What Do Retirement Plan Consulting Firms Actually Do?
Planning for retirement is one of the most important aspects of long-term financial health—for both individuals and businesses. But navigating the world of retirement plans, from 401(k) options to compliance and fiduciary responsibilities, can be complex. That’s where retirement plan consulting firms come in. These firms specialize in helping employers design, manage, and optimize retirement plans that align with both business goals and employee needs. Strategic Plan Design and Setup At their core, retirement plan consulting firms assist businesses in setting up retirement plans such as 401(k), 403(b), profit-sharing plans, or defined benefit pensions. They work closely with company leadership to understand workforce demographics, budget considerations, and long-term financial objectives. From there, consultants recommend the best type of plan and structure to ensure tax efficiency, compliance, and employee engagement. A firm like Northeast Private Client Grou...