With all eyes on how the ongoing pandemic is affecting the 401(k) market, having a financial advisor in your corner is more important than ever before. Retirement advisors work with employers to establish a plan that meets their needs and guides them to a financially secure retirement. Once a plan is in place, the advisor works with employers to maintain and update it.
Every company has its own unique goals for their retirement planning. Having a local advisor, such as FL Retirement Advisors, helps cater the retirement plan to your business’s needs. Here is a better look at why it’s essential to bring on retirement advisors.
The Importance of Retirement Plan Advisors
When appropriately designed, a retirement plan can accomplish several objectives. They include:
- Maximizing contributions and benefits for key executives and owners
- Recruiting and retaining top talent
- Educating employees about retirement planning, investing, and other financial concepts
- Incentivizing employees to save for retirement planning
- Highlighting the impact of employer contributions to a retirement plan and how it impacts future projected income
FL retirement advisors work with your business to translate company objectives for the plan into reality, while also providing education and guidance on best practices. They also offer helpful hints for outlining a plan, communicating its benefits to employees, and avoiding compliance issues and penalties after the retirement plan has begun.
Employees usually do not have the time to learn the components of running a retirement plan. After all, they have their own business to take care of. Working with FL retirement advisors allows companies to offer their employees a robust plan without losing focus on their operations.
Getting the Most Out of Your Plan Advisor
Investments offering a plan usually receive a significant amount of focus from employees and employers alike. While investments are an essential tool used to increase savings, they are only one part of a successful retirement plan overseen by FL retirement advisors.
Strong investment performance doesn’t help with long-term account growth if it’s not coupled with ongoing contributions. In addition to helping employees find the right investment combination, FL retirement advisors help them understand how much they need to save to meet future income goals.
A workplace retirement plan generally represents the majority of someone’s savings. Employers who offer access to FL retirement advisors through a program provide a significant benefit to their employees. An advisor helps employees with different parts of their financial lives, including saving for retirement and planning for other major life events and goals.
Unbiased, professional help from retirement plan advisors will not only help your existing benefits package, but it also improves employee engagement and their ability to retire on their terms.
About The Hilb Group
Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Founded in 2009, the Hilb Group has been helping clients to make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (800) 776-3078 for a consultation.