Our Fiduciary Process
“If you don’t know where you are going, any road will get you there.” – Lewis Carroll
We begin by obtaining and organizing all relative facts, goals and objectives. Next, we use those facts to research and formalize a solution to meet the requirements, much like an architect designing a building.
Not until the structure is agreed upon and fully documented do we begin the process to implement the plan. At this time, we work closely with all involved parties to assure a smooth and successful training and implementation schedule.
After successful implementation the process of continual monitoring of all aspects of the plan (custodian, TPA, Record Keeper, Education providers and plan investments) is reported to the plan fiduciary committee quarterly.
Our process, developed by the Center for Fiduciary Excellence (CEFEX), in conjunction with the American Institute of Certified Public Accountants (AICPA) and the American Bar Association (ABA), is considered the de facto standard often referenced by legal scholars.
BE CAREFUL WHO YOU BELIEVE
Whether you have been provided a “Fiduciary Guarantee” or the plan provider stated you would be relieved of fiduciary liability, or some other promise, the truth is only a court of law can make that determination.
“Fiduciary Guarantees” often require the inclusion of certain investments that pay the highest revenue sharing to the plan provider. The only guarantee in that scenario is the conflict of interest.
HIRE A REAL FIDUCIARY
The Department of Labor (DOL) states that “Lacking that expertise, a fiduciary will want to hire someone with that professional knowledge to carry out the investment and other functions.”
Our advisors are required to obtain and maintain the Accredited Investment Fiduciary (AIF®) credentials. Many go on to obtain the Professional Plan Consultant (PPC™) among others to further their knowledge. Why these requirements? Anybody can call themselves a fiduciary but an AIF® has the formal training and knowledge to help assure that your plan runs smoothly and operates with fiduciary best practices.
The U.S. Department of Labor (2012, Feb). Meeting your fiduciary duties.
Investments involve various risks, including the possibility of lose of some or all of your investment. This website and information are provided for educational purposes only and should not be considered financial advice. Consult with your legal and tax consul before implementing any financial strategies.
© 2018 Clear Financial Strategies, LLC, – All rights reserved