Recommended new providers
combining a national recordkeeper with a local third party administrator to initially save the firm $20,000 in plan administrative expenses.
Enhanced Investment lineup
to lower the investment expenses for participants. Plus, created a plan expense account where revenue collected in the plan could be used to pay for advisory and administrator plan expenses.
Repositioned self-directed brokerage accounts
to strategically improve key stakeholder usage while lowering plan investment expenses and eliminating the need for new accounts. Saved the firm $20,000 in plan expenses. Stonebridge Financial Group and Wells Fargo Advisors became a 3(21) co-fiduciary for the plan investments.
Created an investment policy statement
along with quarterly monitoring reports. And, along with Wells Fargo Advisors became a 3(21) co-fiduciary for the plan’s investments.
Minimized fiduciary liability
for plan trustees by implementing processes along with plan benchmarking every three years.
Met with plan participants
to help them feel comfortable during the plan transition and improving diversification of their accounts.