Fiduciary Consulting

We help our plan sponsor clients as they address the requirements of both The Employee Retirement Income Security Act of 1974 (ERISA) and the Department of Labor (DOL) regulations and standards.

Our fiduciary consulting service strives to ensure that

  • Your retirement plan is compliant with government regulations and standards
  • You are paying only reasonable fair market fees & commissions
  • Your company fiduciaries are protected from personal liability
  • Employees receive long-term value for their contributions to the plan

ERISA provides that a fiduciary must act “with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.” All fiduciary actions are held to the same standard of prudence.

Source: The Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1104(a)(1)(B)


Lacking that expertise, the DOL suggests a fiduciary hire someone with that professional knowledge to carry out the investment and other functions.

Our fiduciary consulting service process is a comprehensive diagnosis of your plan’s position and specific recommendations to help you manage fiduciary risk.

Plan Discover. Our deliverable begins with plan discovery which is an extensive review of documentation, practices, and operations, with specific focus on plan documents and design, fiduciary roles and responsibilities, provider(s) services and disclosures, and participant rights and protections. We interview the retirement plan committee to identify plan objectives and concerns.

Findings. We will review our findings with your retirement plan committee, including a complete benchmark of provider services and fees, all fiduciary risk concerns, any plan documentation and design weaknesses, and process and operational gaps.

Recommendations. Our recommendations for best practice options to address plan improvement will be specific and customized to your plan’s needs and focused on addressing your business objectives for compliance, fiduciary risk management, fair market value fees and commissions, and improved employee long-term savings potential. If a change in service provider(s) is recommended, we can provide complete RFP management services.

Strategies. Strategy decisions will be rationally considered and well documented. We fully support Implementation processes for maximum impact with minimal disruption to the business.

This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.


Learn About Fiduciary Risk Management >>