Group Retirement - Vendor Selections
When Ironview legally binds itself as a 3(38) fiduciary, the firm becomes accountable for both the 401(k) investment line-up and the reasonableness of fees related to the line-up. In short, Ironview's money is where their mouth is, and the firm is intensely focused on creating the most optimal 401(k) experience with respect to service and cost.
In this regard, only a pure Registered Investment Advisor and named fiduciary is able to run a truly comprehensive auction process for the other service providers who will be working on the 401(k) plan in question. The conflicts of interest and self-serving relationships inherent in the Broker-Dealer world will interfere and lead to less than robust data and inefficiencies in terms of this search process. In short, the 401(k) plan will not end up with the best pricing and best service available in the marketplace, and the liability of such shortcomings rests solely in the hands of the plan sponsor.
In each of Ironview's engagements, the firm will make available Request for Information (RFI) and Request for Pricing (RFP) services to the plan sponsor and the investment committee. The search process for the service providers listed below is highly specialized. The language employed by 401(k) plan vendors is intentionally confusing, pricing data is intentionally opaque, and, as such, making an apples-to-apples comparison is almost impossible if you are not an expert in this field. In the past, Ironview has also provided guidance to the committee in selecting an independent and expert, third-party to run this search process where appropriate.
Corporate or Directed Trustee
Investment Management (mutual funds, ETF's, CIT's, separate accounts, etc.)
Third party administration
ERISA bond providers
Fiduciary liability insurance brokers and carriers