Island Wealth Advisors has been involved in the Retirement Plan space for 20 years. We believe a retirement plan should be a solution, not a just product to sell. A solution to a retirement plan should be:

Transparent: You should easily be able to understand the total cost of your plan. Here are some questions to ask yourself. Do you know the total cost of your plan? Do you understand what Revenue Sharing is? Is it taking place in your plan? Does your fee disclosure 404(a)(5) or 408(b)(2) clearly spell out all cost in just a couple of pages? Or is it many pages with confusing charts and verbiage that does not make sense?

Beneficial: When a plan is properly designed all employees should be able to take advantage of the benefit. Do you have low participation in your plan? Are your key employees and owners participating in the plan? Is your plan tax efficient?

Serviced: Does your current advisor spend the amount of time with the participants as you think they should? Are you getting them to come out and enroll the newly eligible participants? Do your participants know who to call when they have a question? Do they have user friendly electronic access to their accounts?

Hedged against liability: While a retirement plan is supposed to be a benefit used to reward and retain employees, it can also be a liability especially when it comes to the type of investments and the way it’s being administered. Are you familiar with the term investment fiduciary 3(38)? Do you have an investment policy statement on file? Who signs the form 5500 and other documents retaining to your plan? Are you familiar with the term legal plan administrator 3(16)? Are you acting as an investment fiduciary? Or legal plan administrator?

At Island Wealth Advisors we have built a team of professionals with decades of experience who are skilled in plan design, tax efficiency, and fiduciary liability mitigation. We use transparent record keepers who never take a dime in revenue sharing. If you should have any questions or concerns regarding the above, feel free to schedule a time below to discuss.

Additionally, we would be more than happy to do a complimentary fee and performance bench-marking of your current retirement plan.