Most retirement plan sponsors and trustees are unaware of their fiduciary duties and obligations to their retirement plan and the plan participants. For the most part, trustees have never been informed of their duties and obligations to their retirement plan. Most importantly the retirement plan is for the benefit of the participants.
Plan Consultants and advisors are looked to by plan sponsors for leadership and guidance in meeting their Fiduciary duties. The fiduciary challenge is so broad based that plan sponsors don’t have the basis or foundation to know where to begin to think about solving this problem.
The Advisors at Hendricks and Associates Inc. are not only retirement plan consultants and advisors but we are also plan sponsors for our own plan and our employees. We understand the challenges our clients face because we are walking in their shoes. We feel this makes us different than the average plan consultant representing plan sponsors. We understand the business owner as we too make a payroll, sponsor a plan, pay plan expenses, and make matching contributions for our employees.