We are excited to share that our firm provides a consulting service that supports plan fiduciaries with the Service Provider Evaluation process.
This service is not for those looking for a short-cut “benchmarking” report. Our service is designed to help fiduciaries engage in a thorough, deep-dive, prudent process to evaluate plan service providers. We place a special emphasis on judging the “level and quality” of services being considered based upon our investigation into how well each prospective service provider performs their service elements. We then assign them a score that reflects that evaluation.
The DOL states that fiduciaries need to ensure that fees paid to service providers are “reasonable” in light of the “level and quality” of services provided. How can fiduciaries realistically determine the reasonableness of fees without some measure of service quality? With our 401(k) Service Provider Scorecard, fiduciaries are equipped to evaluate the reasonableness of fees relative to the “level and quality” of services being considered.
To get a glimpse of how we conduct a Service Provider Evaluation, watch the video above.