Review of Fiduciary Process and Deliverables

APG believes that our advisor partners and their clients are best served when they are educated regarding their fiduciary responsibilities. Noncompliance can result in serious personal fines and penalties. There is a general lack of understanding of these often subjective and complex rules. Unfortunately, many fiduciaries either do not understand their capacity and role or do not understand the standards they are being personally held to. Having our advisor partners assist fiduciaries and plan sponsors with comprehending these responsibilities demonstrates core competen- cy, significant value and creates peace of mind!

We understand the serious nature of these issues and have first-hand experience through countless DOL audits. Therefore, we offer a unique proactive service called Fiduciary Administration and Compliance Training Services (FACTS). This extensive fiduciary boot camp training program is designed to educate our advisor partners in complying with the DOL regulations and establishing prudent processes. This comprehensive and thorough review incorporates the following deliverables:

  • Define who is a fiduciary and their respective roles and responsibilities

  • Outlines proper process, documentation through meeting minutes and due diligence procedures to limit personal liability

  • Provide guidance through the development of committees, investment and education policy statements, compliance checklists, and service calendars

  • Analyzes the need for fiduciary liability insurance and how this mitigates personal liability

  • Reviews the common areas of ERISA violations such as remittance timing, loan administration, operational failures and reasonableness of fees

  • Delves into the proper fiduciary relief standards of ERISA 404(c) self directed plans with an emphasis on employee education deliverables.

  • Consideration of ERISA Section 3(21) or 3(38) co-fiduciary service provider advantages and value proposition

Our advisor partners and their clients have found our fiduciary boot camp to be extremely informative, easy to understand and helpful in building a process that offers valuable deliverables!

Thanks to our Sponsors