North Carolina businesses face a unique challenge: offering competitive 401(k) or pension plans to attract top talent in a booming market. How do you choose a retirement plan advisor who delivers results without breaking the bank? In today’s complex financial landscape, the right advisor can make all the difference for your NC-based company. At Gordon Asset Management, we specialize in tailored corporate retirement plans and personal wealth management, led by partners Glenn Moore and Todd Zempel. Here’s how to find a fiduciary advisor who connects the dots for your business and employees.
Understanding Fiduciary Duties: The Foundation of Trust
The first step in selecting a retirement plan advisor is ensuring they operate as a fiduciary. A fiduciary is legally obligated to act in the best interests of the plan participants and beneficiaries, prioritizing their needs over personal gain. This means avoiding self-dealing, managing conflicts of interest, and making prudent decisions to protect plan assets.
Key fiduciary duties include:
Duty of Loyalty: Advisors must put the plan's interests first, avoiding any actions that benefit themselves at the expense of participants.
Duty of Prudence: They should act with the care, skill, and diligence that a knowledgeable professional would use, including ongoing monitoring of investments.
Duty to Follow Plan Documents: Decisions must align with the plan's terms, unless those terms violate the law.
Duty to Diversify Investments: To minimize risk, unless it's clearly prudent not to.
Not all advisors are fiduciaries—some may only meet a "suitability" standard, which allows recommendations that benefit them more. Always ask: "Are you a fiduciary?" and get it in writing. In North Carolina, where regulations emphasize participant protection, choosing a fiduciary advisor can safeguard your business from potential liabilities.
Evaluating Experience and Expertise: Matching Your Needs
Experience matters, especially in the nuanced world of corporate retirement plans. Seek advisors with a proven track record in your industry or plan type—whether it's 401(k) design, fee benchmarking, or employee engagement.
Questions to ask:
How many years have you specialized in retirement plans?
What types of plans (e.g., defined benefit vs. defined contribution) do you manage?
Can you provide case studies or references from similar NC businesses?
An experienced advisor should offer services like plan design consulting, fiduciary governance, and investment management. In Raleigh and surrounding areas, local expertise is key—advisors familiar with North Carolina's tax laws and business environment can provide more tailored solutions. Avoid generalists; opt for specialists who genuinely care about building long-term relationships.
Reviewing Fee Structures: Transparency is Key
Fees can significantly impact your plan's performance, so understanding how the advisor is compensated is critical. Fee-only advisors, who charge a flat fee or percentage of assets, are often preferred as they align incentives with your success. Commission-based models may introduce conflicts, as advisors might push products for higher payouts.
Common fee models:
Flat Fee: A fixed dollar amount for services, offering predictability and transparency, ideal for businesses seeking straightforward pricing without ties to plan size.
Fee-Only: Charges based on a flat fee or percentage of assets, fiduciary-friendly with no commissions from products.
Fee-Based: Combines fees with commissions—ensure fiduciary status to mitigate biases.
Asset-Based: A percentage (e.g., 0.5-1%) of managed assets—scalable for growing plans.
Request a clear breakdown and compare it to industry benchmarks. At Gordon Asset Management, we emphasize transparent fee structures, often using flat fees to provide clarity for our clients. Remember, the cheapest option isn't always best; value comes from expertise that saves money long-term through efficient plan management.
Using Verification Tools: Do Your Due Diligence
Before committing, leverage free resources to vet advisors:
FINRA BrokerCheck: A free tool to check background, experience, and any disciplinary history.
SEC Investment Adviser Public Disclosure (IAPD): For RIA-registered advisors, review Form ADV for fees, services, and conflicts.
These steps help uncover red flags, ensuring your chosen advisor upholds high standards.
Assessing Services and Approach: Beyond the Basics
A great advisor offers more than investment picks—they provide holistic support tailored to your business and its employees. Here’s what to prioritize when choosing a retirement plan consultant in Raleigh-Durham:
Dual Expertise in Wealth Management and Retirement Plans: Choose a firm proficient in both personal wealth management—especially for business owners—and corporate retirement plans. Many advisors focus solely on one or the other, but few excel at both. This dual expertise is critical in North Carolina’s dynamic market, where business owners and executives often wear multiple hats. A firm like Gordon Asset Management, with deep experience in both areas, can better serve individual plan participants by aligning their personal financial goals with the company’s retirement plan. For business owners and executives, we optimize plans to maximize personal retirement outcomes, such as leveraging tax-advantaged strategies or integrating plan benefits with broader wealth goals. This integrated approach ensures cohesive advice that enhances both employee benefits and leadership’s financial security.
Robust Fund Due Diligence: Beyond picking funds based on performance scores, a thorough advisor conducts in-depth due diligence using both quantitative and qualitative metrics. This includes analyzing expense ratios, historical returns, risk-adjusted performance (e.g., Sharpe ratio), and consistency compared to peer groups. Equally important is understanding the fund managers themselves—meeting them in person, visiting their offices, and asking probing questions about their investment philosophy, decision-making process, and market outlook. At Gordon Asset Management, we take this hands-on approach, sitting down with asset managers to pick their brains and ensure their strategies align with your plan’s goals, fostering confidence in our selections. For example, when evaluating a large-cap equity fund for a client’s 401(k), we not only review its 5-year returns and expense ratios but also meet with the fund manager to discuss their strategy for navigating market volatility. This ensures the fund aligns with your employees’ long-term goals and your business’s values.
Employee Engagement: Tools to educate and involve participants, boosting retention.
Ongoing Support: Regular reviews, fiduciary training, and adaptability to regulatory changes.
Boutique Firm Advantage: Bigger isn’t always better when choosing an advisor. While it’s important for a firm to be self-sustaining, larger organizations with layers of middle management can increase costs and distance clients from decision-makers. Unlike larger firms where clients may navigate multiple layers to reach decision-makers, our boutique structure ensures you work directly with one of the firm's leaders, not a junior associate. At Gordon Asset Management, we pride ourselves on offering a direct line of communication to firm leaders like Glenn Moore and Todd Zempel. This streamlined approach ensures personalized service and quick, informed decisions, resonating with North Carolina clients who value trust and accessibility in business relationships.
Schedule an initial consultation to gauge fit. Do they listen to your goals? Are they proactive about NC-specific opportunities, like state tax incentives for retirement contributions?
Why a Local NC Advisor Makes Sense for Your Business
North Carolina stands out with its rapid population and economic growth, particularly in the Research Triangle, where high-tech industries and prestigious universities like Duke, UNC, and NC State foster an innovative, academic-minded population. Yet, amidst this cutting-edge environment—think AI-driven financial tools and data analytics for retirement planning—NC retains its down-home Southern charm. People here value genuine, face-to-face connections: looking someone in the eye, shaking hands, and building trust over shared experiences.
A local fiduciary financial advisor embodies this blend, leveraging advanced technology for efficient corporate retirement plans while prioritizing personal relationships. For instance, you might discuss your 401(k) strategy over a round of golf in Pinehurst—home to world-class courses and the U.S. Open—with Glenn Moore, who operates out of our Pinehurst office and brings his wealth planning expertise to the fairway. Or, catch a Durham Bulls baseball game or a show at the Durham Performing Arts Center (DPAC) with Todd Zempel from our Durham office, where he can chat about retirement plan optimizations in a relaxed, community setting. This personal touch ensures your advisor isn't just a voice on the phone but a partner who understands NC's unique mix of progress and tradition, helping businesses attract talent in a competitive market.
At Gordon Asset Management, we’re committed to helping NC companies build retirement plans that attract top talent and secure futures.
Final Thoughts: Take the Next Step in Retirement Planning
Choosing a retirement plan advisor is an investment in your business's future. By focusing on fiduciary status, experience, fees, thorough verification, and a robust due diligence process, you'll partner with someone who truly has your back. Don't rush—interview multiple candidates and trust your instincts.
Ready to optimize your corporate retirement plans? Schedule a no-obligation, 15-minute consultation with Gordon Asset Management to explore how we can tailor a 401(k) or pension plan to your NC business. Reach Glenn Moore at 919.313.6674 in our Pinehurst office or Todd Zempel at 919.313.6683 in Durham, or visit our book a time that works for you. Let’s connect the dots for your financial success in North Carolina.