5-Star Advisor Scorecard
How do you rate the quality of the investments your adviser offers?
A "5-Star" adviser provides sound reasoning for the investment lineup they recommend for your plan--as well as documentation of their process for selecting and offering the investment. An adviser who actively benchmarks the performance of the investments they recommend and changes the lineup when appropriate is a sign of an adviser with your employees' best interests in mind.
Question 2: How do you rate the level of administrative support your adviser dedicates to your business?
A “5-Star” adviser knows the ins and outs of your plan—and has the time and availability to troubleshoot with you, when needed. In addition to offering administrative services and staying up-to-date on deadlines to prevent fines, the adviser should be willing to offer dedicated services toward managing your plan. The adviser should be proactive in helping to guide the plan, coordinate required administrative work between your other service providers, and equip your plan manager with the resources that they need to be able to handle any trouble that they run into. Plan services should include: proactively contacting newly eligible employees to enroll in the plan, providing annual in-person reviews of your plan’s success, regularly benchmarking your plan against others and general plan governance consulting.
Question 3: How do you rate the level of investment education that the adviser proactively provides to your employees, including one-on-one, personalized investing support for everyone?
A “5-Star” adviser provides customized enrollment meetings unique to your employee needs and demographics. They should have a team of retirement plan specialists who will sit with employees one-on-one to help develop a plan to retire successfully. If you have multiple business locations, your adviser should have the resources and commitment to visit them all so that your entire workforce is supported. They should also offer a help desk hotline for employees to call if they need answers to questions—preferably from real people. Retirement plans and investments can be difficult to understand, and many employees need hands-on, personal help selecting their investments. Face-to-face meetings with a retirement professional are perhaps their best chance to set a path toward achieving their retirement goals.