A retirement plan advisor plays a pivotal role in supporting both plan sponsors and participants. Beyond managing investments, advisors ensure all service providers—such as TPAs, recordkeepers, and investment managers—work together seamlessly, keeping the plan running efficiently. They also act as co-fiduciaries, guiding sponsors through compliance and fiduciary responsibilities, while helping participants engage with their retirement plans through financial education and wellness initiatives. By simplifying complex concepts and encouraging participation, advisors help employees make the most of their benefits.
Fred Barstein, CEO and founder of The Plan Sponsor University (TPSU) and 401KTV, spoke with Chris DeAndrea, Director of Retirement Plan Consulting at Webber Advisors, during TPSU’s first program in Pittsburgh at Robert Morris University. Chris described advisors as the “quarterback” of a retirement plan, coordinating all moving parts to ensure smooth operation. He outlined three core responsibilities:
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Vendor Management: Ensuring recordkeepers, TPAs, and investment managers communicate and work together effectively.
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Fiduciary Oversight: Acting as co-fiduciaries to help sponsors meet their ERISA obligations.
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Participant Education & Wellness: Providing guidance and removing barriers so employees can fully engage with their plans.
Chris emphasized that when gaps occur—like service providers failing to coordinate—the advisor steps in to resolve issues, maintaining an effective, well-managed plan.
Read the Full Transcript Here:
Fred Barstein:
Greetings. My name is Fred Barstein, I’m the CEO and founder of TPSU and 401KTV, here on the lovely campus of Robert Morris University, where we just completed a TPSU program in the greater Pittsburgh area, it’s our first program in Pittsburgh. And I’m here with our adjunct lecturer, Chris DeAndrea. Welcome Chris.
Chris DeAndrea:
Thank you, Fred.
Fred Barstein:
Okay, if we ask you a few questions.
Chris DeAndrea:
Sure.
Fred Barstein:
Okay. Before we do, tell our audience a little bit about yourself and your firm.
Chris DeAndrea:
So my name is Chris DeAndrea, I’m the Director of Retirement Plan Consulting at Webber Advisors. So we’re based out of Altoona, Pennsylvania. We do have an office in Pittsburgh. We handle retirement plan consulting, as I mentioned, financial wellness, wealth management. We do many things other than that as well.
Fred Barstein:
So today, Chris, you talked about the role of the advisor. So what is the role of a retirement plan advisor for the plan sponsor and the participants?
Chris DeAndrea:
Fred, that’s Not a good question. It’s really, what should they not be doing, is what they should be focusing on.
Fred Barstein:
Right. So what are the three most important things? Maybe that’s a better question.
Chris DeAndrea:
I’d say the three most important things are managing the vendors, being a co-fiduciary on the plan, and the financial education of the participants, the financial wellness, helping break down the barriers that those participants might be dealing with on the day to day, to allow them to be a part of the plan, the level that they want to be involved and engaged with the plan. And when you talk about vendors, you include investments in that as well? Investments, but then if there’s a TPA involved, or record keeper, making sure the plan’s running smoothly and really being the quarterback for the plan sponsor so they know who to go to. I want them to come to me, if anything, and they know that I’ll be able to get an answer.
Fred Barstein:
Right. So today we had one of the plan sponsors said the TPA and the record keeper we’re not communicating with each other. And my response was, “Well, that was the advisor should have made sure they did that.” It wasn’t his job to do that. So final question. I know this is your first TPSU. How was it, and why should a plan sponsor attend a TPSU program?
Chris DeAndrea:
I thought the first TPSU event in the Pittsburgh area was very well attended. It was great to be the adjunct lecturer here, I was very excited about that. And you could see the excitement with the attendees here. It’s really their first time going through something like this and getting an understanding of their roles, their responsibilities as a fiduciary. All the sessions that we went through today, the panelists, the keynote speaker, all stood out, but I think what stood out the most and where I got the most feedback from attendees before they left today, was the breakout sessions.
What’s working with your retirement plan? What’s not working? And sitting there with their peers and just hearing from others in the same roles that they’re in, just of other organizations, what could be doing differently? What have you done? How did you resolve some of those issues with your plan? Who do you typically work with? Is it payroll? Is it 360 integration? What role does your advisor have? So I was walking around the room listening to that. It was really interesting hearing the discussions they were having and their takeaways from that, and how valuable they thought that time was together and being here.
Fred Barstein:
Right. And that’s I think what differentiates us, and this is what we hear, is we have good events and you have great speakers, we have good speakers, but it’s all about the interaction. They want to hear from their peers, which is how adults learn, through interaction and hearing from their peers. Thanks for your time today, Chris. Thank you for watching 401KTV. Please stay tuned.
