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Retirement Services for Companies and Organizations
We believe that your company’s retirement plan should receive the same customized and personalized services that we deliver for wealth management clients. The regulatory and investment environment for retirement plans is constantly changing, and its our job to make sure your plan is meeting the highest possible fiduciary standards while delivering an effective platform for employees to save for retirement, without forgetting about the fees. Our partnership with BAM Advisor Services delivers the opportunity to share resources with over 800 retirement plans representing $2.0 billion*, working together to deliver a solution that works for you.
Our goal is to bring a sense of calm and confidence into our clients’ lives. It’s the kind of confidence that comes from working with an advisor whose decisions are based on evidence and fact, not emotions or opinions. An advisor who helps you stay the course, making the ups and downs of the market irrelevant to you and your employees. (Please reference Investment Management Services for additional information about the investment philosophy at Flourish Wealth Management.) We bring the same patience and perspective into designing a retirement plan that works to provide opportunities for all your employees to identify and reach their retirement goals.
Key Considerations and Solutions
Fiduciary Responsibility – When it comes to your company or organization’s retirement plan, there is always risk of failing to meet regulatory standards. As these standards tend to change over time, it’s critical to have resources dedicated to monitoring the quality of the retirement plan while also protecting the plan sponsor. Flourish Wealth Management serves as an ERISA 3(21) fiduciary advisor for your plan, and BAM Advisor Services acts as an ERISA 3(38) fiduciary. Although we can’t eliminate your fiduciary responsibility, we proactively share these duties and legal requirements.
Customized Plan Design – We spend time learning about what is and what isn’t working for your existing retirement plan, evaluate data on whether or not employees are able to effectively prepare for retirement, and then devise recommendation for the most appropriate plan design. There are many ways to meet the saving and investment needs of a diverse workforce. Our experience and expertise will proactively address how we can help implement appropriate strategies.
Employee Experience – We take pride in helping your employees learn more about the importance of saving for retirement, and then put the tools in place to make saving for retirement accessible for everybody. Conversations about money, savings, and retirement can be uncomfortable unless you take a proactive and collaborative approach. In addition to frequent employee education meetings, we proactively discuss important industry trends in favor of automatic enrollment and automatic escalation. Plus, we don’t forget about the retirement saving needs of your leadership team in the plan design or communications strategy.
Transparent and Reasonable Fees – The retirement services industry has an unfortunate (and mostly accurate) history of hidden fees. Our goal is to shine a bright light on the expenses involved with running a quality retirement plan, and then find ways to deliver the best possible solutions for a reasonable expense. It is important to identify the total expenses for your plan, and then understand how much of your plan expenses are going to the advisor, recordkeeper, Third-Party Administrator (TPA), and custodian, plus evaluate those costs against other available services. The investment management fees for the options in your retirement plan are another consideration in this process, and we use our partnership with BAM Advisor Services to build a menu of investment options based on low expense ratios and evidence-based investing. We will be at your side to explain all of these fees and work with you to select solutions in the best interest of your employees.
* As of December 31, 2016