We have been taking our clients plans to live bid on a 36 month cycle for the last 12 years, it’s actually a part of our service plan. The results of those bid proposals, in terms of potentially decreased expenses to participants and/or increased provider services, cannot be overstated. But the last 18 months has presented 3 opportunities that plan sponsors should consider capitalizing on because once gone, we may not see again for a long time.
Over the last 6 months we have seen plan sponsors have more successful outcomes in reducing plan expenses due to live bid RFP’s. Additionally, live bid RFP’s can provide valuable information to plan sponsors when negotiating with their current service providers.
If you have never taken your plan out to a live bid RFP or if it’s been a while, NOW IS THE TIME! The stars are aligned to create a potentially great opportunity for your retirement plan participants. Remember, every dollar saved in expense is a dollar left in participant accounts with the potential to compound for their retirement.
Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member
Nicklas Financial’s rewarding compensation system allows you to choose a payout based on your business model. Your selected payout applies across the board to all sales, brokerage commissions, trails and advisory fees. Only individuals or groups engaged full time in financial services are eligible to become licensed with LPL Financial. Give us a call and let us help you choose the payout that’s right for you.
A retirement plan gives you the opportunity to inspire employees to pursue successful outcomes in the future. Regardless of financial participation, emphasizing education and planning is important for your employees’ financial future. It’s a small price for a motivated, more educated employee. I often say, “it doesn’t cost, it pays!”
LPL Financial is one of the nation’s leading financial services companies and a publicly traded company under ticker symbol LPLA. The firm’s mission is rooted in the belief that objective financial guidance is a fundamental need for everyone. LPL does not offer proprietary investment products or engage in investment banking activities; this means advisors affiliated with LPL are not pressured or influenced by LPL to sell its products. Thousands of financial advisors nationwide are able to rely on the firm’s tools and resources to help them provide financial guidance and recommendations to help meet their clients’ needs. For more information about LPL Financial, visit www.lpl.com.
At Nicklas Financial, we want to make sure we do what is best for our clients, which is why we offer two payment options: brokerage services that are commission based or advisory services that are fee-based at a percent of assets under management (AUM). If you don’t know what that means, have no fear! I explain the difference between the two options thoroughly at the initial meeting, and then you can pick which one works best for you.
I hold my Series 7 and 66 licenses with LPL Financial.
There are many advantages to joining a branch:
Benchmarking involves comparing and evaluating performance levels and processes—looking at the inner workings of the plan to see how well it’s serving participants. Because plan fiduciaries are responsible for properly selecting and monitoring all individuals and entities that provide services to their plan, benchmarking can provide information needed to improve the plan and demonstrates a documented process for making important plan provider decisions. Basically, it strives to ensure the best possible plan at competitive costs for participants.
I offer general investment advice as well as holistic financial planning that is tax and cost cognizant. That is a fancy way of saying that I help you through the process of determining your financial goals and developing a plan of responsible management of your financial resources with those goals in mind.
A plan fiduciary is someone who assumes decision-making authority or control over the administration of the plan, or who is paid to give investment advice regarding plan assets. The definition depends on the functions a person performs and not on the person’s title. Plan service providers such as actuaries, attorneys, accountants, brokers and record keepers are not fiduciaries unless they exercise discretion or are responsible for the management of the plan or its assets.
As an employer sponsoring a retirement plan, you are always deemed a plan fiduciary under the law.
I work with individuals, families and business owners who need guidance with investments, insurance and overall financial planning.
LPL Financial is one of the nation’s leading financial services companies and a publicly traded company under ticker symbol LPLA. The firm’s mission is rooted in the belief that objective financial guidance is a fundamental need for everyone. LPL does not offer proprietary investment products or engage in investment banking activities; this means advisors affiliated with LPL are not pressured or influenced by LPL to sell its products. Thousands of financial advisors nationwide are able to rely on the firm’s tools and resources to help them provide financial guidance and recommendations to help meet their clients’ needs. For more information about LPL Financial, visit lpl.com.
Fiduciaries have a lot of responsibility when making decisions regarding plan management. A fiduciary must act solely in the interest of the plan participants and their beneficiaries. Fiduciaries’ responsibilities include carrying out their duties with respect to the plan with care, skill, prudence and diligence, following the terms of the plan document, diversifying plan assets and paying only fair and reasonable expenses.
Fiduciary liability can include both criminal penalties and civil action. A fiduciary is personally liable for any losses resulting from a breach and the penalties can be severe. While fiduciaries/trustees may look to hire outside professionals as co-fiduciaries, they still have the responsibility to monitor such individuals or entities. Failure to do so exposes the fiduciary to liability.
Because each individual is unique, I don’t believe in a one-size-fits-all approach. Depending on the age of the client, I have different outlooks. I genuinely care about my clients and try to have a lot of contact with each one. Proper investment planning won’t make you rich overnight, but it will create a solid strategy with your end goals in mind.
Financial advisors are dedicated to helping clients plan their financial futures, but sometimes need help putting plans in place to ensure the smooth transitions of their own practices. As a Nicklas partner, you’ll have access to the Practice Transition Center by Securities America—a first-of-its-kind library of videos and tools that help advisors understand and implement the process of buying or selling a practice.
The key to helping participants become more retirement ready is to adopt a much broader mindset in regard to your plan. This mindset moves beyond investment options and fiduciary warranties and focuses on designing a plan properly to increase the likelihood of better retirement outcomes for participants.
Some of the tactics a plan sponsor/trustee can consider utilizing in order to help their participants become more retirement-ready include: