The partnership will provide a technology solution that Commonwealth’s financial advisers can use to disclose all fees, services and fiduciary status to plan sponsors, in accordance with the regulations that become effective July 1, 2012 (see “DoL Issues Final Rule on 401(k) Fee Disclosure”).
“We are incredibly pleased to partner with Commonwealth on this important Department of Labor requirement,” said Tom Kmak, CEO of Fiduciary Benchmarks. “Commonwealth has a clear desire to make sure that not only are all fees completely disclosed to their clients, but also easy to understand.”
As a strategic partner, Commonwealth will have the opportunity to access other tools through Fiduciary Benchmarks, including the Plan Optimization Service and a new prospecting tool called Plan Profile. These tools provide a holistic operating infrastructure for advisers and plan sponsors to measure and manage workplace benefits programs.