We are dedicated to helping you, the financial advisor, put together plans that will be successful for your clients. Using your investment knowledge and skills and our knowledge of plan design, implementation and operation, we will work with you to create plans that meet your clients’ needs and operate smoothly in each of the following six critical areas:
INVESTMENT SELECTION AND MONITORING
Whether you are guiding employers in choosing which fund options will be made available to their employees or are helping trustees manage a pool of investments, our knowledge of and experience with the regulatory aspects of retirement plans are available to help you with the investment structure of the plan.
PLAN DESIGN AND PLAN DOCUMENT
The first step in designing or evaluating a plan is assessing the employer’s goals for having the plan. Our experience has shown us that employers have different reasons for setting up a retirement plan. We are able to design plans that will most closely align with the employer’s goals. In addition, we help guide the plan through the myriad regulatory mandates so that you can focus on the investment side of the plan and help participants build their retirement nest egg.
Our knowledge of the capabilities of various recordkeeping systems provides crucial detail when selecting the right recordkeeper. We can highlight differences in offerings and answer questions about how statements are delivered, how plan-level reporting is done, how the Internet provides account access and other key recordkeeping components. We can assist in evaluating your quotes and fees to clarify what is being paid for each service.
The ongoing processes involved with plan administration are numerous and complex and there are many opportunities for plan requirements to overwhelm your workload. We will guide discussion of the advantages and disadvantages of permitting specific plan options, such as participant loans, hardship withdrawals, automatic enrollment, payroll integrations and self-directed brokerage options. We can make these processes more efficient by helping you select the right options and the right partners.
COMPLIANCE AND REPORTING
Many of Burleigh Consulting Group’s current clients came to us for our extensive experience in managing compliance. It is a source of pride that we are able to solve and prevent problems in what is often a confusing and high-stakes component of plan administration. We will guide the plan through IRS non-discrimination tests, Form 5500, and Department of Labor reporting, helping to eliminate the opportunity for error. We also have experience representing clients in DOL and IRS audits. With this knowledge, we are able to help structure operating practices that will avoid future compliance or reporting issues.
PARTICIPANT EDUCATION AND COMMUNICATION
Supporting plan participants is a critical part of the overall success of any company’s retirement plan. Depending on the size and breadth of your client, we can help you identify an investment platform provider that will best meet your and your client’s needs for education and communication with the plan participants.