From our experience, we have found that there are four common themes with many company sponsored retirement plans:
Have you experienced any of these common issues with your company’s current retirement plan?
- Lack of Contact. When is the last time you have seen your advisor?
- Lack of Education. How educated is your staff about your plan?
- Lack of Compliance. Are you prepared for a Dept. of Labor audit?
- Lack of Fee Disclosure. Are you ready for the new regulations regarding fee disclosure and is your plan priced right?
The RFS Planned Approach
With our planned approach, the Financial Consultant at Rau Financial Strategies can help you with your company’s retirement planning. After all, you are making a significant investment and are responsible for its success:
Have you considered:
- 401k, 403b, Safe Harbor, Profit Sharing, Roth 401k? Which is right for you?
- Automatic Enrollment, Qualified Investment Default Options, Auto Increase, Matching plans?
- Corporate transition and protection, Key Executive planning, Employee Stock Ownership?
Like blueprints for your home, Retirement Plan Design is a critical place to start.
- Do you have an Investment Policy Statement (IPS) and has it been updated?
- Are you offering a sufficient variety of investment options?
- Do you provide age based asset allocation options?
- Are your current choices confusing to employees?
- Do you have an Education Policy Statement (EPS)?
- Do you have a Communication Calendar?
- Are education materials and meetings meaningful and appreciated?
- Do you feel your employees truly understand their retirement plan?
How do you measure success?
- Do you have an annual plan review?
- Is your plan priced correctly?
- Are you current with legislative changes?
- Is performance in line with your benchmarks?
Most importantly, can you say with confidence “My employees are taking the necessary steps to prepare financially for retirement”? If not, it is our commitment to help you with this.
For a customized retirement plan analysis tailored to your company’s objective, think about how you would prioritize the five areas below, based on the level of importance to your company:
- Investment Options
- Fiduciary Responsibility
- Employee Education
Send us your current vendor contract (your service agreement), along with a copy of your enrollment packet and the average annual hard dollar costs of your current plan and we can quickly provide you with your customized retirement plan analysis.
Our Objectives at RFS Wealth Advisors
- To understand the evolving interests of corporate plan sponsors and their employees
- To help educate plan sponsors so they can identify and select appropriate plans
- To address these interests with our experience and insight
- To explain the importance of personal wealth building goals
Plan and Vendor Evaluation
Groundwork is key. We aim to evaluate your needs and desired level of flexibility. Our approach includes easy stages of assessment:
- Needs Assessment
- Company needs and objectives
- Employee demographic
- Review of your current plan
- Is it successful at driving participation & increasing deferral rates?
- Does it offer a sufficient variety of investment options?
- Can participants diversify* properly?
- Are you using providers with competitive management fees?
- Is there room for improvement in areas such as
*NOTE: diversification does not ensure a profit or guarantee against a loss.
Once we have gained a thorough understanding of your needs, we can help you identify appropriate providers. Next steps include:
- Matching your Needs Assessment with the Vendor Search results
- Inviting leading vendors to deliver on-site presentations to you
- Attending these presentations as your advocate
- Aiding your selection of the appropriate vendor
- Working with you on your implementation
Converting an existing plan requires precise coordinating and smooth execution. As your advisor and primary contact, we provide advocacy and assistance to you.
- Helping to insure your needs are communicated to your service provider
- Keeping you fully informed throughout implementation
- Helping educate you about the broad selection of investment options for your employees
- Advising you of any new offerings from your provider
- Avoiding common mistakes often made by plan sponsors
- Customizing a strategy to help you increase employee participation and increase their contributions, within limits
- Coordinating Enrollment meetings to aide employee education
- Assisting you create and review an investment policy statement
Ongoing Plan Service
Once up and running, your retirement plan can reinforce your commitment to your employees and help you attract new talent. After implementation, we will remain involved, providing a full range of services to support and expand the benefits of the plan for you and your employees.
- Help evaluate the performance of your plan with an annual review
- Provide investment information as you fulfill your fiduciary duties
- Monitor provider and program enhancements and inform you of any changes
- Monitor industry trends keeping you up to date on the latest developments
- Support you and help you resolve any problems whenever you need us
- Support with onsite investment seminars
At RFS Wealth Advisors, we look forward to helping to make your job as your company’s retirement plan sponsor as effective, easy and enjoyable as possible.
“At RFS, we look forward to helping to make your job as your company’s retirement plan sponsor as effective, easy and enjoyable as possible.”
Call us today for a customized retirement plan analysis that can address your company’s objectives.