Plan Fee Benchmarking and Service Provider Search

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As a fiduciary, one of the central responsibilities under ERISA is to ensure the plan and its participants are paying only reasonable expenses. Fees should be reviewed annually with a full plan benchmarking at least every 3 years. The fee review should include investment managers, recordkeepers and/or third party administrators, and financial advisors and consultants as well as accountants and auditors. Plan sponsors also have a fiduciary responsibility to periodically conduct a service provider search to help find an optimal fit for the retirement plan. The search should identify the primary needs of the plan sponsor and its participants then determine multiple providers that meet the plan sponsor’s requirements. Bridgehaven Fiduciary Partners will help plan sponsors determine the reasonableness of their fees as well as assist and conduct service provider meetings. These services include:

  • Conduct a total plan fee review
  • Provide a comprehensive analysis from a third-party benchmarking service
  • Discuss the report findings and implement steps to negotiate with existing service providers, if necessary
  • Help create request for proposal (RFP) questions and submit to multiple recordkeepers
  • Review request for proposal responses and create comparison of service providers
  • Conduct service provider interviews with the plan sponsor and help determine the optimal candidate

Investment and Insurance Products are:

  • Not Insured by the FDIC or Any Federal Government Agency
  • Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
  • Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

This information is intended for use only by residents of (AK, AR, AZ, CA, CO, CT, DC, DE, FL, GA, ID, IL, MA, MD, MI, MN, MO, NC, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY). Securities-related services may not be provided to individuals residing in any state not listed above. Please consult with the FA as s/he may not be registered in all states.

For parties residing outside of the U.S., this information is: (i) provided for informational purposes only, (ii) not and should not be construed in any manner as an offer to participate in any investment or to buy or sell any securities or related financial instruments, and (iii) not and should not be construed in any manner as a public offering of any financial services, securities or related financial instruments. Products and services listed may not be available, or may have restrictions, depending on client country of residence.

Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN). Wells Fargo Advisors is the trade name used by Wells Fargo Clearing Services, LLC and WFAFN, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. Any other referenced entity is a separate entity from WFAFN.

Insurance products are offered through nonbank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies.

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