Make your workplace its most rewarding.
Your employees are the lifeblood of your organization. Shouldn’t they enjoy the peace of mind that comes with having a financially secure retirement? By preparing your employees for a better retirement, it can enhance their current workplace morale and performance. It can also help you to attract and retain the superior talent that will fuel your competitive advantage and drive your profitability. It’s a win-win for everyone!
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As a business owner or corporate executive, your days are filled with time-consuming responsibilities and challenges that can range from strategic planning to staffing issues. And when you consider the time you devote to caring for your family, there’s not much left to take on the complexities that come with managing your firm’s retirement plan. That’s where FAI Wealth Management can help. If you’re looking to optimize your firm’s existing retirment plan, our experience in retirement plan design, fiduciary insights, and regulatory expertise can minimize your risk, administrative burden, and cost while maximizing your results. Whatever you want to achieve with your corporate retirement plan, FAI Wealth Management can help you make it a reality.
Let us guide you through today’s complex fiduciary landscape.
Beginning in 2012, the Department of Labor increased disclosure requirements and established new guidelines for ERISA compliant retirement plans to protect plan participants. As a result, business owners and executives serving as fiduciaries of qualified retirement plans are being held to a higher standard and, in many cases, are unaware of the federal rules and regulations placed upon them in this role. As an ERISA 3(21) fiduciary, FAI can help to mitigate the potential liability of other plan fiduciaries by providing investment expertise and assistance with compliance of fiduciary responsibilities.
The 3(21) fiduciary:
- Acts solely in the best interest of the plan sponsor, participants and beneficiaries of the plan
- Avoids conflicts of interest or fairly manages them in the client’s favor
- Discloses all forms of compensation both direct and indirect
The following delineates FAI's retirement plan consulting services as a 3(21) fiduciary.
Advisory & Fiduciary
- Perform appraisal of existing investment program
- Draft and implement Investment Policy Statement
- Assist with the compliance with ERISA standards and section 404(c)
- Provide ongoing compliance review
- Schedule periodic plan review meetings with Trustee and Investment Committee
- Partner with best service providers for custody of assets, recordkeeping and compliance of retirement plan
- Develop diversified investment options tailored to the plan sponsor's goals
- Design, monitor and investment profiles as needed to meet IPS objectives
- Perform the due diligence and research for the plan investment profiles/options
Participant Education & Support
- Provide employee investment education to increase participation and utilization of plan
- Hold on-site group and individual meetings annually
- Serve as liaison between the plan sponsor, TPA, and custodian
- Act as primary contact for HR team for employee investment related questions and on-boarding of new employees
Fee-Only Plan Fiduciary
- Maintain independence and objectivity without conflict of interest
- Provide full disclosure of plan costs
- Report investment management fees on participant statements