Participant Education & Communication
Providing participants with a sense of self empowerment.
Financial education is best delivered on an age and topic relevant basis with a goal towards creating incremental and progressive financial behavioral change. The Institute will create an educational program based on this criteria and establish a curriculum for the plan consultant to follow. The Institute provides the plan consultant with the necessary tools to accomplish these tasks if the plan consultant does not have the necessary tools at their disposal.
Plan fiduciary’s have a responsibility to oversee that those providing financial education do so in a manner consistent with regulations, ensuring that their services don’t step over the line by way of giving financial advice, making them a functional fiduciary. It is a prohibited transaction for a fiduciary to use their fiduciary position for additional financial gain. Plan consultants that solicit participants to rollover their account balance into an IRA upon separation from service may be engaging in a prohibited transaction. Plan sponsors beware.
If no consultant is affiliated with the plan the Institute can provide enrollment and educational services on a flat fee basis.