Offer Fee-Based Advice at the Worksite: Wealthramp

An advisor should understand a worker’s family situation, financial resources, cash payment needs and required minimum distribution constraints, and, when an annuity is involved, “somebody has to read the contract,” Krueger said.

What it means: Regulators and employers could eventually come to see offering retirement plan participants information about outside advisory services as part of a plan sponsor’s fiduciary duty.

That kind of thinking could create new opportunities for outside advisors to connect with the plan participants.

The mechanics: Wealthramp describes itself in regulatory filings as a firm that earns referral fees by generating leads for financial planners, not as a firm that provides investment advice or manages investment assets itself.

The advisors can help clients with tasks such as divorce financial planning, education planning and special needs planning, as well as with retirement asset rollovers and retirement income planning.