Bloomington: 812-333-4726              Indianapolis: 317-550-1833

     

FAQs Retirement Plans

Here is a list of Frequently Asked Questions. Please click the question to reveal the answer. Is your question not listed? Feel free to contact us.

Q: How do I become a client?

A: Simply make an appointment for an initial meeting by calling our office at 812-333-4726 or click here to email us.

Q: What should I expect during an initial meeting?

A: The initial consultation, or "fit meeting" as we like to call it, is designed for you to learn more about how our process works, how we work with our clients, our cost structure, how we can potentially improve your business’s retirement plan and the retirement years of your employees.

Q: Is there a cost to the initial meeting?

A: No. We do not charge for initial meetings. Our first meeting is designed to be a no pressure opportunity for you to “kick the tires” and learn more about how we work with our clients. We do not make any decisions at this meeting about working together. It is simply a chance for us to get to know each other and helps both of us determine if there is a good fit.

Q: What credentials does your team have specific to corporate retirement plans?

A: John Hurlow has two designations specific to corporate retirement plans. The C(k)P designation is an MBA level course through TRAU (The Retirement Advisor University) and the UCLA Anderson School of Management. John also holds the AIF or Accredited Investment Fiduciary designation through fi360. Michael Carson holds the CRPS® (Chartered Retirement Plans SpecialistSM) designation through the College for Financial Planning. Mike is also a Certified Investment Management Analyst® or CIMA® which he obtained through IMCA (Investment Management Consultants Association). Mike also holds the CERTIFIED FINANCIAL PLANNER™ or CFP® certification. To learn more about the professional designations our team holds, click here.

Q: Does Hurlow Wealth Management Group work with a specific record keeper or mutual fund company?

A: No. We are an independent advisory firm. Our fees are the same regardless of which record keeper is being used. There are over 20 different vendors that we can work with including: Fidelity, John Hancock, American Funds, ADP, Transamerica, Principal Group, Empower, Nationwide, and many others.

Q: What does it mean to be a fiduciary on a retirement plan and who would be considered a fiduciary?

A: According to the Department of Labor, anyone who exercises decision making authority over a retirement plan is going to be considered a fiduciary of the plan. This would include individuals such as the owner of the company, executives and employees who serve on the retirement plan committee, and even an owner who delegates the decisions to others is considered a fiduciary of the plan and can be held personally liable if legal action are pursued.

Q: Can you work with my existing TPA (Third Party Administrator)?

A: Yes. We are happy to work with your existing TPA and/or record keeper.

Q: What costs are typically involved in a 401(k) plan?

A: There are four primary fees involved in a 401(k) plan. There are investment fees, recordkeeping fees, plan design or Third Party Administrator fees, and a fee for your co-fiduciary or broker.

Q: Do you act as a co-fiduciary?

A: Yes, we do have the ability to act as a 3(21) fiduciary on certain retirement plans.

Q: Can you provide us with references of other corporate retirement plans you work with?

A: Yes. We are happy to provide references upon request. We always ask permission from clients prior to sharing their contact information.

Q: Would we have to move our 401(k) plan to work with you or can we simply add you as our advisor?

A: In most cases, we are able to take over as the advisor without changing anything else about the plan. The exceptions are if you are working with a proprietary record keeper, in which we would not be able to act as the advisor. In order to switch the advisor on most plans, only one form is required.

Q: How do I begin the RFP (Request for Proposal) process?

A: You do not need to go through the RFP process. This is part of our service. We will create a request for proposal for you, analyze the proposals, negotiate the contracts, and present you with a summary of our findings as well as our recommendations. You do not need to interview 20 different providers. Let us do the work for you.

Q: How do I benchmark my plan?

A: There are several ways to compare your plan to what else is out there. As part of our CFO process, we will do this for you. Depending on the size of the plan we have access to benchmarking tools and databases. We will be able to compare your investments, fees, expenses, services, employee retirement readiness, and other important metrics.

Q: What are your fees?

A: Our fees are flexible and a function of the size of the plan, number of employees, and which services we offer you would like and which services you prefer to do in-house. To offer a range, our fee is typically between 0.25% and 0.50% per year of the assets being managed.

Q: How often do you meet with your corporate retirement plan clients?

A: Every service schedule is customized to the client's needs. At minimum we require at least one formal fiduciary meeting per year to ensure that we adhere to the fiduciary duties set forth by the Department of Labor. Plans with retirement plan committees often meet two to four times per year. We also perform enrollment meetings for new employees which can be two to four times per year. We also offer personal one-on-one meetings with employees and their significant other at their request. At least every three to five years the plan needs to be benchmarked to ensure your record keeper is a good fit.

Q: If we are not satisfied with your services, are we locked in for any amount of time? Is there a cost to terminate our relationship?

A: You can terminate our relationship at any time with no fees or costs involved. There are no commissions or any other payments received by our firm other than the agreed upon cost. If we are not living up to your expectations, we may be fired at any time. Our intention is to find good relationships that work for both of us for years to come.

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