Fiduciary Benchmarks Provides Fee Benchmarking for ExpertPlan

Fiduciary 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 408(b)(2).  

“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.  

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