Start with the participant's account and plan rules
A review can begin with the investments already available in your workplace plan, your goals and your comfort with uncertainty. Discuss how this account fits with your other resources rather than considering it in isolation.
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Where an employer plan offers a brokerage window and permits the necessary advisor access, individual account management may be possible while assets remain in the plan. Do not assume that every plan or provider allows the same arrangement.
Clarify the advisory relationship
Before engaging a fiduciary adviser, request the firm's disclosures and a written explanation of the services, fees, conflicts and authority that would apply to your account.
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This page discusses advice for an individual participant's account. It does not describe an engagement to select or oversee investments for an employer's plan, or to replace the employer's plan fiduciaries. The advisory agreement determines the actual scope of an individual relationship.
Questions to discuss before making changes
Understand how recommendations will be developed and reviewed, which decisions remain yours and how you can end the relationship. Ask how the advisor will work within any investment or trading restrictions imposed by the plan.
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Professional advice involves costs and does not prevent investment losses or assure a particular result. Compare the proposed services with the help already available through your plan and consider whether the arrangement addresses your needs.
- What information about my goals and other accounts will you review?
- Which actions can you take, and which require my approval?
- What plan, investment, brokerage and advisory costs would apply?
Frequently asked questions
Must I change employers to get help with my account?
Not necessarily. Advice can address your existing workplace account. Any ability to implement recommendations or manage investments depends on the employer plan, the provider and the agreed services.
Must I roll my money into an IRA?
No rollover should be assumed necessary. An eligible brokerage-window arrangement may keep assets in the workplace plan. Whether that option is available and suitable requires a review of your plan and circumstances.
Is participant advice the same as managing the employer's plan?
No. Advice for an individual's account is distinct from an engagement to select or oversee investments for an employer plan. Confirm the specific responsibilities in the advisory agreement.
What should I ask about fees and conflicts?
Ask for the advisory fee, other account and investment expenses, the services included and any relevant conflicts of interest. Request written disclosures and an explanation of how the arrangement compares with available alternatives.
Does working with a fiduciary remove investment risk?
No. Fiduciary advice does not eliminate investment risk or assure an outcome. Investments may lose value, and recommendations should be considered in light of your goals and circumstances.
Sources and further reading
- ERISA Advisory Council: Understanding Brokerage Windows in Self-Directed Retirement Plans(opens in a new tab)
Hosted by the Department of Labor. This Advisory Council report is background research; its contents do not represent the position of the Secretary or the Department of Labor.
- Department of Labor: Understanding Retirement Plan Fees and Expenses(opens in a new tab)