Compliance with regulations is the top concern of professional service firms that sponsor retirement plans, according to research from Nationwide Financial Services, Inc.
The research also shows that 28 percent of firms with fewer than 50 employees do not feel that their fiduciary requirements are being met. And 28 percent of plan sponsors were unable to show a complete understanding of the Employee Retirement Income Security Act of 1974.
Based on the research, firms say that they need any financial advisor they hire to be an expert on regulatory and legislative issues. To help advisors stay up-to-date, Nationwide Financial created the ERISA and Regulatory Online Resource, an online resource for advisors.
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