A 401(k) plan advisor (also called a 401(k) consultant or 401(k) specialist) is a licensed financial professional with particular expertise in employer-sponsored retirement plans. The 401(k) advisor will work with and guide the 401(k) plan sponsor, committee, administrator, and committee in best practices in researching, establishing, and offering the plan, as well as assist in educating employees about the plan and enrolling them as participants.
The 401(k) advisor usually ensures the 401(k) retirement savings plan acts in the fiduciary best interest of employees in accordance with the Employee Retirement Income Security Act (ERISA).