How do you know if your current advisor is a specialist in retirement plans? There are three different questions that will help determine if you’re working with a true specialist or just an average Joe:

  • How many retirement plans does your advisor service? We see many companies use an advisor who is friends with the owner or CFO, and they may only handle between five and 10 plans. Often, these advisors are primarily focused on insurance or wealth management, rather than on retirement plans, specifically.  
  • What are their credentials, and are they signed on as a fiduciary? Expert retirement plan specialists will typically have designations like CKP (Certified 401(k) Professional), CPFA (Certified Plan Fiduciary Advisor), or AIF (Accredited Investment Fiduciary). In addition to these credentials, it’s also important that the advisor is signed on as a fiduciary, so that they are legally bound to protecting the best interest of the plan’s recipients.

  • What resources do the advisor and their team have to offer? It is critical that an advisor and their team have the tools and resources to educate you as a client. This includes investment calculators, gap statements, wellness programs, and fiduciary education modules.

If you have any other questions or would like more information about how working with a retirement specialist as your advisor can benefit you, feel free to give us a call or send us an email. We look forward to hearing from you soon.