Benchmarks (FBi) will provide 408(b)(2) summary disclosure documents and
independent third-party benchmarking to ExpertPlan’s 16,000-plus clients.
Under the partnership, ExpertPlan will electronically
deliver more than 200 plan-level key metric data points to Fiduciary Benchmarks
regularly, ensuring that plans are always up to date for review. In turn, FBi
will furnish ExpertPlan with a fully comprehensive benchmarking report,
accessible 24/7 within the customized fee disclosure section of its
recordkeeping system website for plan sponsors, third-party administrators
(TPAs) and financial advisers.
The report will include a definitive outline of fees,
services and a fiduciary status that the companies say goes beyond what is
being required today by the Department of Labor regulations under the Employee
Retirement Income Security Act (ERISA), and specifically section
“ExpertPlan has long embraced the concept of fee
transparency through our proprietary recordkeeping platform. We will use the
FBi service to assist plan fiduciaries and our valued network of financial adviser
partners in focusing on the more significant metrics of successful plan
operation and quality service,” said Ross Brown, senior vice president of sales
and relationship management at ExpertPlan.
More about ExpertPlan is at http://www.ExpertPlan.com.
More about Fiduciary Benchmarks is at http://www.fiduciarybenchmarks.com.