Benchmarking

The Importance of Benchmarking Services

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 employer sponsored retirement plans are reasonable. A truly unbiased and high quality peer group comparison is the most efficient and comprehensive approach for this responsibility. From this type of evaluation, you will clarify the value received by a plan sponsor with respect to their retirement plan. The Lifetime Wealth Advisors has partnered with the Center for Fiduciary Management and Fiduciary Benchmarks Inc. to create a procedure and output that makes this process seamless and scalable for all of your retirement plan clients.

Fee and Analysis Evaluation: Fiduciary Benchmarks

The Lifetime Wealth Advisors Fee Comparison and Analysis Evaluation, powered by peer group data from Fiduciary Benchmarks, will allow you to quickly and simply compare plan fees along with value and design complexity, against an appropriate peer group. The report is compiled in a format that plan sponsors can quickly read and understand and is integrated within our Toolset. This allows us to leverage plan data already entered into the system and drive efficiency and automation.

How it Works

The Fee Comparison and Analysis Evaluation uses our client's 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 and features

This comprehensive evaluation tool is another example of The Lifetime Wealth Advisor's commitment to helping our advisors provide a premier analysis and reporting solution that allows them to remain ahead of the curve in today's complex retirement plan regulatory environment.

Benefits to Employers

  • Comprehensive analysis to help understand a plan's fees that provides a record to verify due diligence
  • Easy to read format
  • Clear understanding of plan value compared with pertinent peer groups

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