Issue link: https://read.dmtmag.com/i/575161
5 Powersports Business Close-Up ® 4 01(k) S O LU T I O N S 3. Fiduciary Risk Management By offering a 401(k) plan business owners have certain fiduciary responsibilities. When choosing a provider, it's important to understand if they can help take some fiduciary liability off your plate. For example, if a provider is a 3(38) Investment Manager, they shoulder the risk associated with selecting and monitoring the investment options available in the plan. 4. Investment Options A provider should understand the makeup of your employee base and provide a range of investment options that make sense for your employees. A common misconception is that more investment options make a better plan. However, most people are not investment experts. Too many options can be confusing and overwhelming, leading some employees to make poor choices. 5. Fee Structure As a fiduciary, the employer is responsible for determining the fees charged by service providers are "reasonable." Unfortunately, 401(k) fees are often murky and confusing. Choosing a provider that offers a transparent fee structure that is easy to understand will make it easier to evaluate whether the fees charged are appropriate for the level of services rendered. " " "Most folks have never sat down with an investment professional before. We'll get people that at first maybe aren't sure they want to participate. But they feel comfortable in the small group setting, and they're open to chatting. We'll have a conversation that enlightens them to the point that they see the value; they see the importance, and they want to participate, even though at first they didn't. A lot of times it's that individual attention that helps them to make that move." -Nathan Fisher Fisher Investments Retirement Counselor Alex Queen discusses retirement savings 1-on-1. Did you know? of people in the U.S. know how to change a flat tire Source: Voya Financial, June 2013 59 people in the U.S. know where their retirement income will come from % 38 %