BidMoni Rolls Out FiduciaryShield

BidMoni has introduced FiduciaryShield, a platform that allows retirement plans to solicit bids from retirement plan providers. It analyzes proposals to make it easy for sponsors and advisers to determine the best plan, document the entire process to stay compliant and monitor the services on an ongoing basis.

BidMoni says that until the debut of this platform, sponsors had to contact each provider and request separate proposals. FiduciaryShield allows sponsors to now conduct requests for proposals (RFPs) on a single platform.

“Offering employees the benefit of a retirement plan has become a burden for many plan administrators and business owners—particularly plans with less than $25 million in assets,” says BidMoni co-CEO Michael Steffan, Jr. “We believe these plans should have the same competitive opportunities as larger plans.”

BidMoni is pairing the platform with the services of First Ascent Asset Management, which will serve as a 3(38) manager.