At HUB/Baystate Fiduciary Advisors, we strive to deliver high-impact service to organizations – innovative solutions, comprehensive consulting, and business value. As an independent firm, with national scale and resources, we have access to a broad array of record keeping platforms, the latest research and analytics coupled with fiduciary capabilities to assist a company with its retirement plan obligations. We offer objective guidance on how to structure a competitive, qualified retirement plan that aligns with your business goals and cost parameters.
Serving as an objective guide for plan sponsors, we help them navigate through the maze of investment options, plan design considerations, participant education, vendor resources, and more. Our services include:
Liability is a significant concern for many business owners. We assist with fiduciary risk management strategies, seeking to help you keep your 401(k) or 403(b) plan in compliance with ever- changing regulations, and systematically monitoring your plan’s investment options. We assist with developing an Investment Policy Statement (IPS), selecting investments and monitoring performance, and procedural due diligence.
An organization has an ERISA obligation to ensure that what you and/or your participants are paying for the cost of your plan’s investments, record-keeping, and administration can be deemed as “reasonable.” To evaluate the competitiveness of your plan and other options available, we regularly conduct independent value and fee benchmarking for your service providers, including ourselves. This allows us to leverage a potential cost savings from your current or potential service providers.
Plan Participant Education
We not only provide you with our support, but we also help your employees with their overall financial wellness beyond the retirement plan options. Participant education is essential to a successful retirement plan, along with proper plan design. Working with your retirement plan committee, we can assist in coordinating a personalized, segmented program tailored to your demographic needs.
- Act in a 3(38) fiduciary capacity to assist in mitigating fiduciary liability exposure for our committee members
- We can also act in a 3(21) non-discretionary capacity if desired
- No broker-dealer affiliation and we act legally on the side of the table with our clients
- Flat dollar fee-for-service model, no commissions
- 3 year lock on fee schedule along with a service guarantee
- Provide a comprehensive, globally accepted fiduciary standards of excellence relative to governance/oversight
- Fiduciary Vault to maintain applicable documentation to support fiduciary decisions
- Provide quarterly agenda/materials along with draft meeting minutes
- Provide ERISA counsel drafted policy templates
- Plan participant support
- Monthly participant communications letter
- Monthly Financial Wellness Webinars
- Quarterly Telephonic Outreach for 1-on-1 support
- Semi-Annual Onsite or Virtual Group/Individual sessions
- Customized Enrollment Video