RMG Financial Group Retirement Plans
Consultant Profile
As the Retirement Plans Consultant for RMG Financial Group, my objective is to understand and address the evolving interests of plan sponsors and their employees. My goal is to help plan sponsors identify and select progressive, smooth-running, cost-effective plans. Any advisor can make this promise, but RMG Financial Group offers the experience and insight to achieve it.
We have over 70 diverse plans representing nearly $100,000,000 in Plan assets. We partner with various providers and do not sell any proprietary products. We represent your interests first.
My Qualifications
As your retirement plan advisor, my job is to ensure that your interest and those of your plan participants receive the attention they deserve. Leverage my experience and resources to help make your plan a success. My qualifications include:
Third Party Administration/Compliance—15 years experience as a Third Party Administrator for qualified retirement plans. Responsible for Plan design, Plan testing, employee education, IRS and DOL audits.
Investment Advisory Services—Over 10 years as investment consultant for qualified retirement plans. Investment advisory services for retirement plan sponsors and participants.
Licenses and Designations
- Chartered Retirement Plans Specialist (CRPS)
- Certified Financial Planner (CFP)
- Accredited Investment Fiduciary (AIF)
- Securities & Insurance Licenses — General Securities Representative (Series 7), Investment Advisor Representative (Series 66), General Securities Principal (Series 24), Life, Health & Variable Annuities Insurance License
Plan and Vendor Evaluation
The groundwork provided by RMG Financial Group aims for a complete understanding of your needs and level of flexibility. My approach includes the following stages:
Needs Assessment
During this initial stage, we will examine a variety of factors, including your company's needs and objectives and the demographics of your employees. We will also review your current plan's features and assess its effectiveness in all areas. For example, does it offer a sufficient variety of investment options for your participants? Are there areas you would like to see improved upon, such as technology, reporting, and support? RMG Financial Group will also identify providers whose management fees are competitive and who can offer good value.
Vendor Evaluation
Once we have gained a thorough understanding of your needs, we will:
- Identify providers that may best match your needs
- Request proposals from the appropriate providers
- Prepare a comparison of the proposed providers to your current provider
Vendor Candidate Selection
Next, we will match your Needs Assessment to the results of the Vendor Search. One or more of the vendors will emerge as leading candidates, based on their ability to meet the challenges of your plan requirements.
Presentations and Vendor Selection
We will invite the leading vendors to deliver on-site presentations. RMG Financial Group attends those presentations as your advocate to help you ensure the proposals provide effective solutions for your plan's needs. You select the appropriate vendor, and we'll proceed to the implementation phase.
During the proposal and presentation process, we may determine that your current provider is meeting your needs, in which case there is no need to change providers. However, we may find areas where your current provider may be improved, such as taking advantage of additional services or lowering current fees. If it is determined a provider change is beneficial, we will move to the implementation process.
Implementation
Converting an existing plan requires precise coordination and smooth execution. As your advisor and primary contact, RMG Financial Group provides advocacy and assistance to you. My job is to proactively ensure that your needs are communicated to the service provider's representatives, and that you remain fully informed throughout the implementation process. This process can include:
Investment Information
Your fiduciary responsibilities include selecting a broad range of investment options for your employees. Investment selection is one of the most important aspects of a plan, and it merits careful consideration and due diligence. As your financial advisor, I will help you:
- Select an appropriate range of investment options
- Stay aware of any new offerings from your provider
- Avoid common mistakes that plan sponsors often make
Development of an Employee Education Program
A well-constructed employee education program may help you meet certain 404(c) requirements, while encouraging participants to enroll in and get the most out of their retirement plan. Working with your Human Resources director, RMG Financial Group customizes a strategy that:
- Seeks to maximize employee participation and increase contributions
- Helps participants understand their investment options and make appropriate choices
Coordinate / Conduct Enrollment Meetings
The success of your plan hinges upon employee participation. Enrollment meetings provide the opportunity to maximize participation. These meeting are designed to educate and raise awareness among employees about the plan and how they can use it to pursue their retirement saving goals. RMG Financial Group will focus on this effort by coordinating and conducting the enrollment meeting and if appropriate, securing the involvement of your service provider.
Documentation of Investment Policy Statement
As a fiduciary, one of your responsibilities is to create an investment policy statement, which provides guidelines concerning certain investment management decisions. RMG Financial Group will work closely with you to develop an Investment Policy Statement appropriate for your Plan.
Ongoing Plan Service
Once up and running, a successful retirement plan will reinforce your commitment to your employees and help you attract new talent. After implementation, RMG Financial Group remains involved, providing a full range of services to support and expand the benefits of the plan for you and your employees with:
Ongoing Enrollment and Employee Education Meetings
Many times, a provider will only offer enrollment meetings during the initial sign-up period or if there is a minimum number of employees. We offer ongoing employee education, regardless of the size of your group.
Annual plan reviews (or more frequently)
We can help you evaluate your plan's performance and whether it is doing the best possible job helping participants prepare themselves financially for retirement.
Investment policy statement reviews
We will provide ongoing monitoring of the Plan’s investment choices, helping you make the appropriate decisions regarding fund offerings and replacements.
Monitoring provider and program enhancements
We will maintain contact with your provider and communicate to you changes that may affect your plan and your employees.
Service, support, and problem resolution
We can be a valuable helping hand and source of support and information whenever you need us. We act as your consultant, your advocate and your business partner for the success of your Plan.
I look forward to working with you and making your job as your company's 401(k) plan administrator as easy and enjoyable as possible. Thank you.
Peggy N. Slaughter, CFP©, CRPS©, AIF©
