What Clients Should Anticipate and Expect from
Fiduciary Consulting Group?
Plan Consulting:
- Plan Expense Analysis
- Plan Benchmarking Analysis
- Vendor Search Services
Driving the Success of the Plan Participants:
- Retirement Education
- Investment Education
- Plan Participant - Individual - GAP Analysis
- Plan Participant - Individual and Asset Allocation Analysis
Plan Expense Analysis
An Investment Steward's duties include assuring that all plan fees and expenses are reasonable. One of the difficulties for today's Investment Stewards is in determining what the actual expenses and fees are. The safest way to determine the actual fees being paid is by conducting a regular analysis of fees and expenses. When vendors are aware that their products are being held to a standard, then plan participants win.
- Engage in the measurement services of a third-party (Fiduciary Consulting Group)
- Monitor the retirement plan costs and expenses at the most basic level
- Utilize an ERISA fee/expense management account (when appropriate)
- Be aware of all plan expenses
Plan Benchmarking Analysis
Many plan sponsors have a full awareness of benchmarking within their own industry - but not necessarily so with the retirement plan services. Investment Stewards should be fully cognizant of how their plan measures when compared to other retirement plans. It is prudent to prepare an analysis to determine whether a plan should be merely revised or re-engineered. n effort should be made to upgrade the features and benefits of the plan.
Investment Stewards should have an awareness of the following areas:
- Income Replacement Ratios
- Investment Policy Statement
- Deferral Rates
- Investment Measurement Criteria
- Overall Participation Rate
- Investment Education
- Contribution Rates
- Automatic Enrollment
- Catch-up Provision
- QDIA
- Auto Escalate
- Self Directed Brokerage
- Vesting Schedule
- Roth Provisions
- Eligibility
- Educational Services
Plan Analysis
- Fact finding and analysis to determine if the plan participants' needs are being met
- Analysis of a plan sponsors retirement plan provisions
- Determine if the existing design is positioned to optimize the use of the plan by participants
- If needed - a written analysis of plan provisions and GAPS
Vendor Search and Implementation:
Selecting a provider for your company retirement plan can be a very challenging process. Fiduciary Consulting Group helps clients to assess the capabilities and services based upon the client needs. We will collectively review specific criteria to make an informed selection based upon the best available information. Each of the vendors analyzed will be measured on specific criteria - including:
- Fiduciary Awareness
- Investment Capabilities
- Compliance Services
- Participant Educational Services
- Participant Communication Services
- Provider Client-base
- Expense Measurement (Value)
- Recordkeeping Capabilities
The Fiduciary Consulting Group's Vender Search Process is one that stands up to the test of "Objectivity."
