What Makes a Great Retirement Plan Advisor?
A great retirement plan advisor combines expertise, strong communication skills, and a true dedication to client success. They have deep knowledge of investment strategies, regulatory requirements, and fiduciary responsibilities, ensuring retirement plans are both compliant and effective. Beyond their technical skills, great advisors take a proactive approach—spotting potential issues early and offering creative ideas to improve plan design and employee outcomes.
What truly sets top advisors apart are their interpersonal skills. Clear and effective communication is essential. Great advisors break down complex financial concepts, helping plan sponsors and participants make informed decisions. They build trust by being accessible, responsive, and genuinely committed to their clients’ goals. Whether helping employers navigate fiduciary obligations or boosting employees’ confidence in their retirement readiness, they consistently show empathy, patience, and a desire to make a positive impact.
At the conclusion of a TPSU program at the University of North Florida, Fred Barstein, CEO and Founder of TPSU and 401k TV, interviewed Melissa, a VP of Finance for a company with 800 employees. Melissa shared what makes her advisor exceptional, highlighting their role in educating her and the committee. The advisor provides detailed investment analyses, offers thoughtful recommendations, and supports decision-making without taking control. They also share educational resources on financial wellness and 401(k) topics, which Melissa uses to engage employees and improve their financial knowledge.
Melissa emphasized how the advisor simplifies complex investment evaluations, making it easier for her and the committee to make smart decisions that benefit employees. Her story illustrates the critical role a great advisor plays in ensuring retirement plan success and improving outcomes for everyone involved.
Read the Full Transcript Here:
Fred Barstein:
Greetings. This is Fred Barstein, the CEO and Founder of TPSU and 401k TV. I just completed, or we just completed a program at the University of North Florida in Jacksonville. And I’m here with Melissa. Welcome, Melissa.
Melissa:
Hello.
Fred Barstein:
Okay if we ask you a few questions?
Melissa:
Absolutely.
Fred Barstein:
Thank you. But before we do, tell our audience a little bit about yourself and how many employees you have.
Melissa:
My name is Melissa. I’m a VP of Finance for my company, and we have about 800 employees.
Fred Barstein:
800, great. So one of the things you talked about in the “What’s working, Not Working” is that you said you had a great advisor.
Melissa:
Yes.
Fred Barstein:
What makes them great?
Melissa:
First and foremost, the education they provide to me as the plan sponsor and to our committee, attending the committee meetings and giving us a lot of information specifically around our investments and the performance. They have a specific model they use for evaluating the investments and making sure we have the right blend of investments, and then making suggestions about if we need to change investments. He doesn’t make the decision for us, but we make that decision as a committee. And he also sends out some educational pieces to me that I can share with our employees via our HR Facebook page or email or any other means that we deem appropriate.
Fred Barstein:
Right.
Melissa:
Those are a couple of things.
Fred Barstein:
And how does that benefit the company or you or your employees? What’s the effect of having that advisor having-
Melissa:
Well, I mean, I don’t have all of the knowledge about how to evaluate these investments, and it makes it a whole lot easier for me and the committee to be able to analyze the investments and make sure we have the right lineup for our employees in the plan.
Fred Barstein:
Right. And all the education communications?
Melissa:
Yes, absolutely. It could be anything financial wellness related or 401k related that they share.
Fred Barstein:
Great. So final question, a couple of things you learned, or why should a plan sponsor attend a TPSU? Why do you think it’s worthwhile?
Melissa:
I’ve been to this event for, gosh, probably the last four or five years every year. I love it. My favorite part of it is doing the working lunch and interacting with the peers and getting to know what other plans about my size are doing, and I’m like, “Maybe we should try that,” or, “I can provide the same to them.” So that’s what I really like about it.
Fred Barstein:
Yeah. It’s one thing to hear it from the experts, right? And say, “Yeah, of course they’re going to say that,” but to hear it from your peers.
Melissa:
Absolutely, yes.
Fred Barstein:
Yeah, that’s great. Well, thank you for your time today.
Melissa:
Thank you.
Fred Barstein:
And thank you for watching 401k TV. Please stay tuned.
