In our latest episode, we sat down with our own Jude McDonough, who heads up our Retirement Plan Consulting business. We discussed the parties to a corporate retirement plan and their roles in servicing the plan.

It was an informative conversation for anyone in charge of a corporate retirement plan. We encourage you to reach out to us if you have any questions about your corporate retirement plan.

The corporate retirement plan is a key benefit to the employees that is easy to overlook. There is no renewal for the plan, so it is something that is put off until a later date. In reality, it is usually a major investment from the employer and is important to the employees. The service providers that you choose can make or break your plan and can have a major impact on your employees.

The different parties to the plan are replaceable and often interchangeable. If you are not getting the service you need from one of the parties to your plan, you can replace that service provider. Some changes have more disruption than others. The most difficult provider to replace is the recordkeeper. A good Investment Advisor can help you improve your situation with your recordkeeper without necessarily having to move the plan.

If you are not getting any service from your Investment Advisor, they are the easiest party to replace. Your employees deserve to have access to someone who can help them with their retirement plan and be a resource for their financial needs. Furthermore, the Investment Advisor can help you select and monitor the fund lineup, review your recordkeeper relationship, benchmark your plan fees, and act as a liaison between you and the other service providers. If you are paying an Investment Advisor and not getting any service, you should consider looking at alternatives to benefit you and your employees. 

Additional Resources:

• Jude R. McDonough, CFP ®, AIF®, Senior Wealth Advisor – 570-961-1516
• Parties to a Corporate Retirement Plan
• The Ease of Working with a Fiduciary Advisor
• Why Plan Design Matters  

Alliance Wealth Advisors, LLC (“Alliance”) is an SEC Registered investment advisory firm that is independently owned and operated. The information in this interview is provided for informational purposes only and should not be taken as investment, legal, or tax advice. Opinions expressed in this interview are subject to change without notice. Alliance also does not make any representations as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party mentioned in this communication and takes no responsibility. For more information regarding Alliance, please visit alliancewealthadvisors.com/legal-disclosures.