Fiduciary Process
Six Step Process
1. 401k Fiduciary Plan Evaluation – Meet with you to discuss your company's plan objectives and concerns. Review strength and weakness of current plan while setting measurable goals in order to determine future success.
2. Cost/Benefit Analysis - Review all cost associated with your plan and determine ways to reduce overall fees while providing a state of the art 401k plan. Determine how to provide full disclosure of all plan cost going forward while discussing who will be responsible for what cost.
3. Fiduciary Plan Development – Work with you and your Third Party Administrator to structure an open architecture plan that will give you and your employees the highest probability for success. We will also keep you abreast of ongoing changes needed to keep your plan current and successful. Current examples of this would be automatic sign and automatic annual deferral increases along with the new Roth component.
4. Structure Fiduciary Shield – Establish a fiduciary process which will include a plan investment policy statement, criteria for investment selection and periodic review needed to fulfill your fiduciary responsibility. We will help you establish your filing system and documentation involved in the process. Also we will assist you in determining investment philosophy (active vs. passive), investment selection using low cost Institutional Funds and the creation of model portfolios.
5. Conversion Process - We will work with you to ensure a smooth transition from your current plan to your new plan. We will be available to provide enrollment services and investment education for your employees as needed.
6. Plan Metrics, Reporting and Analysis - Monitoring all aspects of your plan on an ongoing quarterly basis is the only way to determine success. Goals without measurements are useless. We will monitor things such as contribution rates, saving rates, investment returns and plan cost. We will also provide periodic gap analysis in order to determine the overall success of the plan.
Benefits
- Objectivity – As a truly independent firm, we don’t sell any products, represent any companies or receive any third-party compensation or commissions. We operate on your behalf with no bias or conflict of interest.
- Straightforward pricing – We charge a flat fee based on the scope of services we provide your company. We can also help you uncover and reduce any excess fees within your plan so that you have complete visibility and greater control of overall cost.
- Accountability – As a fiduciary, we stand beside you and provide the guidance, oversight and advice you need to make better decisions and manage your personal liability.
- Results-Driven – We empower you with the tools and analysis necessary to make prudent, cost-effective decisions that focus on driving successful outcomes.
- Expertise – We specialize in the areas of fiduciary responsibility, retirement plans and the marketplace so you don’t have to.
