RETIREMENT PLAN ADVISORY SERVICES
Sponsoring a retirement plan, like a 401(k), is a smart step for physicians looking for a competitive advantage. Retirement plans are a vital component in attracting and retaining top talent, providing employees with a feeling of stability, and fostering a productive healthcare team.
As an employer and sponsor of a 401(k) plan, your company has a fiduciary duty to its participants. This means you must select the appropriate service provider(s) at a reasonable cost, determine the optimal plan design provisions, choose and monitor investments, keep up with new legislative changes, ensure your plan is administered properly, and educate and inform plan participants. The goal is to administer a retirement plan that inspires you and your employees to reach retirement dreams, while helping recruit and retain valuable team members.
Challenges:
- How do you know if your company is meeting these challenges?
- How do you select service providers or investments – what are the criteria?
- How do you know if your plan is working?
- Does your company have the resources to handle these responsibilities alone?
- How do you know that you are in compliance with disclosure rules?
Unless your company has dedicated employees with 401(k) expertise who focus solely on managing your employee retirement plan, you should consider hiring a fiduciary retirement plan advisor who specializes in 401(k) plans and is dedicated to helping you and your employees get the most out of your retirement plan.
Physician Wealth Advisors (PWA)
PWA is an independent Registered Investment Advisor, who specializes in establishing and maintaining customized medical retirement plans. Our plans are built around the needs of both your practice and your employees. As fiduciary advisors, we have a legal and ethical obligation to act only in your best interest.
PWA’s 401(k) Advisory Services
- Benchmarking your current 401(k) plan.
- Coordinating plan design consulting.
- Managing employee communication and investment education.
- Personal customized financial planning.
- Providing ongoing plan reviews.
PWA 401(k) Advisory Services will make your life easier. When you work with PWA, you gain a valuable ally and time-saving resource that will help you develop and maintain a solid strategy for your retirement plan. We are committed to providing you with the personalized attention and involvement that you deserve. Our goal is to help you manage your 401(k) plan properly and ultimately improve your employees' Retirement Readiness.
PWA is a Registered Investment Advisory Firm, which means we work exclusively for you – not any company selling investment products. We provide full disclosure of all fees received. We are fully independent in making our recommendations to you and your employees.
Compensation
As part of PWA’s retirement plan services, we are paid exclusively on a transparent fee-only basis. Our 401(k) advisory fee can be a flat fee or an asset-based management fee. This cost is normally paid by plan participants. Our approach differs from many advisors, who work for large brokerage and/or insurance companies, with complex compensation agreements (paid from investment management and/or revenue sharing fees). All too often, this type of compensation can lead to conflicts of interest.
At PWA, we do not accept compensation from any third party or service provider. Our only compensation is what is disclosed to the plan sponsor and participants in the form of our management fee.
For additional information about retirement plan strategies, please call us today at 801-747-0800.