Would you ask a construction worker to decorate your house? Would you ask a computer programmer to create your next marketing campaign? It sounds crazy but so many people do the same thing with their company’s retirement plan.
Rebecca, one of our team members, found herself engaged in an interesting conversation at a SHRM breakfast.
Lilly rolled her eyes. “I’m so frustrated with our payroll provider. We set up our retirement plan with them and I speak with someone different every time. I think they must have a call center in Farawayistan!”
Barry nodded in agreement. “Me too. You’d think that for what we pay, they’d at least assign a dedicated rep!”
“Don’t feel bad; a lot of people make that mistake,” offered Rebecca. “You’d think it would make sense to have the people who manage your payroll manage your retirement account, right? Why send the funds here and there? But it’s like having your electrician do your plumbing. They both work on houses but each has a different type of expertise.”
“So what can we do?” asked Lilly.
Rebecca smiled. “Let your payroll provider manage your payroll; that’s what they’re good at. Then hire a retirement plan specialist to manage your retirement plan; that’s what they’re good at.”
Barry put down his coffee. “What do they do that’s different?”
“Payroll companies usually stick everyone in a one-size-fits-all plan because that makes the plan’s administration easier for them. There are many different choices about eligibility, vesting, matching formulas, etc. Do you remember ever having a conversation about those choices with your payroll provider? Probably not. A Retirement Plan Consultant listens and identifies your needs. Whatever the right plan turns out to be, they’ll set it up, manage it, and file the forms on time—no penalties, no problems.”
“Makes sense,” said Lilly, “but what about customer service?
“That’s another advantage,” assured Rebecca. “I can’t speak for other firms but the companies we serve are all assigned a dedicated account manager; they’re on a first-name basis. If there’s an issue to discuss, just call and they’ll get it taken care of. No more call centers in Farawayistan! No more plumbers messing up your wiring!”
If you’ve been too busy growing your business to save for retirement, you’re not alone. Get in touch with a Professional Retirement Plan Consultant and start building your future today.