At Mayflower Advisors, we understand that effective Fiduciary management of your retirement plan involves several key components: governance, investments, plan design, education, performance & service monitoring, and proper documentation. One challenge we encounter is that Plan Sponsors often lack a cohesive process to manage all these elements. To address this, we use a focused software suite that streamlines fiduciary duties, documentation, and task management. This technology is central to our ability to provide comprehensive and efficient support to our clients, freeing them up to focus on other areas of need within their organization and benefits program.

Mayflower Advisors has the ability to serve as either an ERISA 3(21) or ERISA 3(38) Fiduciary. A fiduciary is entrusted by an explicit or implicit agreement to act solely in the best interest of another party. Fiduciaries are responsible for making thoughtful, informed decisions using all available information and seek out expertise if needed. Fiduciaries must steer clear of conflicts of interest and prioritize the participants’ interests over their own. Additionally, they should act honestly, maintain confidentiality, and ensure transparency by documenting all necessary information during the due diligence process. (outlined below)

401(k) plans are the marquee retirement tool in corporate America, often serving as both a recruitment incentive and an essential part of an employee’s overall compensation package. While establishing a plan is usually a straightforward process, its ongoing management requires significant responsibility and attention to detail.

As either a 3(21) or 3(38) fiduciary partner, Mayflower Advisors ensures that the plan maintains competitive fees, aligns with the company’s objectives, and incorporates a formal review process that covers all aspects of its fiduciary duties.

We recognize that each organization has unique goals, needs, and workforce dynamics. These factors influence both the design of the retirement plan and the development of the employee education program we implement.

Unlike 401(k) plans, 403(b) plans have evolved from individual Tax-Deferred Annuities (TDAs) into more complex retirement options. While 403(b) plans are becoming more similar to 401(k) offerings, many still rely on outdated, costly products. At Mayflower Advisors, we help 403(b) plan sponsors provide competitive retirement platforms.

Our tailored education services also benefit the 403(b) market. Unlike traditional programs, our one-on-one education tracks metrics like income projections, risk tolerance, and deferral rates, while helping participants make real-time changes at the provider level for accurate and actionable data.

At Mayflower Advisors, we believe that an effective education program is the cornerstone of any retirement plan. Research shows that financial stress is one of the leading causes of reduced employee productivity and inadequate preparation for retirement leads to prolonged workforce participation, often at a higher cost and diminished productivity.

There is a significant difference in advisory services when it comes to educating individual plan participants. Many advisors focus solely on the investment committee and C-Suite, often leaving mass employee education to the recordkeeper. While we collaborate with recordkeepers, an essential part of our service model is to offer personalized, one-on-one consultations and access for plan participants. We augment this with an evolving curriculum of group education sessions that expands into true financial literacy, often incorporating other benefit and equity programs. We can also provide a robust, AI-driven Financial Wellness platform that is free from any proprietary product conflicts.