We work with several clients in the Health Sciences/Health Care fields. Our experience and dedication allow us to understand the unique challenges of this rapidly growing industry and provide innovative solutions to meet their specific needs.
The company was growing quickly and unable to communicate effectively with the new employees who were being hired at such a fast rate. They had so many new 401k plan participants, they had small average account balances, resulting in much higher plan costs for the employer and the employees.
We were able to engage with employees for rollover assets of the newly hired employees that led to the 401k being able to negotiate lower fees for ALL employees.
It was difficult for the company to truly engage with the new employees effectively. They tried passing out packets of information to new employees, that were either not read or not understood. The results were disappointing and most employees were unable to contribute up to the maximum match levels.
They realized that the high growth of new employees would be too overwhelming for their human resources department to have the burden of recruiting their old 401k balances and getting them up to speed on all the benefits offered by the company.
Our game plan for addressing the newly hired and terminated employees grabbed their attention. After hiring us, the plan metrics improved tremendously, which yielded lower expenses for all employees. Our service plan gave the employees the ability to gain assistance in developing a retirement strategy from experienced advisers.
Happy employees that are on track for retirement translate to productive employees, and employees who don’t burden human resources with complaints.
They have realized that being in the health sciences industry is difficult enough under current circumstances. Having a partner who can manage the 401k plan strategy so effectively, relieves the 401k plan committee from the pressure of managing the plan with all the fiduciary requirements that exist.
We wanted to see their business grow, not just their 401k accounts. We became invested in their company in terms of promoting their products and linking them with potential business partners.
After understanding their value proposition, we were able to introduce them to one of our other clients. This introduction eventually led to the other client ordering their products and benefiting from their services.
We believe that our client’s success is our success, and have formed a valued business partnership.
We specialize in guiding 401k committees to run their plan effectively. When 401k plans run smoothly, talented employees are drawn to the company, higher compensated executives can maximize their savings and employee retention for the company becomes the norm.