Retirement Plan
Resources For
Benefits Managers

Retirement Plan Resources For Benefits Managers

Wellspring Financial Partners is committed to making your Employee Retirement Income Security Act (ERISA) retirement plan work for the employers whose plans we manage, and especially the HR department. We bring your plan to life for your employees and make it easier for you. We will handle any issues that arise, talk with your recordkeeper proactively on your behalf, answer employee questions, and much more. This frees up more of your valuable time.

Our Retirement Plan Services

Wellspring Financial Partners provides a rich suite of services for the employer and employee designed to make the ERISA retirement plan truly work for both.

For The Employer


Investment Policy Statement development



Investment Policy Statement review



Periodic Investment Scorecard reporting and investment review



Facilitate plan committee meetings



Recordkeeper vendor management



Vendor fee benchmarking



Availability to HR staff for emerging issues



Serve as an ERISA 3(38) Fiduciary



Service calendar and stewardship report



Provide committee meeting minutes to the executive committee



Service and fee benchmark to verify and document that all service provider costs are a good value in light of the services provided



Unique and proprietary plan-level reporting that tracks employee retirement readiness, employee engagement, and plan health over time

For The Employee


Employee financial engagement meetings



One-on-one meetings



Advice on any financial topic at no additional cost



Provide employee advice on 401(k)/403(b)/457b plan investment selection at no additional cost



Individual customized Retirement Spending Reports for all eligible plan employees



Availability of individual tailored comprehensive financial plans



Employee financial wellness education, training, and one-on-one consultation



Planned, understandable, actionable, multi-topic curriculum



Tailored education for online wellness tools



One-on-one Q&A on any financial topic at any time

What Sets Us Apart

Wellspring Financial Partners is committed to making your ERISA retirement plan work for you as the employer and for your employees. We do more than just what is required by ERISA; we do what is needed to make your plan excel.

We don’t just provide a menu of choices along with a recommendation. We tell you exactly what we think you should do and then implement it for you.

As an ERISA 3(38) fiduciary, we reduce your liability as an employer and are held to higher standards both legally and ethically.

Wellspring’s value consistently far exceeds the costs when objectively evaluated by a 3rd party nationally recognized benchmarking service.

What Impacts Employee Results

What Impacts Employee Results

In the long term, your company’s retirement plan needs to help your employee successfully fund their retirement. Keep an eye on the ball by understanding what your employees need you to focus on.

We’ve found that the below factors are the most essential:

Financial planning
Holistic Planning and financial wellness
Employee engagement
A trusted, unbiased, non-conflicted partner
Customized Retirement Spending Reports (RSR)

A Better Advisor Search Process

Let’s face it, the Request for Proposal or “RFP” process is cumbersome, difficult, and time-consuming. It is necessary in order to document your due diligence, and if you are going to spend the time, it’s important to get corresponding value from the process.

Key factors to address with potential advisors include:

How are you going to make sure I am compliant?
How are you going to help my employees be more successful in their financial lives?
How are you going to do this without taking more time from me?

What To Consider

What To Consider

Minimum Qualifications


Ask qualifying questions that determine an advisor’s viability.



Verify they are licensed, registered, qualified, not under investigation, etc.



Document that you have examined the minimum qualifications.

Ability To Serve Your Company's Needs


Cut through the noise and ask three simple bottom-line questions:


How will you help my employees achieve better results in the company retirement plan and in their overall financial well-being?



How can you minimize the fiduciary liability and exposure to the plan fiduciaries?



How will you make life easier on the human resources/benefit team?

Cost

Determine the cost for services included.


Determine what services come with additional costs.


Seal the cost section and do not disclose it to your plan committee/evaluation team until you have evaluated the advisor’s ability to serve your company’s needs. Focusing too much on cost before determining the value an advisor brings can often cause problems.

Cost

Determine the cost for services included.


Determine what services come with additional costs.


Seal the cost section and do not disclose it to your plan committee/evaluation team until you have evaluated the advisor’s ability to serve your company’s needs. Focusing too much on cost before determining the value an advisor brings can often cause problems.

A Retirement Plan That Helps Employers & Employees

Choosing a fiduciary for your company’s retirement plan is a significant decision. Wellspring can help reduce the time and effort you need to spend managing retirement plans as an HR professional, freeing you to focus on other pursuits.