Fiduciary responsibilities can be complicated but can
seem much less so with the help of a qualified professional who can provide
you information about your responsibilities and help you to make educated
choices for your employees.
To find a qualified professional, use the following checklist.
Choosing professional help: Questions to Ask
- What is your record of success?
Ask for examples of how the qualified professional
has helped other businesses handle fiduciary aspects of their retirement
plans. Ask for references. Find out how the qualified professional plans
to help you with fiduciary responsibilities, plan structure, comparing
plan providers and selecting and monitoring investment choices.
- Do you have experience with a broad range
of investment choices?
Choose a qualified professional with experience across
many investment categories. Your qualified professional should be able
to offer you investment suggestions that include investments from several
investment management companies, rather than just one company's investments.
This limits conflicts of interest and maximizes investment choice for
- How do you get paid?
Qualified professionals deserve to be compensated
for the work they do for you and the plan. They should be willing to
explain how - and how much - they will be paid. Some may be fee-based
and others are commission-based.
- What relevant experience or professional certifications
do you have?
Many, but not all, qualified professionals, hold
certifications such as Certified Financial Planner (CFP), Certified
Pension Consultant (CPC), Certified Public Accountant (CPA), Chartered
Financial Planner (ChFP) or attorney at law. Equally important to certification,
however, is their experience and knowledge in working with businesses
such as yours. Ask for references and specific examples of how they
have helped other businesses.
<Back to top>