Wealth Enhancement Group Retirement Plan

Can retirement plan benefits add to a firm’s bottom line?

Most attorneys, and working professionals alike, have three major assets: their incomes, their homes and their retirement plans. Successful firms have one major asset: their people.

Today, a person’s productivity and financial wellness are inextricably entwined. “Seven out of 10 HR professionals indicated that personal financial challenges have a ‘large’ or ‘some’ impact on overall employee performance. Of these HR professionals, approximately one-half reported that employees’ stress (50%) and their ability to focus on work (47%) were the aspects of employee performance that were most negatively affected by personal financial challenges.”

It’s all about return on your greatest asset, your people. A well-constructed retirement plan coupled with professional advice and guidance for your attorneys and staff can improve their financial wellness. This increases your firm’s productivity, and that adds to its bottom line.

Why Wealth Enhancement Group – at the plan level …

Manage your Fiduciary Responsibility

Did you knows that you’re a fiduciary? As a plan sponsor, trustee or investment committee member, you manage the assets of another person and stand in a special relationship of trust, confidence and legal responsibility. While you don’t make decisions at the participants’ account level, you do manage the decision-making process for selecting your plan’s service providers and investment options. That makes you a fiduciary.

Wealth Enhancement Group, as a fiduciary, has a long history of providing unbiased, independent advice to plan sponsors. We collaborate with you in the areas of prudent investment practices including plan governance, investment due diligence and ongoing monitoring.

We collaborate with your firm to implement a Fiduciary Quality Management System. We organize, formalize, implement and monitor all aspects of your plan. This system adheres to the seven Global Fiduciary Precepts defined by the Center for Fiduciary Studies:

  1. Know standards, laws, and trust provisions.
  2. Diversify Assets to specific risk/return.
  3. Prepare investment policy statement.
  4. Use “prudent experts” (Investment Managers and document due diligence).
  5. Control and account for investment expenses.
  6. Monitor the activities of “prudent experts.”
  7. Avoid conflicts of interest and prohibited transactions.

Bundled or Unbundled – What is it and does it make a difference?

Many retirement plan providers offer “bundled” services. They function concurrently as the plan consultant, the custodian, the record keeper, the administrator, the directed trustee and the investment provider. If one company provides all the products and services necessary for your plan to function, can they be independent, objective and unbiased? Do bundled plans have conflicts of interest? Can bundled providers fully align themselves with your interests as a co-fiduciary?

Unbundling mitigates these embedded conflicts.

Benchmarking – the key to improvement

Retirement Plan Diagnostic

Benchmark your plan against your peers. Retirement Plan Diagnostic℠ tool allows you to quickly benchmark your retirement plan. This revolutionary tool uses current and historical Form 5500 data to deliver a comprehensive report on plan health in a format that's easily understood. With the power of meaningful metrics, you can benchmark return on investments, participation levels and utilization against your plan's peer group and industry. The Plan Diagnostic is recognized objectivity - offering a report with independent analysis rather than subjective ratings.

Five Questions for your Advisor1

  1. Will you put the plan and its participants’ best interests above all others?
  2. Will you act with prudence; that is, with the skill, care, diligence and good judgement of a professional?
  3. Will you provide conspicuous, full and fair disclosure of all the important facts?
  4. Will you avoid conflicts of interest whenever possible?
  5. Will you fully disclose and fairly manage, in the plan participants’ favor, unavoidable conflicts?

Why Wealth Enhancement Group – at the employee level

Education, Advice and one-to-guidance

Wealth Enhancement Group Investment Management Inc., has served the Philadelphia Bar Association as a retirement plan co-fiduciary since May 2005. In addition to collaborating with the Association on plan governance, investment due diligence and ongoing monitoring, Wealth Enhancement Group also provides group education and individual advice and guidance to plan participants. They can do the same for you.

Wealth Enhancement Group helps attorneys and staff thoughtfully ask and answer four fundament questions:

  1. Do I have enough?
  2. How do I make it last?
  3. How do I protect it?
  4. How do I pass it on?

Asking and answering these questions are foundational to financial wellness.

Prudent Investment Practice and Financial Wellness Training – conforming to the highest standards of fiduciary responsibility and driving productivity. Everyone benefits. Get your benchmarking report and get started today.

1 The Benefits of Choosing an AIFA Designee, Copyright© 2012 Fi360, Inc.