Your retirement plan advisor should be an ongoing resource — guiding you through your fiduciary responsibilities, monitoring plan performance, and supporting your employees' retirement success. Asking the right questions helps ensure you're receiving the guidance and service your organization deserves.
Whether you've worked with the same advisor for years or recently made a switch, taking time to evaluate the relationship can provide valuable insight into the health of your plan. Here are the questions worth asking.
Is our retirement plan performing as intended?
One of the first questions to ask is whether the plan is meeting its objectives. Your advisor should be able to discuss:
- Employee participation rates
- Average contribution rates
- Employer match utilization
- Participant retirement readiness
- Overall plan engagement
These metrics help you understand whether your plan is successfully helping employees prepare for retirement — or whether adjustments may be needed.
Are our plan fees still competitive?
Plan fees should be reviewed periodically to make sure they're reasonable for the services provided. Ask your advisor:
- When were our plan fees last benchmarked?
- How do our fees compare with similar retirement plans?
- Have there been any recent changes in pricing or available services?
Regular fee reviews are an important part of sound fiduciary oversight.
Are our investment options still appropriate?
Investment options shouldn't remain unchanged indefinitely. Consider asking:
- How often are our investment options reviewed?
- Have any funds consistently underperformed their benchmarks?
- Are there lower-cost or higher-quality alternatives available?
- Do our options provide enough diversification for participants?
Your advisor should explain their review process and recommendations in clear, understandable terms.
Are we meeting our fiduciary responsibilities?
Serving as a plan sponsor comes with important fiduciary obligations. Ask your advisor:
- What fiduciary responsibilities fall on our organization?
- Which responsibilities are handled by outside service providers?
- Are there additional fiduciary services that could reduce our administrative burden?
- What documentation should we maintain to show prudent oversight?
Understanding these responsibilities helps reduce risk and supports good plan governance.
Are we staying compliant?
Compliance is an ongoing responsibility, and retirement plan regulations change frequently. Ask questions such as:
- Are there any recent legislative or regulatory changes affecting our plan?
- Are we on track to meet all annual compliance deadlines?
- Have all required participant notices been distributed?
- Are there upcoming filing or testing requirements we should prepare for?
A proactive advisor helps you anticipate compliance needs before deadlines arrive.
How can we improve employee participation?
If participation or contribution rates are lower than expected, your advisor should have ideas to increase engagement. Ask about:
- Enrollment campaigns
- Financial wellness programs
- Employee education meetings
- Automatic enrollment or automatic escalation features
- Communication strategies that encourage greater participation
Helping employees better understand their benefits can improve both participation and long-term retirement outcomes.
How often should we meet?
Your advisor relationship shouldn't be limited to a single annual review. Ask:
- How often should we review the retirement plan?
- What topics should be discussed during those meetings?
- What reports will you provide to help us monitor performance throughout the year?
Regular meetings help surface important issues early, rather than after they become larger problems.
Are there opportunities to improve our plan?
Retirement plans should evolve as your workforce and business grow. Your advisor may be able to recommend improvements such as:
- Updating the employer match formula
- Adding Roth contribution options
- Introducing automatic enrollment
- Adding or expanding participant education
- Improving investment selection
- Enhancing fiduciary support
Even small design changes can improve employee participation and retirement readiness over time.
The bottom line
Your advisor should be an active partner in helping your organization maintain an effective, competitive, and compliant retirement plan. Asking thoughtful, on-topic questions helps ensure your plan continues to meet the needs of both your business and your employees. If you're not receiving the level of guidance or proactive support your organization needs, our team would be happy to review your current plan, answer your questions, and discuss opportunities to strengthen it.
This material is provided for general informational purposes only and is not intended as tax, legal, or fiduciary advice. Specific compliance requirements and deadlines depend on your plan's design and circumstances. Consult your retirement plan professionals before acting.