Newly Wealthy Individuals and Those Whose Wealth Has Survived Beyond the First Generation
There is no single path to wealth. Each individual is unique in experience and aspirations. We are proud to work with entrepreneurs, executives, business owners, heirs, retirees, and others who have either recently attained considerable assets or expect to in the near term. We also enjoy long-standing relationships with those individuals and families whose wealth has survived beyond the first generation.
Despite diverse backgrounds, these high net worth individuals share several critical characteristics:
- An appetite for clear, unbiased guidance
- An understanding that financial decisions made today shape future prospects and options
- Recognition that prudent wealth management is a multi-disciplinary endeavor, requiring coordination of financial, legal and accounting professionals
Retirement Plan Sponsors
As a plan sponsor, you have significant personal fiduciary responsibility under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA requires you as a plan fiduciary to act with the skill, knowledge and expertise of a prudent expert and ensure that every decision you make as a plan fiduciary is in the best interests of plan participants and their beneficiaries.
Whether it be managing plan fees and expenses, choosing and monitoring the appropriate investments, complying with reporting and disclosure requirements or conducting employee educational meetings, the ERISA rules clearly state that all plan fiduciaries are personally liable for their plan’s management and any wrongdoings that may occur.
This is a very big responsibility — one that requires significant attention and continuing education on the part of all plan fiduciaries. For this very reason, more and more plan sponsors are turning to New Wealth Advisors, an Accredited Investment Fiduciary (AIF®). Our Retirement Plan Advisory Practice professionals have a thorough knowledge of plan fiduciaries, including knowledge of the prudent process for mitigating that risk, and can help you and your organization to maximize plan efficiency, ensure compliance with ERISA’s rigorous standards and meet your objective of offering a best-in-class retirement plan for your employees.