This research shows a lot of people with a lot of missed opportunities. It’s no wonder many economists and public policy experts talk about a looming retirement crisis.

Accountants have a role to play in solving this. And at the same time, expanding the services they provide. As a trusted advisor, you can help your clients choose the 401(k) plan that's right for them, provide a new lens on your existing financial services, and increase the touch you have with clients.

A common barrier for firms providing this service is that it is perceived as a complicated space to provide guidance in. It is true that 401(k) providers and plans come with a lot of variables.

But thankfully, it is not as complex as it once was. Here's what to consider when recommending a 401(k) provider to your clients.

What should accountants look for in a 401(k) provider for their clients?

When a business chooses to offer a 401(k) plan, there are a number of responsibilities that need to be accounted for. Some full-service 401(k) providers handle most or all of these responsibilities, or plan sponsors can use multiple vendors and/or take on some of the work themselves.

These are the tasks that need to get done to offer a plan and keep it compliant:

Plan design and setup: Prepare required plan documents, coordinate contributions with your payroll provider and custodian.

Enrollment and education: Manage participant eligibility and enrollment, explain your plan to employees, educate them on investment options, and give them required information, notices and disclosures.

Administration and recordkeeping: Deposit contributions and deferrals with the custodian, and keep track of all transactions and balances.

Distributions & Benefit Payments: Administer participant and beneficiary benefit distributions, loans, hardship withdrawals, required minimum distributions and Qualified Domestic Relations Orders.

Compliance and reporting: Prepare and file IRS Form 5500 and schedules annually, perform annual nondiscrimination testing and manage any compliance-related refunds.