Owning a Business is Like Having a Kid.
And as the company "parent", you need to consider how you can best grow your company throughout its lifespan. Unfortunately, this is easier said than done. Most business owners get so emotionally invested in their companies that it becomes difficult to make sure they're providing the support their team needs, like employee benefits.
To grow your business through adulthood, you should ask the following questions:
Inspiring your employees to contribute to a 401(k) requires more than simply setting the plan up.
It involves educating them on the benefits of saving for retirement and how a 401(k) can change their future. Otherwise, enrollment and contributions will remain low, potentially decreasing your employees’ confidence in retirement planning and job loyalty. That’s where we come in. Through on-site employee education, we can help communicate the value of 401(k) contributions.
In return, your team will see how you’re helping contribute to their future, even outside of work. This means more satisfied employees, increased job loyalty and a happier, healthier company.
Are you confident and familiar with all of the options your plan provides?
Answering these questions can be difficult, but if you’re the retirement plan trustee of your business, you've got a fiduciary obligation to your employees. Unfortunately, the complexities of retirement plans can make meeting this obligation tough for many. To avoid liability issues, consider delegating the responsibility to financial professionals – professionals who understand both the opportunities and pitfalls of employee retirement plans.
We’ve helped other companies create a plan that provide an ERISA 3(38) co-fiduciary to help navigate 401(k) plan duties while providing a checklist to help avoid missing any fiduciary duties. We can do the same for you. Letting an INPAC partner run your 401(k) plan allows you to focus on what’s important: running your business effectively (and with peace of mind).
A retirement plan can place a significant administrative burden on your time.
Continually monitoring the plan for your employees? Constantly educating employees and plan sponsors? Providing advice and guidance when asked? That’s time you could be bringing in more revenue, growing your business and hanging out with your family. Although you should always be involved in your company’s plan, a good financial advisor assumes much of the responsibility in managing it. That way, you can work more on the business.
If you’re dealing with these kinds of burdens, give us a call and find out how we can make your life easier.