Shaun Clearwater with Full Focus Financial, Interviewed on the Influential Entrepreneurs Podcast Discussing Enhancing a Company Retirement Plan

Shaun Clearwater with Full Focus Financial, Interviewed on the Influential

Shaun Clearwater discusses the keys to a more efficient company retirement plan. 

Listen to the interview on the Business Innovators Radio Network:

 Education plays a vital role in enhancing a company’s retirement plan by boosting participation and contribution rates. Shaun Clearwater from Full Focus Financial stresses the significance of educating employees about the benefits and opportunities within retirement plans.

One crucial aspect of education is informing employees about the saver’s credit, a tax credit available to those who contribute to retirement plans. Many employees may not be aware of this credit, which can motivate them to start saving for retirement without significantly impacting their net income. By educating employees about such incentives, companies can increase participation rates and encourage higher contributions to retirement plans.

Moreover, education can help employees understand the various investment options within the retirement plan. By providing clear and comprehensive information about different investment choices, employees can make informed decisions on where to allocate their funds. This knowledge empowers employees to optimize their investment strategies within the retirement plan, potentially leading to better performance and higher returns over time.

Making minor adjustments to a retirement plan, such as tweaking fund lineups and reducing administrative fees, can significantly optimize the plan. Shaun highlighted how minor changes to the fund lineup can result in substantial fee savings without affecting the investment strategy. By analyzing investment options and making strategic adjustments, it is possible to reduce excessive fees and align the fee structure with industry standards.

Furthermore, Shaun emphasized the importance of reducing administrative fees to industry standards. By identifying and trimming excessive fees, businesses can save significant amounts of money, benefiting participants in the retirement plan. Through careful analysis and adjustments, it is possible to save 32 to 65% on overall plan fees, resulting in substantial cost savings for both the company and its employees.

Shaun also noted that managing a company’s retirement plan can be complex and time-consuming for HR teams. Large employer-sponsored retirement plans often require significant time and energy from HR teams, handling tasks such as new employee engagement, enrollment assistance, and administrative responsibilities. By partnering with experts like Full Focus Financial, businesses can delegate these day-to-day retirement plan activities. By reducing fees, enhancing education, and transferring plan management, HR departments can focus on core business functions, improving efficiency and job satisfaction.

Simplifying and streamlining retirement plan processes can bring significant benefits to businesses, especially in the medical field. Medical providers often have complex infrastructures with multiple retirement plan options for highly paid employees. Simplifying these plans reduces burden and hassle, allowing HR teams to operate more effectively and provide a streamlined retirement plan benefit for employees.

Shaun explained: “We enable our clients to have as much or as little involvement as they’d like. We always want to give them regular updates on things that are going on, but they can engage at any degree that they feel the need or desire to do so. If they want to be involved and be in tandem with us as we make these improvements and adjustments to their plan, we welcome that. But if they want to disengage and allow us to take the wheel, we’re happy to do that as well. It’s a scenario where they have immense responsibilities, upwards of two dozen fiduciary responsibilities when they sign on the dotted line on that plan. And we eliminate all of that and drop it down to just two responsibilities that they have.”

About Shaun Clearwater

Shaun’s start in the financial services industry came from his desire to share both standard and advanced financial strategies with middle America across the kitchen table.  Since his start in 2004, he’s shifted his focus to the 401(k) space where it can have a greater impact as he can impart knowledge broadly and efficiently.  Shaun is fortunate to be surrounded by his 3 amazing daughters and loves to enjoy a glass of red wine with his beautiful wife.


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