Fiduciary Education & Assistance

The consultants of Retirement Plan Solutions as Investment Advisor Representatives, and therefore in a Fiduciary Role

Because the consultants of Retirement Plan Solutions will serve as investment advisor representatives to the plan, the plan sponsor is relieved from the duty of being an expert on investments. Instead, the plan sponsor will be subject to the burden of ensuring the advice Retirement Plan Solutions provides regarding the plan’s investments is reasonable.*

In addition to the assistance Retirement Plan Solutions can provide with regard to investment advice, it can also provide training to the plan committee, assist with governance of the plan, monitor the effectiveness of other service and product providers, and provide electronic document storage assistance.

Fiduciary Oversight

Investment stewards wear many professional hats. And while they may spend the least amount of their working life on retirement plan issues, their fiduciary role for the plan poses a significant amount of risk in the corporate arena. Inundated with primary job functions, finance and human resources executives lament their lack of time and tools to fulfill their fiduciary accountabilities, with a high level of assurance and protection. This uncertainty is the main cause of their concern towards their personal liability as a fiduciary.

To help meet this void, Retirement Plan Solutions offer fiduciary oversight that seeks to deliver protection for plan management through independent governance and monitoring. Retirement Plan Solutions offers fiduciary oversight to its member advisors' plan sponsor clients.

Retirement Plan Solutions strives to help clients satisfy the following fiduciary functions:

1. Demonstrate prudence through a document trail;
2. Understand the key factors around investment management decision making;
3. Adhere to the committees' investment strategies;
4. Avoid conflicts of interest;
5. Monitor service providers according to the new global benchmarks of fiduciary excellence.

Plan Sponsors use our fiduciary oversight because it:

• Is an efficient, effective way for employers to save time, help reduce risk, and gain access to critical fiduciary tools.
• Can assist in fulfilling the fiduciary responsibility to document their fiduciary process, and demonstrate ERISA's prudence requirements through a trail of informed decisions
• Can help to ensure a high level of continuity of ongoing fiduciary governance, and to assist in the event of investment committee evolution and turnover.
• Can assist in clarifying the roles of the committee members and vendors

*The consultants are investment advisor representatives with LPL Financial.  We act in fiduciary capacity for investment advice provided in advisory relationships.
**We do not provide legal advice.  Please talk to your legal counsel for legal advice and information on your specific liability.