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Monday, August 2, 2021

Selection of 401k Advisors through quantitative and qualitative measures

Fred Barstein in his short Fred TALK video explains the best strategies for picking a good financial advisor for your 401(k) or 403(b) plan. He says that both quantitative and qualitative measures should be considered.

On the quantitative side, you should check experience (assets, number of plans, and years in the business), ability to act as a co-fiduciary, and focus on your plan size.

The qualitative side includes ethics, leadership, and impact. These three aspects stand for the reputation of your financial advisor. Looking at things like: if they have had any violations, if they stepped up in a crisis, if they’re proactive or not, and finally if their ideas have a positive impact on the company or not.

It is highly recommended to look at your advisor as an outsource chief retirement officer, as they are acting in your best interests and taking a stand for you.

Finally, advisors who use independent quantitative software, such as RiXtrema’s 401kFiduciaryOptimizer, are more likely to provide better expertise on a retirement plan, and share valuable ideas on plan improvement.


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