The Department of Labor has set a high standard for plan sponsors regarding the reasonableness of fees associated with qualified retirement plans. It is crucial that, as plan fiduciaries, you determine if the costs associated with corporate sponsored retirement plans are reasonable. A truly objective and high quality peer group comparison is one of the most efficient and comprehensive approach for this responsibility. From this type of evaluation, a retirement plan advisor would clarify the value received by a plan sponsor with respect to their retirement plan. Romero & Levin utilizes tools provided by LPL financial in partnership with Fiduciary Benchmarks Inc. to create a procedure and output that makes this process seamless and scalable for all of our retirement plan clients.
LPL Financial’s Fee & Analysis Evaluation
The LPL Financial & Analysis Evaluation, powered by peer group data from Fiduciary Benchmarks, allows your advisor to quickly and simply compare plan fees along with value and design complexity against an appropriate peer group; in a format that plan sponsors can quickly read and understand. This four page report is integrated within the LPL Fiduciary Monitoring Toolset, allowing an advisor to leverage plan data already entered into the system and drive efficiency and automation..
How it Works
The Fee Comparison & Analysis Evaluation uses your existing plan data within the Fiduciary Monitoring System, combined with additional relevant statistics to create a comprehensive fee analysis report that includes an analysis on:
- Investment management fees
- Recordkeeping fees
- Advisor/Consultant fees
- Total plan fees
- Plan benefits & features
This comprehensive evaluation tool is yet another example of Romero & Levin’s commitment to helping sponsors access a premier analysis and reporting solution that allows them to remain ahead of the curve in today’s complex retirement plan regulatory environment.