A rapidly growing tech firm committed to excellence allows retirement experts to review and improve their plan. The result is more support, better outcomes, and lower costs.
THE CHALLENGE
A large Chicago-based tech company had a 401(k) plan that was working “fine L.” Like many corporate retirement plans, nothing about the plan was causing significant problems or crying out for attention. The plan had been with the same providers for years, and everything seemed to be working OK on the surface. Unfortunately, since the HR and finance departments were busy keeping up with the demands of a rapidly growing firm, the motivation to evaluate the plan was low, and opportunities for improvement went unrecognized. Fortunately, despite being incredibly busy, the firm allowed retirement experts to thoroughly review and evaluate the plan.
THE METHOD & RESULTS
The retirement experts discovered that the plan was incredibly inefficient from a cost/benefit standpoint. The service providers were not proactively reducing costs with plan growth or actively looking for ways to improve plan operations or participant outcomes. The retirement experts discovered that the plan was incredibly inefficient from a cost/benefit standpoint. The service providers were not proactively reducing costs with plan growth or actively looking for ways to improve plan operations or participant outcomes.
Facilitated industry-specific benchmarking study to compare the plan to other similarly sized firms in the tech sector.
Presented benchmarking findings to existing service providers and requested additional services and fee reductions on behalf of the client.
Simultaneously sent RFP to alternative providers to understand the marketplace for the client’s plan.
Note: The above case study is hypothetical and does not involve an actual Fiduciary Financial Partners client. No portion of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if Fiduciary Financial Partners is engaged to provide investment advisory services.
