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Description
In this webinar, we will help 401(k) professionals more fully understand the broad and diverse financial advice needs of plan participants. We will address the limitations of their role as plan advisors, and more specifically as it relates to holistic financial advice that includes investments, holdings and other considerations that are outside of the plan.
Webinar attendees will learn the important distinction between in-plan education and advice versus holistic financial planning, along with the boundaries and limitations emphasized in the current regulatory environment. Presenters will guide plan professionals to recognize when their plan participants might benefit from more specialized financial advice, provided either under a separate client agreement or by a fiduciary outside of the plan. Finally, we’ll review fiduciary options for providing fee-only advice outside of the plan.
Learning Objectives
By the end of the session, attendees will be able to…
1) Understand why plan sponsors should be both proactive and defensive to avoid crossing the line by providing ‘advice’ related to non-plan assets.
2) Distinguish between financial advice related to plan assets, and non-plan (holistic) financial advice and planning.
3) Help plan advisors recognize when plan participants would benefit from (off-site) holistic advice and ensure that they reduce plan advisor liability by recommending at least one fiduciary option for participants outside of the plan.
4) Understand why those who offer holistic financial advice on family wealth, assets outside of the plan, or other financial matters they should do so under a separate advisory agreement.
5) Enhance the overall service provided to plan participants by understanding and communicating clearly the in-plan advice limitations, and by providing at least one fiduciary non-plan option for participants that would benefit from holistic financial advice.