There are five red flags defined contribution plan sponsors should watch for when evaluating their plan performance, according to research by Judy Diamond Associates.
The flags indicate whether a plan is underperforming, is poorly designed or has reached certain thresholds that suggest it may need new services.
"Identifying the most common problems and challenges facing the almost 600,000 401(k) plans nationwide can empower financial advisors to address the concerns that are keeping their clients up at night," said Eric Ryles, managing director of Judy Diamond Associates. "In that way, our subscribers are able to better prepare their clients for the future and cement their own status as a consultant and valued partner, rather than 'just' a 401(k) vendor."
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