Financial advisers face a new challenge in working with plan sponsors to clarify fees, and The Hartford has created a program to support them in these efforts, including:
- Supporting materials to help address sponsor and participant questions about the new fee disclosure.
- Nationwide practice management seminars conducted by Tom Foster, vice president and national spokesman for The Hartford’s retirement plans group, to educate advisers about the new disclosure requirements—and how to capitalize on related opportunities.
- A sample service agreement for advisers to retirement plans.
- Access to The Hartford’s CustomConsultant, a lead-generation database of sponsors who may need assistance with a variety of issues, including high fees, ineffective plan designs, and fiduciary and other concerns.
“The Practice Management Portfolio is a suite of services and tools to help financial advisers work more proactively with retirement plan sponsors and participants to address a variety of questions and issues related to workplace retirement plans, including those related to plan fees and expenses, and the services they pay for,” said Christine Chaia, assistant vice president of marketing for The Hartford’s retirement plans group. “We are encouraging advisers to take a comprehensive approach to reviewing the effectiveness of retirement plans with new and prospective clients and, as necessary, recommend ways to improve their performance and efficiency.”
Foster added: “The new DOL [Department of Labor] regulations are ushering in a new era of transparency in the retirement plans marketplace, which is good news for everyone. But discussions about money can sometimes be awkward. The Hartford’s Practice Management Portfolio is designed to help this new era start smoothly by highlighting the value and importance of financial advisers in recommending, implementing and servicing retirement plans.”