Plan sponsors looking for an adviser to support their retirement plan can find out general contact information, website, number of years in business and credentials of all financial adviser partners who submitted their business listing to Employee Fiduciary and have at least one plan with the firm. A search can be done by ZIP code to locate financial advisers in a specific area.
The directory provides information on a range of plan details: services offered (investment menu selection, ERISA 3(38) or 3(21) services, investment policy statement, quarterly investment monitoring, among others) and plan sizes served (for example, $1M – $5M, $5M – $20M, $20M+).
Types of investments offered can be described by the adviser in a fair amount of detail. One adviser listed actively managed mutual funds, passively managed (index) mutual funds, exchange-traded funds (ETFs), model portfolios, target-date funds (TDFs), and described “other” as individually managed defined benefit (DB) plans and IRA accounts.
The adviser’s compensation structures—fee-only, asset-based or fee-only (hourly), to name a few—are also detailed.
According to Eric Droblyen, president and chief operating officer of Employee Fiduciary, plan sponsors contact the firm daily looking for 401(k) services. “Many also want a professional financial adviser,” he says, “but don’t know where to look for one. Now, sponsors can search the directory to find financial advisers in their area that partner with Employee Fiduciary.”
The directory is also an opportunity for Employee Fiduciary to support its financial adviser partners and show appreciation for their continued business. The company’s financial adviser partners are listed in the directory at no charge.Plan sponsors and advisers may access the directory on Employee Fiduciary’s website.