RETIREMENT PLAN SERVICES
The WealthPath Difference
At WealthPath, we work with employers to create retirement plans that are structured around the needs of their participants. We assist in choosing a plan design and employer match that encourages participants to save, while designing a plan that minimizes compliance risks and minimizes cost by using high-quality investment options. Our commitment to effective employee communications allows us to better serve participants by meeting with individuals in each plan to help make sure they are getting the most out of their plan. Clients choose us because of our:
- Emphasis on education, including outcome-based, individualized participant consultations
- Company focus on advising retirement plans
- Experience with over a dozen recordkeeping and TPA vendors, to help you choose the right one for your plan, and once you choose one, delivering a comprehensive plan analysis comparing fees, investments, and services of competing vendors every 3-5 years.
- Signing on as a plan fiduciary along with the employer
- Custom asset allocation portfolios
- Regularly delivering independent and objective investment monitoring reports
- Experience advising 401(k), 403(b), 457(b), defined-contribution and non-qualified deferred compensation plans
We Help Plans To:
- Choose a plan recordkeeper, administrator, and fund lineup, based on employer and participant needs
- Help plans implement impactful plan design changes to drive more participation or savings (especially for plans that fail ADP/ACP/Top-Heavy testing)
- Have regular compliance reviews with the plan to ensure they are handling loans/hardships/contributions/notices correctly
- Regularly benchmark the plan to ensure fees remain competitive
- Monitor investments for expenses/risk/performance
- Draft and follow a DOL-recommended Investment Policy Statement
- Document plan meetings and the reasons fund/plan changes are made
- Walk through the government corrections process when mistakes are made
- Consult on regulatory changes (recently: fee disclosure, DOMA, fiduciary redefinition, etc.)
- Walk through the various ways to offload/reduce personal fiduciary liability: hire 3(38) investment management fiduciary, consult ERISA counsel, 3(16) outsourced plan administration, fiduciary liability insurance, etc.
- Discuss related issues like non-qualified deferred compensation plans to help retain highly compensated employees, etc.
- Educate employees on plan investments, plan features, target savings rates
- Conduct annual, semi-annual, or quarterly plan reviews
- Monitor plan health and plan goals
We have a CFA® charterholder, individuals with finance & economics degrees, a former HR manager, a practicing CPA in AR, a practicing attorney in AR, and an individual with a masters degree in computer science on staff, so we have a broad range of perspectives and experience at WealthPath. Our team’s experience in the industry lends a real-world perspective to the management of each retirement plan. We also budget tens of thousands of dollars per year that we devote to plan-focused software tools and other research and technology initiatives, including continuing education.
We consider employee education and our individualized consultations to be the most impactful service we provide to retirement plans. Our experience is that individual meetings with plan participants are much more successful than webinars or phone calls in inspiring participants to save for their retirement and getting them into a proper asset allocation that is compatible with their risk tolerance, outside financial assets, and retirement goals. Because of this belief, we prefer to do education onsite at each employer location. Offering all employees the option to meet with one of our advisors at each enrollment opportunity is one possible approach. For example, if enrollments happen quarterly, we would typically offer both new and existing plan participants the opportunity to meet with one of our advisors quarterly. For questions that come up between enrollment dates, we also make ourselves available to participants via phone or email.
With any decision about plan design, education, fund selection, etc. it is important to consider how that decision can impact plan compliance. We have experience with the most common compliance issues, such as handling late contributions, vesting calculation errors, eligibility issues, QDROs, compensation calculations, etc. We have walked plans through the voluntary corrections process. Through our RPAG affiliate, we have access to several ERISA attorneys that we regularly use for advice and have also recommended knowledgeable ERISA attorneys that we have worked with for plans that need in-depth help. Assisting you in locating a knowledgeable plan auditor is another service we can provide.
We offer our own investment portfolios that we can run inside retirement plans. These 5 Smart Risk portfolios were developed and are maintained by the WealthPath team and are only available through us. Their performance track record dates back to 1999 and has been verified each quarter by an independent performance analysis firm. We are very proud of our track record and can provide you our latest verified results. As advisors to a plan, there would never be an extra charge for participants to invest in our model portfolios, since we believe doing so can create a conflict of interest when we are helping plan participants choose investments.
Working on a fee-only basis for your plan is our preference. Under that arrangement, our fee is clearly defined as a small annual % of assets in the plan. The fee can be billed directly to the employer or deducted from plan assets. When working on a fee-only basis, will not accept any revenue sharing, kickbacks, bonuses, commissions, or any other forms of compensation from plan vendors or any fund companies, because we believe doing so can create a conflict of interest. Exact pricing is determined on a plan-by-plan basis based on the services required and the complexity of the plan.