5 Ways Financial Advisors Help Small Business Retirement Planning

Author: / 3 Jul 2023 / 401(k) Plan Information, Financial Advisors

Planning for retirement can be a daunting task, especially if you’re a small business owner. After all, setting up a 401(k) plan for your employees involves making critical decisions that can have a profound impact on not only your financial wellbeing, but also that of your employees. While some business owners may choose to handle their retirement planning independently, many seek the guidance and expertise of financial advisors.

Benefits of Working With a Financial Advisor

1. Expertise and Knowledge 

Financial advisors are professionals who specialize in various aspects of personal finance, including retirement planning. They possess in-depth knowledge of retirement accounts, investment strategies, tax implications, and other crucial factors that can significantly influence your small business 401(k) plan.

The right financial advisor for you can help navigate complex financial decisions ranging from setting up a 401(k) plan to helping your small business make the most of tax breaks and other opportunities to save.

How much will you pay for 401(k)? Get an instant quote.

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2. Personalized Strategies 

A financial advisor who specializes in small business retirement planning will take into account your business’s unique circumstances, as well as the goals, risk tolerance, and time horizon of your employees. Having someone on hand to analyze your employees’ current financial situations and retirement needs can be extremely helpful for designing a comprehensive plan that aligns with your business objectives.

3. Investment Management

Managing investments is a crucial aspect of retirement planning. Financial advisors can assist in constructing a well-diversified investment portfolio that balances risk and return.

They have access to a wide range of investment vehicles and can help your employees choose suitable options based on their risk tolerance and retirement goals. Additionally, they monitor those investments regularly and make adjustments as necessary to ensure they remain aligned with your employees’ retirement plans.

4. Retirement Income Planning

One of the most critical aspects of retirement planning is determining how to generate a reliable income stream during your retirement years. (If you’re not sure how you’re doing, or you want to help educate your employees, a retirement calculator can be a valuable resource for understanding your future financial picture.)

Financial advisors can help develop strategies to optimize retirement income from various sources, such as Social Security, pensions, annuities, and investment accounts. They can also provide guidance on when to start taking Social Security benefits and how to minimize taxes on retirement income.

5. Plan Selection, Administration, and Compliance

A financial advisor can help you choose a plan that meets your small business’s needs and your employees’ needs, too. They can also help you stay on top of meeting your compliance responsibilities in a timely manner and more.

6. Employee Education and Engagement

Yep, they do this too! A financial advisor can help educate your team on the benefits of participating in your small business 401(k) plan, and provide ongoing support to ensure they’re on track to meet their retirement goals. Pro tip: A lot of financial advisors refer their clients to the Ubiquity blog for information about 401(k) plans.

The bottom line? Financial advisors play a vital role in retirement planning by providing expertise, personalized strategies, investment management, and retirement income planning. And if you’re feeling a little unsure about having your employees’ 401(k) futures in your hands, a financial advisor has the potential to be a great resource for your small business.

Take the next step – Let me help you.

Contact Jay Jacob, Sr. Retirement Plan Consultant

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San Francisco, CA 94104
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© 2023 Ubiquity Retirement + Savings
Privacy Policy
Do not sell my info
44 Montgomery Street, Suite 300
San Francisco, CA 94104
Support: 855.401.4357

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