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Independent Custom Benchmark Groups
By Staff Reporters
Department of Labor [DOL] regulations under ERISA, and specifically pending section 408(b)(2), requires that retirement plan sponsors obtain fee disclosures for their plans and that all fees be “reasonable” for services provided.
Fiduciary Benchmarks, Inc. [FBi] was launched to support plan sponsors, advisors, consultants, record-keepers and other plan service providers in addressing this obligation. Fiduciary Benchmarks helps document a thorough and objective process and well-informed decisions. This is an increasingly important topic for hospitals, healthcare systems, CXOs, CFOs, sponsoring medical entities and many modern physician-executives.
Background
Fiduciary Benchmarks, Inc was founded in October 2007 with the express purpose of providing pension and retirement plan benchmarking services. The genesis of the firm was recognition by FBi principals that the marketplace did not have an efficient and affordable way to help plan sponsors meet their fiduciary obligation to determine if plan fees are reasonable.
Progressing Past Current Approaches
Existing marketplace approaches to assessing fee reasonableness (including the use of simple averages books, issuing RFIs, participating in a mock RFPs or actually taking a plan to market) were falling short in terms of validity and/or the time, effort and disruption involved. These gaps continue today.
FBi Modern Approaches
FBi spent more than a year sharing their methodology and reports with the marketplace. They solicited and considered feedback from record-keepers and TPAs, advisors, consultants, independent auditors and ERISA attorneys. As a result, products are claimed to be well vetted and improved.
Link: http://www.fiduciarybenchmarks.com
Fiduciary Report [The Duty to Use Outside Sources]
“Fiduciaries are not expected to be experts. They may reasonably rely on the assistance of others in performing required investigation of and data gathering process. One of the key issues in determining whether reliance on the expert is reasonable is whether the expert is independent and unbiased.”
-Fred Reish
Assessment
In order to remain independent and conflict free, FBi does not perform any traditional investment consulting, plan monitoring and/or record-keeper search work. FBi offers benchmarking services, where desired, by plan sponsors, directly. Fiduciary Benchmarks, Inc. is a completely independent company.
Conclusion
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Filed under: "Advisors Only", "Doctors Only", Ethics, Financial Planning, Investing, Portfolio Management, Practice Management, Professional Liability, Recommended Books, Retirement and Benefits, Risk Management, Sponsors | Tagged: 408(b)(2), DOL, ERISA, FBi, fiduciary accountability, Fiduciary Benchmarks Inc, financial advisors, financial planners, Fred Reish, retirement plans, wealth managers |
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More on Fiduciary Standards
Did you know that yet another group of financial advisors intends to add a voice to the campaign to adopt a fiduciary standard for all advisors?
Link: http://www.fa-mag.com/fa-news/4291-new-group-wants-qauthenticq-fiduciary-standard.html
Just as the SEC’s Mary Schapiro is pushing for some BD and fiduciary exemptions!
Link: http://www.fa-mag.com/blog/evan-simonoff/4254-secs-schapiro-hints-at-exemption-for-some-fiduciaries.html
So, what gives? After all, we at http://www.CertifiedMedicalPlanner.com have adopted a fiduciary standard since inception, in 2000.
Hope Hetico; RN, MHA
[Managing Editor]
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I just heard that regulators, consumer advocates and politicians continue to hammer out what it might mean for Series 65 investment advisors and Series 7 registered reps to adhere to the fiduciary standard, under the Obama administration’s June plan for financial services regulatory overhaul.
http://registeredrep.com/news/fiduciary_standard_broker_advisor_SEC_0819/
But, one of the biggest sticking points is, which fiduciary standard? Now, how do we even define the term … is it synonomous with honesty and transparency?
Chester
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The “F” Word
Here is some more information on fiduciary standards from an insider trade magazine. Read what the stock brokers and financial advisors think:
http://www.fa-mag.com/fa-news/5044-groups-fight-fiduciary-standard-myths.html
Melanie
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Financial Planner Group Pushes For Higher Standards
Yada, yada, and yada! But it ain’t gonna happen!
A group of financial planners pushing for regulation of their “profession” is bracing for a long fight.
http://www.fa-mag.com/fa-news/5163-planner-group-pushes-for-higher-standards.html
The wire-houses and broker-dealers of Wall Street are about a thousand times bigger and more moneyed than these well intended RIA waifs. And, since the CFP® Board only required a HS diploma until 2007, many CFP® are out gunned intellectually – too.
Seems like just more turf fighting and sales strategy to me. If you want to be a fiduciary – just do it. But, you’ll never impose honesty or regulate integrity against anyone’s will. Buyer beware!
Brandon
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Most Stock Brokers Think Uniform Fiduciary Standard Unlikely
http://registeredrep.com/news/most_brokers_think_uniform_fiduciary_standard_unlikely_012010/
Brandon – you are so correct!
Sara
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Sara,
Banking reform legislation just introduced by Senate banking committee chairman Christopher Dodd would give the SEC greater enforcement muscle over RIAs, and would require it to conduct a study examining the effectiveness of extending the fiduciary standard to brokers.
http://registeredrep.com/news/dodd_bill_adopts_year_study_adviser_regs_0315/
This is known as the Dodd Bill.
Seymour
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Are Uniform Fiduciary Standard Back on the Table for Industry Consideration?
A proposed fiduciary standard for all financial advisors is back in play as the US Senate debates financial services reform—and backers of the measure may have Goldman Sachs to thank.
http://www.fa-mag.com/fa-news/5554-fiduciary-standard-back-on-table.html
This should have been done – oh, many decades ago!
Gordon
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