A financial wellness program can help protect your company from the negative effects of financial stress. Your company's bottom line can be impacted by the high cost of turnovers, as well as silent quitting behaviors such by minimal effort and enthusiasm.

But with a proactive approach to managing finances through the implementation of a financial wellness program, organizations can help alleviate money-related pressures while boosting morale and improving their company’s bottom line.

Calculate how much your company will benefit by understanding the hidden costs associated with employee monetary distress and the impact that a financial wellness program could have on your business.

Download the Guide Here

Securities and Investment Advisory Services offered through M Holdings Securities, Inc., a Registered Broker/Dealer and Investment Advisor, Member FINRA/SIPC. Rose Street Advisors, LLC is independently owned and operated.  #5697147.1

 

This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.

©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.

Scott Higgins

AIF®, CFP®, CPFA® | Financial Advisor

Since 2012 at Rose Street, Scott has been responsible for helping the firm’s individual wealth management clients with income strategies for retirement and consulting with employers with their employee retirement plans. In free time, he enjoys golf, biking, skiing, cooking, and traveling. Fun fact, Scott has a hobby of filling growlers with coins!

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4 Ways Employers Can Create a Culture of Wellness

To compete for top talent, companies are looking for innovative ways to stand out in a competitive labor market. Employees are looking for beefed up benefits that support their social, physical, mental and financial well-being.

Creating a culture of wellness in the workplace is a trend that’s catching on with employers across the country. A culture of wellness encourages employee health and well-being holistically by helping them adopt healthier habits in their personal and professional lives, such as exercising consistently, eating more nutritious foods, developing healthy interpersonal relationships and taking care of their mental health. Cultivating workplace wellness leads to happier, healthier and more productive employees, resulting in greater job satisfaction, loyalty, lower rates of absenteeism and reduced healthcare premiums. Employees want holistic support including workplace programs that support their social, physical, mental, and financial well-being.^[1] Here are four ways employers can create a culture of wellness:

Social Health

Social health is the ability to form satisfying interpersonal relationships with others. Employers can improve social health by supporting the creation of affinity and employee resource groups (ERGs). These employee-led groups aim to foster a more inclusive, diverse culture. Generally, ERGs are composed of employees who share common interests, affiliations or identities. These groups help encourage loyalty and greater job satisfaction for employees from diverse backgrounds to feel seen, heard and included. Additional opportunities to boost social health include encouraging volunteer opportunities, hosting networking and team events (in-person and online for remote employees), while offering family-friendly activities, such as company picnics and scavenger hunts.

Physical Health

Employers can help employees improve their physical health by offering fitness and preventive care programs. Offering perks like on-site fitness facilities or subsidized gym memberships, access to nutrition programs and resources to help employees manage chronic conditions like diabetes and autoimmune diseases are proactive ways to support employees’ physical health. On-site or virtual yoga or group exercise classes are another way to bring employees together and encourage them to focus on getting and staying healthy. Fitness challenges are another fun way to encourage employees to be more active. It also encourages camaraderie and healthy competition throughout your organization. 

Mental Health

No longer taboo, mental health has become a key priority for employers and employees due to the pandemic and recent legislation. Employees’ mental health, which includes psychological and emotional well-being, has experienced a backslide in recent years, with increasing numbers of workers reporting burnout, stress and depression. Flexibility is a key component of mental health. In fact, workers whose employers support a healthy work/life balance are significantly more likely to say they feel mentally healthy (82%) vs. those that don’t have such flexibility (45%).^[2] Employers unable to accommodate flexible work schedules or remote work options, for instance, may consider offering creative, competitive perks such as:      • More time off      • Expanded benefits menu      • Caregiver subsidies      • Well-being programs      • Commuter or transportation subsidies      • Additional social opportunities

Financial Health

Nearly 60% of employees are stressed about their finances, and 45% can only cover six months’ worth of expenses.^[3] Employees want and expect help overcoming money challenges; 66% believe their employers are responsible for their financial well-being.^[4] Employers can meet these expectations by offering financial resources and benefits to help employees prepare for the unexpected, such as emergency savings accounts. Additionally, financial wellness education can reduce money stressors by helping employees gain confidence in their money management skills and cultivate good spending and savings habits.  Providing access to a financial advisor can help ease employees’ anxiety about money so they can be more focused, productive and happier in their personal and professional lives.

Getting Started

Creating a culture of wellness in the workplace is designed to promote healthier lifestyles for employees and improve the overall social, physical, mental and financial health of your workforce. If you’re considering launching a workplace wellness program, here are some helpful tips to get started:       • Start small: Pick one or two programs and build from there.       • Get employees' input: Survey your workforce to find out what they want and what would be most helpful.       • Make it fun: Prizes and competition can help encourage participation.       • Promote the program to boost engagement: Send regular reminders and updates about wellness activities and let          employees know how they can get involved.       • Get leadership buy-in: Leaders must be on board for wellness programs to succeed. Take the first step towards creating a culture of wellness by requesting information on our retirement plan services.

 

^[1] MetLife. “20th Annual U.S. Employee Benefit Trends Study.” 2022.

^[2] MetLife. “20th Annual U.S. Employee Benefit Trends Study.” 2022.

^[3] TIAA. “2022 Financial Wellness Survey. 2022.

^[4] Employee Benefit Research Institute and Greenwald Research. “2022 Workplace Wellness Survey.” 2022.

 

Securities and Investment Advisory Services offered through M Holdings Securities, Inc., a Registered Broker/Dealer and Investment Advisor, Member FINRA/SIPC. Rose Street Advisors, LLC is independently owned and operated.  #5675412.1

 

This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.

©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.

Scott Higgins

AIF®, CFP®, CPFA® | Financial Advisor

Since 2012 at Rose Street, Scott has been responsible for helping the firm’s individual wealth management clients with income strategies for retirement and consulting with employers with their employee retirement plans. In free time, he enjoys golf, biking, skiing, cooking, and traveling. Fun fact, Scott has a hobby of filling growlers with coins!

Interested in more?

Let's Talk

Why Benchmarking is Crucial for Choosing the Right 401(k) Solution: Bundled vs. Unbundled

When it comes to choosing a 401(k) plan for your business, there are several options available. Two of the most common options are bundled and unbundled solutions. A bundled 401(k) plan is an all-in-one package that includes all the necessary services and products, such as recordkeeping, administration, and investment management, from a single provider. An unbundled 401(k) plan, on the other hand, allows you to choose separate providers for each of these services. While both types of plans have their benefits, it's important to benchmark them against each other to determine which is the right fit for your business. Here's why benchmarking is crucial when choosing the right 401(k) solution:

1. Comparing Costs:

One of the most important factors to consider when choosing a 401(k) plan is the cost. Bundled plans may appear to be more expensive upfront, but they often come with lower investment fees and administrative costs. By benchmarking bundled and unbundled plans against each other, you can compare the costs of each option to determine which is the best fit for your business and in the best interest of your employees.

2. Evaluating Services:

Another factor to consider when choosing a 401(k) plan is the level of services provided. Bundled plans offer a comprehensive suite of services, while unbundled plans allow you to pick and choose the services you need. By benchmarking the two options, you can evaluate the services provided and determine which plan is best suited for your business's needs.

3. Analyzing Investment Options:

Investment options are a crucial aspect of any 401(k) plan. Bundled plans often use proprietary products for their investment options which can lower costs and offer specialized investment strategies but can often times limit the range of investment options available to employees. These proprietary products often come with surrender charges that may make it more difficult or expensive for employees to move their investments if they are utilizing those proprietary investment options in their portfolio. Unbundled plans typically allow you to choose from a wider range of investment products allowing employees more options for diversification of their individual portfolio. By benchmarking the investment options offered by each provider, you can evaluate which provider offers the best investment options for your employees.

4. Considering Employee Satisfaction:

Ultimately, the success of your 401(k) plan will depend on how satisfied your employees are with it. Unbundled solutions tend to be a better fit for more complex or complicated plan designs because a TPA firm specializes in just the administration for the plan as compared to a firm that takes on more responsibility by doing the recordkeeping and administration for the plan. By benchmarking bundled and unbundled plans against each other, you can determine which plan is more likely to meet the needs and expectations of your employees. To benchmark a 401(k) plan, employers should work with a qualified advisor who can compare the plan to others in the industry and provide recommendations for improvements. The advisor should consider factors such as plan design, fees, investment options, and employee participation rates.

Why Benchmark an Existing 401(k) Plan?

A 401(k) plan is an important retirement savings tool that allows employees to save and invest a portion of their salary on a tax-deferred basis. However, not all 401(k) plans are created equal, and it's important for employers to regularly benchmark their plan to ensure that it is competitive and meets the needs of their employees. Benchmarking is the process of comparing a company's 401(k) plan to other plans in the industry to identify strengths, weaknesses, and opportunities for improvement. Here are a few reasons why benchmarking is important:

1. Ensuring Competitiveness:

One of the main reasons for benchmarking a 401(k) plan is to ensure that it is competitive with other plans in the industry. If a company's plan is not competitive, it may struggle to attract and retain top talent, which can have a negative impact on the company's bottom line.

2. Identifying Areas for Improvement:

Benchmarking can help identify areas where a company's plan may be falling short. For example, if the plan's fees are higher than those of comparable plans, it may be time to negotiate with the plan provider or consider switching to a different provider.

3. Meeting Fiduciary Obligations:

As a plan sponsor, it's important to fulfill your fiduciary obligations by ensuring that the plan is in the best interest of your employees and establishing that the fees paid are reasonable for the services provided. Benchmarking can help ensure that the plan is meeting this standard and that all investment options are appropriate and properly managed.

4. Enhancing Employee Satisfaction:

A competitive 401(k) plan can be a valuable employee benefit and can help enhance employee satisfaction and loyalty. By benchmarking the plan and making necessary improvements, employers can demonstrate their commitment to their employees' financial well-being. In conclusion, benchmarking is a critical component of maintaining a competitive and effective retirement savings program. It’s important to compare costs, evaluate services, analyze investment options, and consider employee satisfaction, so you can make an informed decision that will benefit both your business and your employees in the long run. By regularly reviewing and improving the plan after establishment employers can ensure that it meets the needs of their employees and help them achieve a secure retirement.

JULIA MUNSON

AIF®, CPFA® | Retirement Relationship Manager

Meet Julia, a people-focused life-long learner with several years of experience in the retirement plan industry. Throughout her career, Julia has been committed to maintaining strong client relationships by providing incredible customer service. She is passionate about helping clients define and plan for their retirement goals. Julia’s daily role at the firm energizes and reinforces her commitment to client-focused work.

This material and the opinions voiced are for general information only and are not intended to provide specific advice or recommendations for any individual or entity. To determine what is appropriate for you, please contact your Rose Street Financial Professional. Information obtained from third-party sources are believed to be reliable but not guaranteed.

Investments in securities involve risks, including the possible loss of principal. When redeemed, shares may be worth more or less than their original value.

By accessing any links above, you will be connected to third party web sites. Please note that Rose Street Advisors, LLC, is not responsible for the information, content or product(s) found on third party web sites. 

Securities and Investment Advisory Services Offered Through M Holdings Securities, Inc. A Registered Broker/Dealer and Investment Adviser, Member FINRA/SIPC. Rose Street Advisors, LLC is independently owned and operated. File #: 5641297.1

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In my last blog post, we talked about ways that plan sponsors can outsource fiduciary responsibilities. As interesting as it may be, not all plan sponsors fully understand what they are responsible for and liable for. The main functions 401(k) plan sponsors are responsible for include:       • Managing the plan with the sole interest of participants and beneficiaries.       • Ensuring plan fees are reasonable.       • Following the provisions of the plan governing documents.       • Diversifying plan investments.       • Doing all of these things with the care, skill, prudence and diligence. Aside from outsourcing fiduciary responsibilities, there are contribution and investment safe harbors that can be adopted to protect employers from liability on discrimination testing and participant investment losses.

Contribution Safe Harbors

Electing a safe harbor plan will automatically allow the plan to pass ADP and ACP nondiscrimination testing and top heavy tests, as long as the employer contributions made are only safe harbor contributions. There are three different types of safe harbor contributions that can be used, and each makes sense for a certain set of employee demographics of a company.    1. Safe Harbor Match – there are two types of safe harbor match options that allow the employer to contribute only to participants making employee deferrals.         a. Basic Safe Harbor Match – This formula matches 100% of the first 3% employees defer plus 50% of the next 2%. The maximum employer match would be 4% in this scenario. This option works best for companies with younger owners and key employees with limited income wanting to maximize their employee deferrals without making profit sharing contributions.         b. Enhanced Safe Harbor Match – This formula matches 100% of the first 4% employees defer. This is an alternative to the basic safe harbor match. The main difference is that the employer match cannot increase as employee deferrals increase and matching contributions for highly compensated employees (HCEs) must not be greater for any non-highly compensated employees (NHCEs).    2. Safe Harbor Non-Elective Contribution – Jerry Kalish wrote an article called Take Advantage of ERISA Safe Harbors: They can help penetrate the ERISA fog, he explains that “The employer makes a contribution of 3% (or more) of a participant’s compensation, regardless of whether he or she makes a 401(k) contribution. As with the Safe Harbor Match, the employer’s contribution must be 100% vested.” This option is usually chosen when owners and key employees (over age 50) want to maximize their employee contributions. If the owners and key employees are older than most of the staff, they can receive a 6% profit sharing contribution in addition to the 3% nonelective contribution without having to make additional contributions to the rest of the staff. Employers usually choose this option when they want to provide this benefit to all eligible employees and are likely able to make annual profit sharing contributions.    3. Qualified Automatic Contribution Arrangement (QACA) – This safe harbor option is different, in that an automatic enrollment provision is required and a 2-year cliff vesting schedule is allowed for the employer contribution. In another article called Traditional Safe Harbor 401(k) Plan vs. QACA – How to Choose by Eric Droblyen, he lays out the contribution options for employers to choose from under QACA as:         a. “Basic match – 100% of salary deferrals up to 1% of compensation, 1, plus 50% on the next 5% of compensation (3.5% of              compensation total).         b. Enhanced match – Must be at least as much as the basic match at each tier of the match formula.         c. Nonelective contribution – 3% (or more) of compensation, regardless of salary deferrals.” Employers usually choose this option when trying to increase employee participation and utilize forfeitures to reduce plan costs due to high turnover in the first 2 years of employment.

1. These are great options to provide some fiduciary protection for safe harbor 401(k) plans. If you are unsure how to setup your plan or what your current plan provisions are, consult with your advisor and TPA to see what makes the most sense for your company’s 401(k) plan.

Investment Safe Harbors

In addition to contribution safe harbors, there are investment safe harbors that can be utilized to help reduce fiduciary liability when it comes to investment menus, plan design and participant disclosures.    1. 401(k) Deposits – While employee contributions should be deposited with each pay immediately, there is a safe harbor provision that allows seven days for the deposit to be made in plans with fewer than 100 participants. Larger plans do not have a safe harbor provision available but in the DOL rules, it is known that these larger plans must make the deposit within 15 days. By following the DOL rules, this protects the plan sponsor as well.    2. Qualified Default Investment Alternative (QDIA) – When an employee enrolls into a retirement plan, there needs to be an investment selected in order to invest any employee and/or employer contributions. If an employee does not choose an investment, the investment will typically be invested in a default investment. By establishing a Qualified Default Investment Alternative (QDIA), this would protect the plan sponsor from liability when participants assets are invested in a default fund. The default investments typically used are based on age and invested in a target date fund or asset allocation fund. A QDIA Notice would be required to be distributed to all eligible employees at the time of eligibility and annually thereafter.    3. Mandatory Cash-Outs – This is a provision that can be added to the plan design that allows for mandatory distributions of small balances of terminated participants with proper notice. If the balance is below $1,000 a check would be cut and mailed directly to the participant. If the balance is between $1,000 and $5,000, the balance would be rolled into an IRA in the participants name. Employers need to make sure that the notice is provided in advance to give the participant time to elect otherwise. Keep a lookout for more information from SECURE Act 2.0 regarding the $5,000 force out limit increasing to $7,000 in 2024.    4. 404(c) Protection – Under ERISA Section 404(c), if all requirements are met, this would protect plan sponsors of participant-directed retirement plans from any poor investment choices that participants make that lead to losses. The three requirements that must be met include:         a. The plan must offer at least three different investment options with different objectives and/or risk and return             characteristics.         b. Participants must have the ability to be able to change investments at least quarterly.         c. Investment information under 404(a)(5) regulations and investment education must be made available to participants to be             able to make sound investment decisions. Plan sponsors must make sure to consistently follow these guidelines and provide information on an annual basis to participants regarding the intent to be 404(c) compliant and that fiduciaries are not liable for losses resulting from participant choices. While these safe harbors are not applicable in all situations, some may be able to help certain plans be more effective and run more efficiently. Plan sponsors should discuss with their advisors and TPA's to see which safe harbors are currently being utilized and/or if there are ways to provide further fiduciary protection.

JULIA MUNSON

AIF® | Retirement Relationship Manager

Meet Julia, a people-focused life-long learner with several years of experience in the retirement plan industry. Throughout her career, Julia has been committed to maintaining strong client relationships by providing incredible customer service. She is passionate about helping clients define and plan for their retirement goals. Julia’s daily role at the firm energizes and reinforces her commitment to client-focused work.

This material and the opinions voiced are for general information only and are not intended to provide specific advice or recommendations for any individual or entity. To determine what is appropriate for you, please contact your Rose Street Financial Professional. Information obtained from third-party sources are believed to be reliable but not guaranteed.

Investments in securities involve risks, including the possible loss of principal. When redeemed, shares may be worth more or less than their original value.

By accessing any links above, you will be connected to third party web sites. Please note that Rose Street Advisors, LLC, is not responsible for the information, content or product(s) found on third party web sites. 

Securities and Investment Advisory Services Offered Through M Holdings Securities, Inc. A Registered Broker/Dealer and Investment Adviser, Member FINRA/SIPC. Rose Street Advisors, LLC is independently owned and operated. File #: 5450988.2

Interested in more?

Let's Talk

As a participant in the company’s retirement plan, you are already serious about saving for your future. Whether you are retiring in a few weeks or a few decades, you may need to protect your investment. A healthy way to do this is to rebalance your portfolio.

What is Rebalancing?

sub-heading (if needed)

Rebalancing is simply readjusting your portfolio back to the original asset allocation that took into account your risk tolerance and time horizon. Put another way, rebalancing forces you to adhere to your investment strategy. You rebalance by selling assets that make up too much of your portfolio and use the proceeds to buy back those that now make up too little of your portfolio. The net effect is to “sell high and buy low.” Ultimately, regular rebalancing can increase the overall return of your portfolio over time. (An automatic rebalancing feature may be available through your current retirement plan provider. Visit your provider’s website for more information.)

Keeping In Check

Financial planners recommend you rebalance at least once a year and no more than four times a year. Consider this a good opportunity to evaluate if your investment strategy is still in line with your original goals. If you have questions, or require further assistance, please contact our investment consultant at shiggins@rosestreetadvisors.com  or 269.552.3200.

Rebalancing assets can have tax consequences. If you sell assets in a taxable account you may have to pay tax on any gain resulting from the sale. Please consult your tax advisor. This material is not intended to replace the advice of a qualified attorney, tax advisor, investment professional or insurance agent.

Securities and Investment Advisory Services Offered Through M Holdings Securities, Inc., a Registered Broker/Dealer and Investment Adviser, Member FINRA/SIPC. Rose Street Advisors is independently owned and operated ACR#224719 12/16 File # 4860831.1

Scott Higgins

AIF®, CFP®, CPFA® | Financial Advisor

Since 2012 at Rose Street, Scott has been responsible for helping the firm’s individual wealth management clients with income strategies for retirement and consulting with employers with their employee retirement plans. In free time, he enjoys golf, biking, skiing, cooking, and traveling. Fun fact, Scott has a hobby of filling growlers with coins!

Interested in more?

Let's Talk

If you are a plan sponsor of a retirement plan, I’m sure you have heard of the term “fiduciary”. If you are thinking about starting a retirement plan for your company, this is a term you should be aware of, become familiar with, and understand what it means.

What is a Fiduciary?

Let’s start off with explaining what a fiduciary is. Fred Reish published an article called What Is a 401(k) Fiduciary And Why Does It Matter? that explains what a 401(k) fiduciary does, as “A fiduciary is responsible for running the plan. The person, or group of people, who make decisions about plans and their investments are fiduciaries. They must act prudently and in the best interest of the employees. Prudence means that they have to make decisions carefully and thoughtfully.”

Fiduciary Responsibilities

It is important to designate the right person within an organization to take on the fiduciary title, but to also understand the responsibility and liability that comes along with it. The IRS explains Retirement Plan Fiduciary Responsibilities  include:       • “acting solely in the interest of the participants and their beneficiaries;       • acting for the exclusive purpose of providing benefits to workers participating in the plan          and their beneficiaries, and defraying reasonable expenses of the plan;       • carrying out duties with the care, skill, prudence and diligence of a prudent person familiar with the matters;       • following the plan documents; and       • diversifying plan investments.” All in all, a fiduciary must do what is in the best interest of the organization’s plan participants. This may seem overwhelming if you are reading these responsibilities and thinking to yourself - What are reasonable expenses for a 401(k) plan? How do I understand what the plan document means and how do I follow it? I’m not an expert on investing – how do I diversify plan investments?

Outsourcing Fiduciary Liability

This is where fiduciary advisors/providers come into play. There are ways to minimize fiduciary liability by outsourcing certain fiduciary responsibilities. As an HR professional or owner of a company, there are specialties/expertise that you have in your role. You are not expected to be an expert on the fiduciary duties of managing a 401(k) plan but to educate yourself and reduce liability where needed. There are people and/or companies out there that specialize in specific areas of fiduciary duties. Through my Accredited Investment Fiduciary (AIF®) Training through Fi360 A Broadridge Company, they shared an illustration of what we call the Fiduciary Continuum. The Fiduciary Continuum shows different types of advisors that can provide education only, provide recommendations, make investment selections on your behalf, and certain providers will even manage day-to-day administration for clients. When implementing a new 401(k) plan for an organization, you will likely need an advisor to consult on how to set up the plan and give recommendations on multiple aspects such as plan design, investment selection, understanding legal plan documents, etc.

Types of Fiduciary Advisors/Providers

Depending on the Financial Advisor that you work with, a non-fiduciary advisor can legally only provide education to clients. This type of Financial Advisor is not a fiduciary and is not held to the same standard as a Fiduciary Advisor.  In this scenario, the advisor is not required to avoid or disclose potential conflicts of interest. Often, this relationship pays the advisor a commission based on transactions, or they can get paid by the products that they sell. A 3(21) Fiduciary Advisor is an investment advisor that provides investment recommendations and is a co-fiduciary on the plan. This means that they can assist in creating the investment lineup for the plan, monitor the performance of the investments, and make recommendations. Hiring a 3(21) Fiduciary Advisor would make sense if you are knowledgeable about investments and have the time to monitor the plans investments. In addition to that, you would prefer to actively manage the plans investments and be open to recommendations from the advisor, but also understand that you are liable for monitoring investment fees and performance of the plan. A 3(38) Fiduciary Advisor is a little different in that they, manage the investments in the plan. This means that they make the decisions of creating the plan lineup, implementing the plan lineup, monitoring the investments, and making changes as necessary. Hiring a 3(38) advisor would be suitable if you are too busy for the extra responsibility of making investment decisions on the plan, are not knowledgeable about investment management, or want to put more of your efforts into running your business rather than the plan. You can delegate the investment management to an experienced advisor and reduce your fiduciary liability. The last piece in the Fiduciary Continuum, is a 3(16) provider which is usually a Recordkeeper that would provide this service. You may also hear this referred to as a 3(16) Plan Administrator. This type of Fiduciary Provider essentially takes over plan administration duties from the plan sponsor. This reduces liability even further by taking on a laundry list of responsibilities regarding the administration of a 401(k) plan. A few examples of these responsibilities include, reviewing and signing the Form 5500, approving and rejecting withdrawals and loans in accordance with the plan document, fixing compliance errors, and tracking and communicating participant eligibility. This would delegate administrative duties and minimize your fiduciary liability even further. This can be used in addition to the 3(21) Fiduciary Advisor or 3(38) Fiduciary Advisor as well to take a significant amount of liability off of the plan sponsor.

Selecting a Fiduciary Advisor

It’s important to ask certain questions when selecting an advisor to ensure that they have the fiduciary knowledge and tools needed to provide services in the best interest of their clients. Below are some questions you can ask, that your advisor should be able to clearly answer and are able to disclose the information to you in writing: 1. Will you act as a fiduciary in all situations when managing plan assets and/or participant portfolios? 2. What fiduciary training have you received? 3. Do you hold any designations focused on fiduciary best practices? 4. What services do you provide to help your clients meet their fiduciary obligations? 5. Do you offer any fiduciary services that can reduce my fiduciary liability? 6. Are there any potential conflicts of interest? 7. How will you be paid for the proposed services? Once you have clear answers and disclosures of these different aspects, you will be in a better position to evaluate if the advisor and/or provider is a good fit. Ask more questions to determine which fiduciary responsibilities you will take on as the plan sponsor and which you will outsource. Speaking with a trained fiduciary advisor should feel like a partnership or an extension of your team, that you can lean on when you have questions or concerns. They will be able to advise on other ways to minimize your fiduciary liability and help make sure your plan is managed effectively and in line with laws and regulations. Ask the questions and remember to make decisions carefully and thoughtfully.

JULIA MUNSON

AIF® | Retirement Relationship Manager

Meet Julia, a people-focused life-long learner with several years of experience in the retirement plan industry. Throughout her career, Julia has been committed to maintaining strong client relationships by providing incredible customer service. She is passionate about helping clients define and plan for their retirement goals. Julia’s daily role at the firm energizes and reinforces her commitment to client-focused work.

This material and the opinions voiced are for general information only and are not intended to provide specific advice or recommendations for any individual or entity. To determine what is appropriate for you, please contact your Rose Street Financial Professional. Information obtained from third-party sources are believed to be reliable but not guaranteed.

Investments in securities involve risks, including the possible loss of principal. When redeemed, shares may be worth more or less than their original value.

By accessing any links above, you will be connected to third party web sites. Please note that Rose Street Advisors, LLC, is not responsible for the information, content or product(s) found on third party web sites. 

Securities and Investment Advisory Services Offered Through M Holdings Securities, Inc. A Registered Broker/Dealer and Investment Adviser, Member FINRA/SIPC. Rose Street Advisors, LLC is independently owned and operated. File #: 5450988.1

Interested in more?

Let's Talk