Fiduciary Benchmarks’ Fiduciary Rule Solution will follow the guidance contained within the Fiduciary Rule and FINRA Regulatory Notice 13-45 to demonstrate that Service Providers IRA actions are in the best interests of their clients, that fees being charged are reasonable, that all transactions are subject to compliance oversight which will ultimately protect these firms from potentially costly class action litigation.

Fiduciary Benchmarks’ Fiduciary Rule solution is a broad tool suite. Some of your considerations for selecting it would include:

Regulations Driving Change

  • Advisors will be obligated to acknowledge their status as fiduciaries
  • Advisors that provide advice to plan sponsors, plan participants or IRA owners must avoid payments that create conflicts of interest (unless exemption is utilized**)
  • Advisors will be required to adhere to a fiduciary standard:
    • Make investment recommendations that are in the best interest of the investor
    • Charge only reasonable compensation
    • Make no misrepresentations regarding recommended investments

** Best Interest Contract Exemption (BICE) – allows Broker/Dealers and Advisors to continue compensation practices already in place, provided they follow steps to mitigate conflicts of interest and act in the best interests of their clients.

Change Demands Solutions

  • Best Interest Determination including:
    • Cash Withdrawal and Loan Analysis
    • State Specific Bankruptcy Analysis
    • RMD Analysis
    • Company Stock Impact Analysis
  • Fee Reasonableness/Benchmarking including:
    • Administrative Fee Comparison including Quality, Service and Value
    • Investment Fee Comparison
    • Advice Fee Comparison including Quality, Service and Value
  • Compliance Analytics and Workflow Solutions including:
    • Comprehensive analytics platform enables compliance to view both real-time and historical data based on a variety of filters
    • Alert System notifies both user and compliance when action needs to be taken
    • Logging of all user activity
    • All reports saved to Digital Documentation Library
  • Point of Sale Reporting including:
    • Best Interest Determination Report
    • Fee Reasonableness Report
  • Integration with existing processes and systems including:
    • Port client data into system via feed or API
    • Receive client data from system via feed or API
    • Integration with risk tolerance, account opening and other systems

Partner for Success

  • People
    • Fiduciary Benchmarks’ Executive Team averages 25+ years of experience in the Retirement Industry
    • History of building and delivering innovative solutions like Fiduciary Benchmarks’ DC Plan Benchmarking Suite of Services
  • Process
    • Fiduciary Benchmarks has always emphasized Value over Fees. Our DC Plan Benchmarking Service was designed around Quality/Service/Value vs. Fees and received a patent (8,510,198)
    • We will be bringing that same emphasis on value to the RIA space
  • Technology
    • Fiduciary Benchmarks has a huge head start in the IRA space as we will be able to heavily leverage the effort to build our DC Benchmarking solution
    • 9 years of experience as the leading aggregator of retirement plan data and with implementing/integrating with service providers
  • Results
    • Protecting Plan Sponsors, improving retirement outcomes and ensuring that service providers are compensated fairly for their work is what we have always done on the DC Plan side of our business
    • We have an impressive client list of the industry’s best Recordkeepers, Broker/Dealers and Advisory Firms as testimony to how effective our services are