Managing Partner Jim Scheinberg was a panelist for PLANSPONSOR’s recent webinar on What to Expect from a Plan Advisor, now available to watch on demand. This in-depth discussion from a panel of experts including Scheinberg, Robert Massa from Qualified Plan Advisors and David Morehead from One Digital, included:
- What services advisors offer to retirement plans;
- How plan sponsors determine the role they want their advisors to play; and
- Questions to ask when searching for a plan advisor.
During a discussion on advisor services and red flags to keep an eye out for, Scheinberg noted, “Your advisor is your advocate. Your advisor is not a liaison for the recordkeeper or TPA, your advisor is not a service provider – your advisor is there to advocate for you and the plan participants.” He continued that “it is very important to understand and hire the right person that is going to represent your interests so when there is a problem, they are the first person to go in there and go to battle for you.”
The panelists also spoke about important factors for reevaluating relationships with advisors. “When you assume a new role at a company, you don’t necessarily assume the reason why that original advisor or current advisor was hired, and you may want to take a fresh look,” Scheinberg stated. “It may not necessarily be that you are looking to make a change, it may simply be that you want to validate that relationship,” he continued. More details on advisor evaluation and search can be found here.
A question that arose during the discussion was if too much change within advisors can create a lack of confidence for plan participants? Scheinberg noted that oversight does not have to mean change. “Putting your advisor through regular due diligence and monitoring, checking their organization, and checking the market does not mean that you have to necessarily change [advisors], and in the majority of our cases, the incumbent retains the relationship and frequently at an improved service level. Both parties benefit,” he continued.