The Hallmark of a True Fiduciary: Prudence and Documentation

Calling yourself a fiduciary is like calling yourself an artist, the juxtaposition of materials and processes are unique to each individual – with one major caveat is that a fiduciary is bound by law whereas an artist is bound by opinion. How can Plancheckr be a tool that adds value to your practice? It is the fiduciary’s canvas, showing the story of each of your retirement plans from the first signatures on your adoption agreement to the twelfth time you changed a fund line-up, all the way down to documenting the last time you took a look at your service provider fees, and how you justified not changing providers.

Being a fiduciary is 80% proving what you did through documentation, and 20% actually being involved in plan decisions in the eyes of the Department of Labor. Advisor fees, custodian fees, record-keeper fees, investment fees etc, all must be paid by someone. Are your plan’s assets rendering these payments? Because if they are, the word “Prudence” better not scare you. It doesn’t matter if you provided the lowest cost investment options or moved a plan to a cheaper record keeper if you cannot document why you made that decision.

How does Plancheckr Help with Fiduciary Responsibility?

That’s the beauty of Plancheckr, with sections for almost every fiduciary task imaginable it can guide you down a pathway to greater compliance and success all while allowing you to scale your business. Plancheckr can alert you or your plan sponsors when something needs to be reviewed or when a new signature is needed. It eliminates waste in the form of paper, energy and time. When the DOL says ‘prove it’ you will have all the documentation you need at your fingertips, literally with the click of a button. Plancheckr can produce a report of all the relevant items for a DOL audit or your annual CPA audit.

We can’t tell you what is prudent without background information. But we can tell you that if you want to create and streamline a process that allows you more time to interact with clients and build your business all while putting the paperwork on autopilot then Plancheckr is what you’ve been waiting your whole career for.

P.s. There’s a free trial, so you really don’t have anything to lose.

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