Six-Point Checklist for Evaluating Your 401(k) and Profit Sharing Plan Provider

By James E. Garr, MBA, ChFC®, CLU

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As part of your review of your current 401(k) retirement account or profit sharing plan, it is vitally important that you receive personalized service from your wealth management representative, one who strives to understand your organization’s specific needs and who will pursue the results best tailored for you and your employees.

Here are six key questions to ask your current provider:

  1. Do you hold periodic onsite enrollment meetings?
  2. Do you provide one-on-one quarterly (or as requested) participant reviews?
  3. Do you perform an annual plan review with the plan sponsor?
  4. How do you interface between the client and his or her record keeper and administrator to keep the plan running smoothly?
  5. Do you assist in the distribution of disclosure documents to keep the plan in compliance?
  6. Do you serve as an informational resource to a client’s employees regarding the plan’s operation including loans, hardship withdrawals, required minimum distributions, etc., to free up staff to focus on more important tasks?

Mr. Garr heads the Retirement and Income Distribution Planning Group of Cottrill, Arbutina Wealth Management Group. He is experienced with assisting plan sponsors with the design and implementation of 401(k) and profit sharing plans. Contact him for a comprehensive, no-obligation review at or at 724.683.3466. He is an LPL Financial-registered representative with Cottrill, Arbutina Wealth Management Group.

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA / SIPC.

By James E. Garr, MBA, ChFC®, CLU
By James E. Garr, MBA, ChFC®, CLU