Shaun Clearwater discusses hidden risks in company retirement plans.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-shaun-clearwater-with-full-focus-financial-discussing-unknown-flaws-in-company-retirement-plans/
Business owners must prioritize identifying unknown flaws in their company retirement plans to safeguard the financial well-being of their employees and ensure the overall success of the business. In a podcast episode featuring Shaun Clearwater from Full Focus Financial, common flaws in company retirement plans were discussed, including high administrative fees and limited diversification in investment options.
High administrative fees can significantly impact the performance of a company’s retirement plan, potentially reducing returns on investments over time. Many business owners may be unaware of these excessive fees burdening their plans. By conducting a thorough analysis of the fee structure, business owners can identify opportunities to lower costs and enhance the plan’s competitiveness.
Furthermore, the absence of diversification in investment options can pose a risk to employees’ retirement savings. Providing a variety of investment choices is crucial to accommodate employees with different risk tolerances and financial goals. Without proper diversification, employees may face limitations in building a well-balanced retirement portfolio, exposing them to unnecessary risks.
Addressing these unknown flaws in company retirement plans can improve the plan’s quality, attract and retain top talent, and demonstrate a commitment to employees’ financial well-being. Business owners need to collaborate with financial advisors like Shaun Clearwater, who specialize in retirement plans, to conduct regular reviews, identify potential flaws, and implement necessary changes to optimize the plan for the benefit of all stakeholders.
Outsourcing fiduciary responsibilities for retirement plans can be a critical step for business owners to avoid personal liability and ensure effective plan management. As highlighted in the podcast episode with Shaun Clearwater, many business owners may not fully grasp the significant responsibilities associated with being a fiduciary of their company’s retirement plan. By signing the 5500 form, they unknowingly assume these responsibilities, which can have legal implications if not managed properly.
By outsourcing fiduciary responsibilities, business owners can transfer the management burden to experts with the knowledge, experience, and resources to handle it effectively. This not only helps in avoiding personal liability but also ensures that the plan is well-managed, competitive, and in the best interest of employees. Additionally, outsourcing provides peace of mind to business owners, knowing that professionals are navigating the complexities of fiduciary duties and regulatory requirements.
Shaun said: “Employers trust us with their employees’ financial future, and we take that responsibility seriously. Full Focus Financial is here to challenge the status quo and redefine excellence in retirement plan management.”
About Shaun Clearwater
Shaun’s start in the financial services industry came from his desire to share both standard and advanced financial strategies with middle America across the kitchen table. Since his start in 2004, he’s shifted his focus to the 401(k) space where it can have a greater impact as he can impart knowledge broadly and efficiently. Shaun is fortunate to be surrounded by his 3 amazing daughters and loves to enjoy a glass of red wine with his beautiful wife.
Learn More: http://www.fullfocusfinancial.com/
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