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Key Questions for Your Retirement Plan Provider, Part Two
Retirement plan providers are not all the same. When choosing a financial advisor for the company's retirement plan, plan sponsors should consider the candidates' qualifications and experience. You'll find six key questions about qualifications and credentials in this article. Other key screening questions are covered in "Key Questions for Your Retirement Plan Provider, including the F-Word."
CFP, AIF, and AIFA as key certifications
Question 1
What training have you undergone and what professional certifications do you have?
This question will start to reveal whether you are speaking with an advisor who understands the special needs of retirement plans.
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Key Questions for Your Retirement Plan Provider, Part Three: Key Personnel's Continuity
Retirement plan sponsors, have you ever developed a relationship with a business provider only to have that person drop out of sight? If so, then you know how painful it can be. To minimize these unpleasant surprises, you should ask about key personnel's turnover and back-up plans when you're evaluating potential 401(k), 403(b), or 457 plan providers.
Retirement Plan Provider's Key Personnel Plans
Start by asking your key contact, "How long do you personally plan to be in this business with this company?" Don't simply assume the registered investment advisor or other professional with whom you develop rapport will always be there. Some firms experience a steady flow of staff departures and arrivals. Ask about that overall turnover rate.
Unexpected things happen. So even if your key contact gives a convincing answer about long-term plans, ask about back-up. Who can fill in if that person becomes unavailable for any reason? Check the back-up staffer's qualifications and experience, too. Just because the firm gives you a name, doesn't mean the new person can fill the shoes of your original contact.
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