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Guide To Finding A Financial Investment Advisor

By Expert Author: Jim Parker

A financial investment advisor - such as a 401(k) plan advisor, defined benefit plan advisor, or an endowment plan consultant - is one of the most important things a plan sponsor needs when it comes to managing the fiduciary process of a retirement plan.

A financial investment advisor - such as a 401(k) plan advisor, defined benefit plan advisor, or an endowment plan consultant - is one of the most important things a plan sponsor needs when it comes to managing the fiduciary process of a retirement plan. A good pension plan advisor, or 403(b) plan consultant will help you throughout the process, particularly in minimizing the risk of fiduciary liability.


If you are in the market for a 401(k) plan consultant, 403(b) consultant, pension plan advisor, or defined benefit plan consultant - you need to make sure that you don’t end up with a bad financial advisor that will only increase your fiduciary liability. To do this, there are some things you need to consider:


Research And Compare
The best way to start your search for a credible and reliable 401(k) plan advisor, 403(b) plan consultant, participation education plan advisor, or pension plan advisor is to do your research well. Make a list of the endowment plan consultant or defined benefit plan consultant names, and learn more about these candidates.


Don’t meet up with your list of pension plan consultant, endowment plan consultant, or 403(plan) consultant just yet. You are not shopping for advice. This is the stage when you should be looking around, checking out websites, talking to each firm, and asking some questions.


Let the firm know that you want initial information over the phone. Don’t feel pressured, especially if they say that they would need to meet with you personally, or get your personal details first.


Things To Check
Whether you are browsing through a firm’s website, or talking with a defined benefit plan advisor on the phone to find out more details - it’s best to check the following:


1. License
When selecting a 401(k) plan advisor, 403(b) plan advisor, pension plan advisor, or defined benefit plan advisor - you need to check if they are licensed to provide investment advice. Or if they work with a firm, check if the firm holds a license. Licensed consulting services may include defined contribution plans, defined benefit plans, endowments & foundations, and private clients.


2. Consulting Services Guide
If a firm owns a website, then check the list of consulting services they offer. Read through every detail, particularly on how they handle each situation professionally. A good 401(k) plan consultant, 403(b) plan consultant, participation education plan provider, pension plan consultant, or endowment plan consultant should be able to clearly define the strategy they apply to objectively deal with the unique needs of different clients. If they don’t own a website, you can phone them and ask them about it.


3. Fees
If you have the chance to speak with a 401(k) plan advisor, 403(b) plan advisor, pension plan advisor, or a defined benefit plan advisor - ask for an estimate of the consulting cost. It could just be the rough estimate, for as long as you get the idea of how much you will be paying.


When you meet up with an 401(k) plan consultant, 403(b) plan consultant, participation education plan provider, pension plan consultant, or endowment plan consultant - it is usually free the first time. However, the preparation of the SOA or the Statement Of Advice may already involve some fees. Also, if you decide to proceed - there may also be a fee for implementing the consultation. Not to mention the annual fee for the ongoing consultation or advice.


One of the most important long-term decisions in life includes choosing the right 401(k) plan advisor, defined benefit plan advisor, endowment plan consultant, or any investment advisor for that matter. It pays to spend some time to do a research and compare the investment advisors on your list. This will give you better chances of finding the right one for your needs. From there, you can them move forward to achieving your financial goals with your chosen investment advisor.
Resource: http://www.fiallc.com

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