.
Unfortunately, once the contracts are signed, G3 Manufacturing never sees the same representative from the product provider more than once. Administrative hiccups occur, which will happen, but no one is really familiar with G3 Manufacturing and the constant turnover at the product provider is problematic. G3 Manufacturing learns the hard way that although their company's plan is of good size, the product provider has prioritized plans that are $100 million or larger, and they are not going to dedicate their "varsity team" to provide service.
To add further insult, it turns out that the local retail broker has no other 401(k) plans and is working with G3 Manufacturing in the capacity of a Broker rather than as a fiduciary.
G3 Manufacturing is not happy. If they treated their customers this way, the business would have never survived long enough for the second generation to run, much less the third. They shake their head and feel that they are stuck, as this must be as good as it gets.
We can step in, customize a plan that is sensitive to the desires of the owners, deploy investment options that are selected based on merit, and perform our tasks as fiduciaries.
Don't settle! Call us for a complimentary consultation.
These case studies are for illustrative purposes only. Individual cases will vary. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.
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