How TPAs Help Financial Advisors Support 401(k) Plans
Independent third party administrators (TPAs), such as Baden Retirement Plan Services, can assist financial advisors financial advisors from the initial consultation with a plan sponsor through the implementation and on-going support of employee retirement plans.
Plan Design Consultation
- Key to opening doors and sparking interest
- “Real life” scenarios of how various plan types can impact the saving power of owners (plan sponsor) and employees (participants)
- The current ins and outs of different types of plan designs
Plan Document Consultation
- Help client avoid pitfalls of a poorly written plan document
- Provide client with up-to-date plan amendments, Summary Plan Descriptions (SPD), and Summary of Materials Modifications (SMM)
Compliance Review of Existing Plans
- Assist financial advisor with review of the following documents before he/she takes over the plan:
- Current plan document
- Current SPD
- Previous year’s valuation report (including compliance tests)
- Previous year’s DOL Form 5500
- Help determine if the financial advisor and/or plan sponsor will need to spend time and money on a correction program
Sales Call Assistance
- Participate on sales calls to allow the financial advisor to focus on the financial aspect of retirement savings while Baden focuses on the administrative and operational aspects of the retirement plan
Plan Implementation/Takeover Guidance
- Collaborate with the financial advisor to ensure that all information is accurate and that plan participants and their related data are reflected correctly on reports and websites
Access to Knowledge Regarding Legislative Changes
- Notify the financial advisor and plan sponsor as soon as possible of any law or technical changes related to the administration of qualified retirement plans