Most senior finance executives who are fiduciaries for their 401(k) plans are aware of their duty to oversee and evaluate their service providers. Although many have run RFPs on their plan recordkeepers in the past, until recently, most have ignored the crucial role of plan advisor. This year, an estimated one out of every seven retirement plans will evaluate their plan’s advisor, most of whom will do so by going to market. Reasons will range from routine diligence in meeting ERISA’s duty to monitor to outright dissatisfaction. CFOs new to a company or in their roles on the committee, may want to take an objective look at their vendors to validate the decisions of their predecessors. No matter the reason, the RFP process is no small task.
This webcast will:
- Leave attendees with a thorough understanding of the regulations and case law that drive many fiduciaries to initiate advisor evaluations.
- Let you know what to expect when embarking on an advisor RFP and the various routes a committee can take in perusing this task.
- Give you practical tips to use and pitfalls to avoid when going to market.
- Explain the growing trend towards giving advisors discretion [ERISA §3(38)], and the little-known problems in transitioning to this approach.
- Provoke examination of the status quo.
About the Speakers
Jim Scheinberg, Managing Partner, North Pier Search Consulting
Jim Scheinberg has been providing search, monitoring and investment services to ERISA fiduciaries since 1994. In 2001, he founded the Corporate Services Group of Oppenheimer Co. (CSG), one of the retirement industry's first conflict free, fee-only ERISA consultants. In 2008, Jim lifted out the core CSG team, creating North Pier Fiduciary Management, introducing one of the industry's first ERISA 3(38) discretionary practices. In 2012, Jim refocused the firm to address a crucial industry void - pioneering search services for 401(k), 403(b) and defined benefit plan sponsors for their selection and oversight of plan advisors, actuaries, recordkeepers and other service providers.
Jim regularly serves as an independent expert for the U.S. Department of Labor and as and expert witness for ERISA litigation. A recognized industry leader, Jim is a regular speaker at industry conferences and is a frequently quoted source for journalist. In 2001, Jim completed his Certified Investment Management Analyst (CIMA®) designation from The Investment Management Consultants Association (IMCA®) in conjunction with the Wharton School of Business of the University of Pennsylvania. He has also earned the Accredited Investment Fiduciary (AIF®) and Accredited Investment Fiduciary Analyst (AIFA®) designations.
Greg Metzger, Senior Consultant, North Pier Search Consulting
Greg is a Retirement and Investment consultant with over 30 years of experience helping organizations design, administer and fund their retirement plans. He has helped over 200 clients run RFPs for retirement plan service providers and placed more than $90 billion in retirement plan assets. Greg joined North Pier in 2014 and is the firm's national search practice leader.
Greg is considered a longstanding thought leader in the retirement consulting and vendor search field. He has been quoted in trade and mass market periodicals including Pension & Investments, Institutional Investor, CFO, Plan Sponsor, Fortune, Money, Business Insurance, Employee Benefits News, New York Times, Wall Street Journal and Journal of Risk Management. Greg has authored and published papers and articles, as well as spoken and led national conferences. He has been a guest lecturer the Wharton School of the University of Pennsylvania and the Nonprofit Management MBA program at the American Jewish University.
About the Emcee
Joe Fleischer, Editorial Director, Finance Channel, Argyle Executive Forum
In his role as finance channel editorial director with Argyle Executive Forum, Joe Fleischer focuses on developing virtual events on topics that reflect the primary concerns and priorities of senior finance executives. He is based in New York.