 We define this role as advisors or advisor teams that have plan level advisors working with the committee, as well as providing education, and guidance or advice for the plan's participants. These teams typically work very well in the small and mid-sized plan market, based on number of participants. However, they run into issues when getting into the large plan market understanding the scale issue of delivering participant services to companies with a larger number of participants. Additionally, scale becomes an issue as committing a few of your advisors or staff to a plan sponsor for a few days when no one shows up is a frustrating situation.
Typical Deliverables to Participants:
- Group Workshops
- 1on1 Meetings
- Guidance or One-Time Advice
- Guidance - We define this as delivering generalized asset allocation recommendations without specifically stating percentages to specific funds.
- One-Time Advice - We find that many advisors who do a good job with delivering advice do so face-to-face. The reality of this situation is that getting back in front of that participant creates a couple of problems, including logistics and reality of getting back in front of that participant again consistently, and most notably, the scale of your business. There are only so many "bodies" you can afford to put in front of participants as you grow.
Solution Benefits
- Turnkey Fiduciary Solution - We provide you with the handouts, email templates, and website needed to deliver the 401(k) consultations to to participants, you simply learn how to best communicate our service and service details, and you are set. Your team can deliver high impact consultations with the options of account management or investment advice without subjecting yourself to the responsibility of acting as a fiduciary.
- Private Label - Make BeManaged a part of your business, and the work you do at the participant level another revenue stream by private labeling our service (BeManaged and BeAdvised brands stay true, but under your firm's deliverables), and we serve as your back office support team.
- Scale - We have created a highly effective, valuable benefit for participants by creating efficiency in the ongoing delivery of advice, account management, and ongoing updates.
- Participant Success - If participants do not succeed during a down cycle, and you or your team were unable to get in front of them to advise caution entering 2008, it was your head. Basic diversification did nothing in 2008, it is time to engage pure asset allocation to manage risk, and thus the factors that directly influence participant success within their 401(k).
- Accountability - We provide annual due diligence reports you can take back to your clients to assess the success of the service, relative to benchmarks including the S&P 500, Inflation, and the Dow Jones Portfolio Indexes.
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