Retirement Plan
Consulting
We help businesses build more efficient retirement plans designed to improve financial outcomes for your business, employees and their families.
Problems We Help You Solve
High Costs, Unsure Value
Financially Stressed Employees
Benefits not Fully Optimized
Plan Admin Headaches
Fiduciary Governance Uncertainty
Poorly Selected Investments
Our Solutions
someone to call when you need help
Your Plan Advocate
Our primary role will be as your plan advocate. We have established, longstanding relationships with most service providers in the industry. This helps us get your answers quicker and more efficiently.
We can also help you find other ways to take time-consuming tasks off your plate, such as:
- Setup 360° payroll integration so employee deferral changes happen automatically
- We can help you evaluate and engage a qualified 3(16) administrative fiduciary to assume administrative responsibilities such as, notice delivery and distribution approvals.
- Introduce us to your other benefit providers, so we can work together on your behalf before we involve you
a plan your employees will love
Employee Engagement with Advice
We go beyond education and offer one-on-one advice to your employees to help them achieve a better financial life. As your plan advisor, we believe we are well positioned to assist your employees in making smart decisions about their entire financial situation, not just their workplace retirement plan.
Through the Parkwoods’ Next Best Dollar system, we help employees make decisions that ripple beyond their retirement account. Reducing stress today, and building confidence for their family’s tomorrow.
Next Best Dollar along with a Parkwoods Advisor can help answer questions such as:
- Should I be saving or paying down debt?
- How much should I be saving?
- Roth or traditional, what is right for me?
- Am I on track to achieve my retirement or other financial goals?
- What investments should I choose?
Proving our value
Annual Fee Benchmarking
Every year, we make sure that you’re not overpaying for your plan. If you are, we negotiate on your behalf, so your dollars stay where they belong with your employees and your business.
We want to make sure your plan remains competitive across all service provider fees. If fees are out of line with the industry, we assist trustees in evaluating options, including negotiating with current providers and/or reviewing outside competitive bids.
do all the things you are supposed to
Fiduciary Governance
Good plan governance protects plan fiduciaries, provides for better outcomes, and incrementally improves the plan over time. Our governance process includes:
- Taking of meeting minutes
- Tracking accomplishments over time
- Audit ready document vault
- Regular review of plan service providers
- Fiduciary education for plan trustees
go beyond the match
Design a Plan That Grows with You
Many small business owners create a quick cookie-cutter plan with a simple match when they first setup the plan. It was likely the right decision at the time.
However, as the business grows and regulations have changed, small business owners have several more arrows in their quiver. We can help you assess additional ways to maximize your tax savings, improve key employee retention, and support greater participant engagement. Key optimization strategies include:
- Auto-enroll and auto-escalation
- Better profit-sharing design for your budget
- After-tax contributions and In-Plan Roth Conversions
- Cash Balance Plans (help business owners save well-beyond 401(k) limits)
Low-cost, well-diversified
Investment Selection Fiduciary
Our goal is to make it easy for your employees to invest their retirement assets in low-cost, well-diversified investment portfolios with the same duty and care we provide for our high net-worth clients.
As a fiduciary under ERISA, Parkwoods and your plan advisor take on the role of selecting and monitoring your plan’s investment lineup, building risk-based investment models, and implementing a prudent investment policy statement.
