A new tool for financial professionals to help retirement plan sponsors develop an optimal mix of service provider support was announced by The Guardian Insurance Annuity Company, Inc. Dubbed The Resource Optimizer, the tool aids in the determination of plan risks, employer needs, and the opportunity costs of each retirement plan.
“Fee disclosure, a changing regulatory landscape and broker/dealer restrictions on fiduciary roles are creating significant opportunities for both experienced financial professionals and non-fiduciary financial professionals, particularly in the small-plan retirement marketplace, which accounts for the vast majority of plans,” said Jason Frain, Vice President, 401(k) Product Management and Development, Guardian Retirement Solutions. “These changes are forcing plan sponsors to rely on financial professionals to provide education and actionable solutions for compliance challenges. Many plan sponsors lack the experience, time and resources to effectively manage these plans to help participants achieve successful retirement outcomes.”
The Resource Optimizer includes a 15-question assessment worksheet that determines the needs of each plan sponsor and enables the sponsor to identify plan risks and costs while measuring the level of necessity of various services in the implementation of a retirement plan. The tool lets financial professionals focus on service and education instead of acting as an investment advisor while plan sponsors are able to better identify areas that may require the aid of a professional.