FBi said in a release it is establishing non-proprietary plan data to be aggregated and analyzed to provide financial advisers, consultants, and plan sponsors with benchmarking information, via FBi’s Benchmarks Plus and Benchmarks Basics reports.
According to the release, features of the reports include fee transparency and comparison against a benchmark universe of plans; service comparison against a benchmark universe of plans; success measure comparison against a benchmark universe of plans; plan complexity and outsourcing benchmarking; best practices and fiduciary oversight benchmarking; and satisfaction survey benchmarking.
The reports are expected to be delivered to clients beginning early 2009, the release said.
“NRP wanted to take a leadership position relating to fee disclosure and benchmarking,’ said Bob Francis, COO of NRP, in the release. “The level of detail and analysis available via the FBi reports will greatly assist NRP advisers and their plan sponsor clients in addressing the increasing level of scrutiny for industry fees and services.’
FBi will be supporting NRP’s data warehousing initiative by providing data for use in product development, management reporting, and sales reporting, according to the release. FBi said it intends to make the service available to other clients in the future.
More information is available at www.fiduciarybenchmarks.com.