Offering flat-rate point-in-time assistance gives participants a chance to try your services and get to know you as an advisor, while assessing their long-term advice needs. These are some aspects to consider when charging a flat one-time rate:

Enrollment
Distribution plan
Financial plan
One-time asset allocation

3. Be a 403(b) expert – Many 403(b) plan sponsors are still adapting to the new regulatory environment. Some of them do not understand IRS audit triggers that can be avoided by proper communication to participants in the retirement plan. Examples include:

Universal availability: The trigger is a low participation rate. The IRS is looking for a meaningful notice of eligibility sent to employees annually.
Contribution limits: The trigger is a W-2 higher than IRS limits; some participants are eligible to contribute more through the allowed contribution catch-up options. The IRS likes to review the sequence of allowable contributions: Elective deferral limit 402(g), 15-year catch up (if allowed by the plan) and 50+ catch up.
Distribution rules: The trigger is loan default. The IRS is looking for loan documentation and repayments.
Other IRS topics: The IRS website lists issues a list of things that its field agents commonly review when auditing: Top ten issues for IRC403b and 457 plans

4. Be proactive – In this world of constantly evolving technology, individuals rarely feel able to ask the questions whose answers could assuage their fears. When the stock market is volatile, they need assurance that everything will be OK. But the human touch is often missing in today's environment of computers and cell phones.

Instant Insights /

4 steps 403(b) plan advisors should take in today's rapidly evolving environment

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