The Duty to Disclose and Uncover Conflicts of Interest
ERISA plan service providers have a duty to disclose conflicts of interest as well as
At RFP 401k Advisor, we’ll walk you step by step through an effective and prudent process.
Let’s face it, an advisor search for your company’s retirement plan is about as enjoyable as finding a new cell phone plan, a new cable TV provider or even buying a new car. There comes a time when you know it’s necessary, but it’s easy to rationalize and procrastinate. Your fiduciary duty demands it and, an even better reason, you and your employees deserve it.
If you conduct an advisor search every 3 – 5 years as suggested by fiduciary best practices, you don’t exactly become an expert. It’s difficult to discern what is different among most top ERISA Advisors. Additionally, it’s even harder to evaluate cultural fit from an RFP process.
At RFP 401k Advisor, we’ll walk you step by step through an effective and prudent process.
Discovery consultation to
identify your needs
Training for your plan committee members regarding ERISA 3(21) vs ERISA 3(38) advisors
RFI interviews with ERISA Advisor teams to determine baseline qualifications
Isolate content that “looks like everyone else” from what you are truly searching for
Evaluation by RFP 401(k) Advisors, facilitate plan committee review and discussion
Guidance on how to document the search and selection process
Don’t know where to start?
No problem!
Reach out today and we can help.
Have questions? Give us a call.
“As the qualified plan industry evolves and legislative/regulatory requirements ramp up, plan sponsors have never been in more need of help or more liable as fiduciaries than right now. This service to plan sponsors is timely, appropriate & more necessary than ever.”
“Plan sponsor committee members are tasked by ERISA and other regulatory bodies with complex fiduciary and governance requirements. These requirements are very much subject to interpretation. The maze of “reasonableness” in evaluating fees vs service is complex and confusing. RFP 401k Advisors provides a service that helps to understand these requirements and how to implement a prudent process for choosing an ERISA Advisor.”
"Working with Eric gave us confidence knowing that we would select the advisor best suited to our plan and participants. The process was very thorough, well documented, and we were involved in every step."
To be clear, we are focused on serving the plan sponsor in their advisor search process, but we can also help ERISA advisors in their relationships with clients and prospective clients. Here are ways we can help the ERISA Advisor community:
We can speak at client/prospective client seminars
Assist you in more transparent communication in the RFP process
We provide ERISA Fiduciary Training to Plan Committees. Facilitate and/or sponsor the delivery of this training.
Assist plan sponsors with a better RFP question set to help differentiate advisor services
Provide guidance to plan sponsors and advisors regarding best communication to promote plan sponsor’s effective monitoring of the ERISA Advisor
Contact us now for additional information on how we can help.
Contact us now for
additional information on how we can help.
ERISA plan service providers have a duty to disclose conflicts of interest as well as
For advisors and plan sponsors, I offer this question: “How is your Target Date Fund
How Are You Paying for Your Financial Wellness Program? Are you creating an ERISA prohibited