If it isn't documented it never happened

The need for documentation starts right from the beginning. How would you respond to the question: what was the criteria you considered when you chose the service providers to your plan? This is one of the very first questions you would be asked in a Department of Labor audit. You probably have an advisor and almost certainly a third-party administrator and recordkeeper servicing your plan - do you remember just why you selected them?

Documenting your selection and monitoring process is essential if you ever need to prove that your decisions were made prudently. These decisions are fiduciary decisions and regulators take these things seriously. This doesn’t have to an ominous task. It takes a little extra time and effort but remember – if it isn’t documented it never happened. It’s well worth the effort to document, document, document.

While we will provide you with evidence of why we believe we are the best choice for advisor to your plan we are not in charge of that decision. You will need to document that decision – though we can help with that. Once you select us we employ our six step process which is formulated to keep the plan on track and provide documentation of the ongoing process of monitoring the plan. It is a key element for maximizing fiduciary protections.

Documentation is your first defense if you are ever called upon to justify your decisions. It also demonstrates to your plan participants that you take your plan stewardship role seriously and are focused on providing a cost efficient plan that offers superior investment opportunity.

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