FAQs
Have Questions? We Have Answers.
Choosing a retirement plan advisor is one of the most important fiduciary decisions you'll make as a plan sponsor. At Hall Financial Wellness, we believe transparency starts before the first conversation. The questions below reflect what we hear most often from plan sponsors, business owners, and HR professionals — on topics ranging from how we work, to what ERISA actually requires of you, to how we're compensated. If you don't see your question here, we'd love to hear from you directly.
About Hall Financial Wellness
What is Hall Financial Wellness (HFW)?
Hall Financial Wellness is an independent, California state-registered Registered Investment Adviser (RIA) based in Newport Beach, CA, founded and led by Suzan Hall, CPFA®, CFS®. HFW specializes exclusively in ERISA retirement plan fiduciary advisory services and individual IRA planning. As an independent firm, HFW has no broker-dealer affiliation, which means our advice is driven entirely by your plan's best interests.
What types of clients does HFW serve?
HFW serves two primary client groups:
(1) Employers and plan sponsors including business owners, HR directors, and CFOs — who sponsor ERISA-covered retirement plans such as 401(k), 403(b), Cash Balance, SIMPLE IRA, and profit sharing plans
(2) Individuals seeking fiduciary guidance on IRA planning, rollovers, and retirement income strategy.
Is Suzan Hall a fiduciary?
Yes. As a registered investment adviser and CPFA® (Certified Plan Fiduciary Advisor), Suzan Hall is legally and ethically obligated to act as a fiduciary - meaning she must always place the interests of the plan, its participants, and her clients ahead of her own. HFW does not accept commissions or revenue sharing arrangements that would compromise this obligation.
What credentials does Suzan Hall hold?
Suzan Hall holds two specialized designations in retirement plan fiduciary services: the CPFA® (Certified Plan Fiduciary Advisor), awarded by the National Association of Plan Advisors (NAPA), and the CFS® (Certified Fund Specialist), awarded by the Institute of Business and Finance. She has over 25 years of experience in the retirement plan industry with a long-standing focus on ERISA plans.
Services & ERISA
What ERISA services does HFW provide to retirement plans?
HFW offers a comprehensive suite of fiduciary advisory services, including: investment menu design, benchmarking, and monitoring; Investment Policy Statement (IPS) drafting and annual review; plan fee benchmarking and 408(b)(2) fee disclosure analysis; vendor evaluation (recordkeepers, TPAs, custodians); annual fiduciary review meetings with documentation; participant education and enrollment support; plan design consulting (safe harbor, profit sharing, new comparability); and regulatory compliance guidance (SECURE 2.0, DOL rules, plan amendments).
What is the difference between a 3(21) and 3(38) fiduciary?
Under ERISA, a 3(21) fiduciary provides investment recommendations while the plan sponsor retains decision-making authority. Both share fiduciary responsibility. A 3(38) investment manager has full discretionary authority to make and implement investment decisions on behalf of the plan, relieving the plan sponsor of investment fiduciary liability. HFW typically serves in a 3(21) co-fiduciary capacity, empowering plan sponsors with guidance while preserving their oversight role.
What does HFW do as a 3(21) co-fiduciary?
As an ERISA Section 3(21) investment co-fiduciary, HFW provides investment advice and recommendations to plan sponsors, who retain final decision-making authority. This includes fund selection and monitoring, investment policy statement (IPS) development and review, benchmarking investment options against objective criteria, and annual fiduciary review documentation. The plan sponsor remains a co-fiduciary alongside HFW, sharing responsibility for investment decisions.
Which recordkeepers does HFW work with?
HFW is platform-agnostic and works with a broad range of recordkeepers, such as Empower, Principal, Fidelity, Paychex, Voya, Transamerica, JULY Business Services, and many others. Our independence means we can objectively evaluate and recommend the platform that best fits your plan's needs. If your plan is already with a recordkeeper you trust, we can work within that relationship. If you're starting fresh or considering a change, we'll help you find the right fit for your plan and your employees.
Can HFW help us switch recordkeepers or plan providers?
Yes. HFW can guide you through the full vendor transition process, including issuing RFPs, evaluating proposals, facilitating fund mapping, coordinating blackout period notices, and ensuring ERISA compliance throughout the transition. We help plan sponsors make confident, well-documented decisions when changing service providers.
Fees & Compensation
How is HFW compensated?
HFW is compensated through client-paid fees only — never through commissions, 12b-1 fees, or revenue sharing from fund companies or recordkeepers. Fees vary by engagement and may be ongoing, project-based, or one-time depending on the scope of services. All fees are disclosed in advance and documented in your service agreement.
Are HFW's fees disclosed to plan participants?
Yes. As a named plan fiduciary and covered service provider under ERISA Section 408(b)(2), HFW provides full fee disclosure to the plan sponsor. Where HFW's fee is paid from plan assets, it is also reported in annual participant fee disclosures (ERISA Section 404(a)(5) notices) as required by the Department of Labor. Transparency in all compensation arrangements is a core principle of HFW's practice.
How can I find out what I'm currently paying for retirement plan services?
A good starting point is requesting the most recent plan and participant fee disclosures from your current recordkeeper/service provider or advisor. HFW can help you make sense of what you're seeing and put it in context of what similar size plans typically pay. This analysis is a key part of your fiduciary duty and one of the most impactful services HFW provides to new and existing clients. Reach out to start the conversation.
Resources & Insights
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Understanding how 401(k) plans work doesn't have to be painful. Gain meaningful knowledge about 401(k) fundamentals in this quick, easy read to jumpstart your retirement savings journey.
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401(k) Plans Made Easy
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