At the same time, he says, advisors should be wary of taking all plans to only one third-party administrator or provider without checking up on the administrator's work or thinking beyond the basic 401(k), since alternative plans and plan designs may be a better fit. "It's like a game of chess, but too many people only think of the 401(k) from a cookie-cutter approach. That doesn't work," he says.
Advisors lacking the background to become ERISA experts should surround themselves with those who do have it, such as ERISA attorneys or financial consultants, says Rosenbaum. He also suggests looking for someone with experience in the same size plans you intend to offer and with experience working for or with third-party administrator firms.