Not only professionals who work in the financial industry constantly hear about various lawsuits where participant-plaintiffs are suing plan administrators for breaching their fiduciary duty in the administration of the plan, but more and more of the participants and various law firms are scrutinizing retirement plans. (https://www.napa-net.org/news/technical-competence/erisa/excessive-fee-claims-dont-need-to-be-arbitrated-9th-circuit-says/) One of the most common reasons that can be found in these lawsuits are the excessive fees paid by participants for the plan administration.
It is becoming a pending issue for a lot of companies to start looking at their retirement plans to reconsider various administrative fees and plan investment fees to make sure that they are fulfilling their fiduciary duty and act in the best interest of their clients by providing most cost efficient investment options and also to avoid costly lawsuits.
This is where 401kFidcuiaryOptimizer from Larkspur-RiXtrema comes into play. It is built to help plan advisors and plan administrators to find the most cost efficient investment options that will optimize the plan by providing additional saving from the investment options that follow the investment policy objectives but less costly to the plan participants. Be sure to request your demo below to see how it can streamline your practice to success.