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Key Responsibilities and Required Skills for Group Plan Investment Consultant

💰 $90,000 - $170,000

Human ResourcesInvestmentsConsultingRetirementFinancial Services

🎯 Role Definition

The Group Plan Investment Consultant partners with plan sponsors, HR and benefits teams, and internal sales and service teams to design and manage investment solutions for employer-sponsored retirement plans. This role delivers fiduciary-minded investment recommendations, performs in-depth manager research and quantitative analysis, supports investment committee governance, and leads sponsor-facing education and communications that improve outcomes for plan participants. Success requires proven experience with defined contribution (DC) and defined benefit (DB) plan investments, ERISA fiduciary duties, and the tools used for performance measurement, benchmarking and manager due diligence.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Retirement Plan Analyst / Junior Investment Analyst with DC/DB exposure
  • Client Services Specialist focused on 401(k)/403(b) plan operations
  • Institutional Sales Associate supporting retirement plan business

Advancement To:

  • Senior Investment Consultant, Group Retirement Solutions
  • Director of Retirement Solutions or Head of Investment Consulting
  • Institutional Consultant / Partner or Chief Investment Officer (Benefits)

Lateral Moves:

  • Fiduciary Counsel / Compliance Advisor (ERISA-focused)
  • Product Manager for recordkeeping or investment products
  • Relationship Director / Senior Business Development Manager

Core Responsibilities

Primary Functions

  • Lead comprehensive investment due diligence for group retirement plans, including qualitative manager meetings, quantitative screening, operational and organizational reviews, fee and expense analysis, and written due diligence memoranda for selection decisions.
  • Develop, document, and recommend fiduciary investment policies and investment policy statements (IPS) tailored to each plan sponsor’s objectives, risk tolerance, participant demographics, and regulatory considerations.
  • Construct and recommend diversified fund lineups and model portfolios (including target date glide paths and managed accounts) for DC plans, ensuring alignment with participant behavior and plan design.
  • Monitor fund and manager performance on an ongoing basis relative to benchmarks, peers, and objectives; prepare monthly/quarterly performance reports and present findings and recommended actions to plan sponsors or investment committees.
  • Execute search processes for underlying investment managers and recordkeeper/TPA partners, design RFPs/RFIs, evaluate proposals, and synthesize selection recommendations that include quantitative scoring and qualitative trade-offs.
  • Serve as primary investment consultant to plan sponsors, delivering proactive, client-facing investment advice, governance guidance, fiduciary training, and periodic investment committee support and materials.
  • Perform asset allocation analysis and stress testing to evaluate plan-level exposure, concentration risks, and participant outcome scenarios; recommend strategic and tactical allocation changes when appropriate.
  • Conduct fee benchmarking and benchmarking of investment options and administrative costs; identify fee inefficiencies and lead negotiations to reduce expenses and improve net participant outcomes.
  • Prepare and present polished executive summaries, board-level slide decks, and technical appendices that clearly communicate investment rationale, performance attribution, and recommended next steps.
  • Provide participant-level insights and plan design recommendations in collaboration with recordkeepers, using behavioral analytics and utilization data to inform fund lineup decisions and participant support strategies.
  • Counsel plan sponsors on fiduciary risk management and ERISA governance best practices, including documenting processes, committee charters, meeting minutes, and periodic fiduciary checklists.
  • Integrate ESG, impact investing, and sustainability considerations into due diligence and fund selection reviews where relevant to client objectives; assess manager ESG processes and stewardship practices.
  • Collaborate with legal and compliance teams to ensure investment recommendations and communications meet regulatory requirements and mitigate fiduciary exposure.
  • Run scenario modeling for target date funds, managed accounts, and other participant-directed solutions to evaluate glide path design, sequence-of-returns risk, and retirement income adequacy.
  • Oversee transitions and implementation projects for fund lineup changes, including managing timelines with recordkeepers, coordinating participant communications, and ensuring smooth operational execution.
  • Lead manager and product monitoring meetings internally and with plan sponsors, facilitating transparent dialogue about performance drivers, process change, or organizational developments at managers.
  • Design and deliver participant education and sponsor training programs, webinars, and open enrollment materials focused on investment choices, retirement readiness, risk management, and contribution strategies.
  • Support business development by collaborating with sales teams to develop investment content for proposals, due diligence questionnaires, and competitive differentiators that demonstrate thought leadership and process rigor.
  • Maintain and enhance proprietary research frameworks, scoring models, and investment recommendation templates to standardize quality and streamline consultant workflows across accounts.
  • Coordinate with actuarial, benefits, and plan design teams for integrated consultations on defined benefit/defined contribution intersections, risk transfers, and de-risking strategies.
  • Conduct periodic quantitative deep dives such as performance attribution, style drift analysis, and risk factor decomposition to identify root causes of fund under- or out-performance and recommend corrective action.
  • Keep current on capital markets, macroeconomic trends, legislative and regulatory changes affecting retirement plans (ERISA, SECURE Act updates), and incorporate implications into client advice and plan strategy.

Secondary Functions

  • Support RFP/RFI responses and proposal development with investment strategy sections, manager due diligence summaries, and fee benchmarking analysis.
  • Maintain CRM (Salesforce or equivalent) client records and project trackers with timely updates on meetings, deliverables, and recommendation statuses.
  • Mentor junior analysts and associates on research methodologies, analytics tools, and client presentation standards.
  • Contribute to thought leadership initiatives, white papers, and blog posts on retirement plan investing trends, fiduciary best practices, and investment innovations for marketing and retention efforts.
  • Participate in internal working groups to enhance service delivery, tools, and automation for monitoring and reporting.
  • Assist in vendor and recordkeeper oversight activities, escalating operational issues and working to resolve participant-impacting events.
  • Provide backup support for onsite client meetings, annual review cycles, and emergency plan sponsor requests (e.g., market volatility calls).
  • Help design and test reporting dashboards and data feeds with the analytics team to improve timeliness and quality of plan-level insights.
  • Coordinate logistics for investment committee meetings, including agenda setting, pre-meeting materials, and post-meeting action item tracking.
  • Support compliance reviews of marketing materials and participant education to ensure accuracy and regulatory alignment.

Required Skills & Competencies

Hard Skills (Technical)

  • Deep knowledge of ERISA fiduciary duties, regulatory requirements for 401(k)/403(b)/pension plans, and practical experience supporting compliance-ready governance documentation.
  • Investment due diligence expertise, including qualitative manager research, operational and organizational assessment, and quantitative performance & risk analytics.
  • Strong proficiency in performance attribution, benchmark construction, risk factor analysis, and quantitative tools for monitoring mutual funds, ETFs, separate accounts and collective trusts.
  • Experience building and evaluating target date fund glide paths, managed account strategies, and participant-level default solutions.
  • Advanced Excel skills — multi-sheet financial models, pivot tables, index calculations, internal rate of return, and scenario/sensitivity modeling.
  • Familiarity with industry research platforms such as Morningstar Direct, eVestment, Bloomberg, FactSet, or equivalent manager research tools.
  • Experience with RFP/RFI processes, vendor selection scoring, and fee benchmarking methodologies specific to retirement plan services.
  • Proficiency with presentation tools (PowerPoint) to produce executive-level investment committee materials and sponsor-facing reports.
  • Data literacy and ability to interpret recordkeeper data files, contribution flows, and participant demographics to inform investment recommendations.
  • Knowledge of ESG integration and manager stewardship evaluation frameworks as applied to institutional and DC plan investing.
  • Experience with CRM systems (Salesforce) and common project management tools used to track client deliverables and engagements.
  • Familiarity with actuarial considerations and pension de-risking strategies when advising hybrid plan sponsors.

Soft Skills

  • Highly polished verbal and written communication skills with experience presenting to plan sponsors, executive committees, and board-level stakeholders.
  • Proven client relationship management and consultative advisory skills, including the ability to influence sponsor decision-makers and build trust as a fiduciary advisor.
  • Strong project management skills — prioritize complex workloads, manage multiple plan reviews, and deliver high-quality analyses on deadline.
  • Critical thinking and problem-solving aptitude to synthesize qualitative manager signals with quantitative results and arrive at actionable recommendations.
  • Collaborative team player who partners effectively with sales, service, legal, compliance, and product teams to deliver integrated solutions.
  • Detail-oriented with high standards for documentation, version control, and evidence-based recommendations that support fiduciary defense.
  • Adaptable to market volatility and regulatory change; able to provide clear, calm guidance to clients during periods of stress.
  • Teaching and facilitation skills for delivering participant education sessions and sponsor training workshops.
  • Business development mindset with the ability to support proposal content and contribute to growth-oriented conversations.
  • Ethical judgment and professional integrity in all client interactions, research activities, and recordkeeping.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor’s degree in Finance, Economics, Business, Accounting, or related quantitative field.

Preferred Education:

  • Advanced degree (MBA, MS in Finance) or professional credentials such as CFA, CFP®, ERPA/ERISA certification, or equivalent industry certifications.

Relevant Fields of Study:

  • Finance
  • Economics
  • Business Administration
  • Actuarial Science
  • Mathematics / Statistics

Experience Requirements

Typical Experience Range:

  • 4–8 years of progressive experience in institutional investment consulting, retirement plan consulting, asset management, or related roles supporting corporate or public pension and DC plans.

Preferred:

  • 7+ years of direct experience advising employer-sponsored retirement plans (401(k), 403(b), pension/DB) with documented experience conducting manager due diligence, IPS development, and investment committee engagement.
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