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Are You Offering a Multiple Employer Plan?

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Are You Offering a Multiple Employer Plan?

As a financial advisor, you may be looking for ways to grow the services and products you offer. Many of today’s employers need affordability and flexibility. This is not always easy to put in place with retirement planning. However, a multiple employer plan, or MEP, may be able to help them. And, if your office offers these types of services, it may mean you have a larger number of employers to reach out to and provide services to for your business. What should you know and how should you consider this process?

Recognize the Value

In a multiple employer plan, there is an opportunity to provide a retirement plan to employees in a more streamlined manner. These plans are a 401k plan that is published under the 413c component of the Internal Revenue Code. The entire premise is to allow companies (employers specifically) who are not affiliated in any way, to offer a retirement plan that is sponsored by a third party. And, as that third party, your organization can help to ensure more people have the type of retirement planning services they need.

Yet, setting up and managing these types of services can prove to be challenging for a smaller financial advisor. With the help of a third party to handle the entire process and paperwork aspect, though, you may open the door to these services within your organization. If you have put off offering MEP services because of the behind the scene work, now is the time to consider this alternative solution.

A multiple employer plan can be an excellent choice in some environments. However, it is important for any advisor to have a streamlined and efficient manner for bringing these employers onboard. With the help of a third party, this may be easier to do than you realized.

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