Investment Monitoring & Reporting (IM&R)
Fi401k Advisors' Investment Monitoring & Reporting (IM&R) service is designed for plan fiduciaries who believe they possess the necessary knowledge and sophistication to make their own investment decisions, on behalf of their company’s 401(k) plan; whereby they would like to engage a professional Fiduciary Adviser - under ERISA 3(21). As such, the appointment of a non-discretionary Investment Consultant, simply enlists the help of an independent investment professional to support the investment evaluation processes as well as provide objective due diligence and reporting around the plan's designated investment options.
Non-Discretionary Investment Consultant
As a Registered Investment Adviser, Fi401k Advisors is able to perform as an "co-fiduciary" Investment Consultant to a qualified plan - under ERISA 3(21). As a result, Fi401k Advisors will work with the plan sponsor, plan trustee(s) and/or investment committee to design, implement and manage a fiduciary decision-making framework that is backed-up by robust investment due diligence and reporting. Thereto, Fi401k Advisors will facilitate the process of cooperatively determining – in conjunction with input from the other plan fiduciaries – the investment alternatives that should be considered for inclusion in the plan, as well as how to determine if/when an existing investment option needs to be replaced. Nevertheless, the final decision around the specific investment options that are made available within the plan will reside with the plan's appointed trustee(s).
Robust Due Diligence & Objective Reporting
By providing plan fiduciaries with consistent, objective and ongoing investment option monitoring reports, Fi401k Advisors will provide the evidence that demonstrates the fiduciaries' diligence related to the routine monitoring of the plan’s designated investment options. Thereto, Fi401k Advisors will deliver to the plan fiduciaries, on a quarterly basis, a detailed report that lists the current historical performance, categorical rankings and other fundamental portfolio charateristics for every investment option offered in the plan. As a result, Fi401k Advisors will provide the skill necessary to help translate regular objective reporting data into actionable advice to demonstrate the prudence of the plan fiduciaries' ongoing prudence.
As a professional Fiduciary Adviser, Fi401k Advisors is able to gain insurance protections from claims related to their services that extends to the plan sponsor and other plan fiduciaries. Therefore, the combination a professional liability insurance with an ERISA surety bond, effectively provides a "warranty" against potential fiduciary claims. As a result, engaging Fi401k Advisors as a plan’s non-discretionary 3(21) Investment Consultant represents a solution that supports the management of your company’s plan investment options - that also serves to protect plan fiduciaries from prospective liability.