360º Fiduciary-Centric™ Plan Design
Most plan sponsors are not aware that, in many cases, for roughly what their plan is currently spending on their retirement plan advisor, they could instead hire a team of fiduciary level specialists who could not only significantly reduce their own personal fiduciary risk, but this “outsourcing” can also eliminate a significant amount of time that they and others at their company currently devote to operating the retirement plan.
When a plan sponsor delegates their plan's administration to a professional 3(16) administrator and also brings in additional “outsourced” fiduciaries to select funds for the plan we call this a 360º Fiduciary-Centric™ Plan Design. This modern plan design allows your plan’s financial advisor to properly focus their energy solely on the retirement readiness and education of the plan’s participants.
History of 360º Fiduciary-Centric™ Plan Design
As an Accredited Investment Fiduciary Analyst® or (AIFA®) since 2004, Brad Creger realized that there was a significant gap in the performance of the typical retirement plan’s administrative requirements as obligated under ERISA. Brad also recognized that there was a complete lack of documentation of the retirement plan’s administrative “history” on an annual basis (to correspond with plan’s recently completed plan year.) The Fiduciary Statement of Plan Management® (or FSPM®) was created and designed to fill this gap.
Although BFF Financial, Inc. (BFF) has been offering our FSPM® to plan sponsors since June 2010; over the last several years Brad has recognized that the future of the retirement plan advice industry is migrating towards and will eventually center around professional administration of the retirement plan and not the plan advisor (as it currently is.)
With this in mind, Brad asked his wife Sheri Creger to separate from her Employee Benefits & Group Insurance administration role at BFF Financial (in late 2016) to open and operate a professional 3(16) retirement plan administration firm that would be able to partner with BFF Financial and other “forward thinking” retirement plan advisors. Through our strategic partnership with Benefits Functional Fiduciaries, Inc., BFF Financial has created our 360º Fiduciary-Centric™ Plan Design which has access to numerous third party fiduciaries who can assist retirement plan sponsors (“Plan Fiduciaries”)* with the day-to-day administration of their plan as well as fund selection thereby eliminating the need for the retirement plan advisor. Our 360º Fiduciary-Centric™ Plan also includes the adoption and implementation of an annual FSPM® (Fiduciary Statement of Plan Management®.)
Schedule a Meeting with BFF to learn more about we can partner with Benefits Functional Fiduciaries, Inc. and other fiduciaries to help reduce your personal fiduciary risk and give you back your time.