Retirement Benefits Advisory Services
Many HBKS® Wealth Advisors’ clients own companies or are senior managers in for-profit companies, nonprofits and municipalities. One of an employer’s most significant responsibilities is the effective management of company-sponsored, qualified retirement plans, including 401(k)s, profit-sharing plans and defined benefit pension plans. Along with this responsibility comes significant liability under ERISA, the rules that govern how qualified retirement plans are to be administered.
A decade ago, in an effort to assist our clients looking to start or enhance qualified retirement plans, HBKS® Wealth Advisors established our Retirement Plan Unit. The sole directive of this specialized department within HBKS® Wealth Advisors is to work with employers who sponsor qualified retirement plans. Because of the complex nature of how retirement plans must be administered in today’s challenging regulatory environment, HBKS® felt that a team of specialists was the most effective way to meet this planning need for our business and business owner clients. Our retirement plan specialists assist ERISA plan sponsors in all key areas including:
- Review and oversight of all plan investments, including selection and monitoring of the plans designated investment alternatives relative to a prudent fiduciary standard of care
- Customized participant communication solutions, including educational workshops for participants given in a group setting and optional one-on-one counseling
- Understanding, analyzing and taking inventory of all plan fees and expenses to ensure the cost necessary to administer and manage the retirement plan are reasonable
- Periodic review of the service providers and platforms offered to ensure plans recognize and take advantage of marketplace changes
Key aspects of our retirement plan services:
Key components to our suite of services are our Asset Management and Investment Selection processes. Through prudent fiduciary monitoring HBKS® provides objective co-fiduciary investment consulting to plan sponsors. Our process helps with the establishment and monitoring of your participants’ fund menu including:
- Selection: building the fund menu based on a prudent fiduciary standard of care
- Monitoring: measuring the performance of the plan’s investment lineup on a continuous and ongoing basis
- Replacing: helping plan sponsors replace investment options that are not meeting the plan’s requirements
- Documentation: recording decisions related to the plan’s investment lineup
HBKS® assists plan sponsors in the development of an Investment Policy Statement (IPS). The IPS guides the investment selection and monitoring process and must be rooted in a prudent fiduciary standard of care. Additionally, we maintain systems that monitor plan investment options based on the criteria detailed in the plan’s IPS and deliver quarterly monitoring reports for each investment option.
HBKS® helps plan sponsors make decisions on replacing poor performing investments. Our reports identify and detail investment options that are not meeting plan requirements as outlined in the IPS. We prompt plan sponsors when action is necessary and assist with the documentation of each step in the replacement process.
Qualified retirement plan sponsors benefit from the combined knowledge and experience of our Asset Management staff, which provide advisory services for over $3 billion of assets for families, corporations and institutions.
Our open-architecture solution allows for access to more than 12,000 investment fund managers. You have tremendous flexibility in selecting best-in-class investments in each asset class you and your HBKS advisor consider for inclusion in your plan.
In today’s complex regulatory environment, this open architecture helps eliminate problems resulting from hidden conflicts of interest that arise frequently with “pay to play” platforms offered by packaged providers, such as insurance companies, banks, mutual fund families and third party administrators/brokers.
We support plan sponsors with retirement planning workshops for all eligible employees. Workshops are scheduled at times and locations convenient for the plan sponsor. Webinars and online meetings are available. The workshops are comprehensive and include retirement planning concepts, such as:
- Determining an appropriate amount to save for retirement
- How to make personal investment allocation decisions
- Roth 401(k) contributions versus pretax 401(k) contributions
- An overview of the company’s basic retirement plan provisions
Educational workshops for plan participants also cover a variety of important investment concepts, including:
- Establishing an appropriate time horizon for your goal
- An overview of various asset classes
- Asset allocation and diversification
- Understanding appropriate strategies during periods of market volatility
We are devoted to the success of our plan sponsors and their participants, and committed to an ongoing sound plan management process that best supports participants’ retirement goals. As co-fiduciaries on your retirement plans, we continually seek to mitigate your risks and control your costs. And to ensure a coherent and efficient plan program, we coordinate as appropriate with your other service providers, such as third party administrators (TPAs), tax advisors and auditors.