What Plan Sponsors Should Expect From a Retirement Plan Adviser (PLANADVISOR)

North Pier Search Consulting | Insights > Search & Evaluation > What Plan Sponsors Should Expect From a Retirement Plan Adviser (PLANADVISOR)

Managing Partner Jim Scheinberg was quoted in PLANADVISER‘s recent article on what plan sponsors should expected from hiring a retirement plan adviser written by DJ Shaw.

Many plan sponsors are evaluating their relationships with plan advisers as they look for more guidance on managing their benefits, according to retirement industry veterans who spoke during a recent edition of the 2022 Plan Progress webinar series.

The Great Resignation has only complicated matters, said Jim Scheinberg, founder and managing partner at North Pier Fiduciary Management, as firms are seeing both high turnover and a reduction of staff across the board. While most human resources and finance teams used to comprise four to five team members, now there may be fewer people with the same volume of work spread among them, he said.

“We’re also seeing that reflected on the service provider side, with recordkeepers or administrators, where their service teams are being stretched a lot thinner,” Scheinberg said. “You’re seeing that reflected in response times, hold times, getting resolution to various items that may be normal in the course of governing your plan, or maybe one-off items.”

As a result, many with such heightened responsibilities are looking for more help with understanding how they should proceed as they review certain tasks, Scheinberg said. As plan sponsors look to their adviser for help, many are beginning to see the difference, and it can become an issue when the adviser fails to deliver for their client.

Read the full article on PLANADVISER.

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