dol’s fiduciary process agreement professional fiduciary services llc enterprise services, inc
TRANSCRIPT
DOL’S FIDUCIARY PROCESS AGREEMENT
Professional Fiduciary Services LLC
Enterprise Services, Inc.
Changes in the Fiduciary Process 2
No Moench Presumption Non-litigation impacts
Regulation by Settlement Agreement Transactional and Ongoing Impacts Changes in Valuation Reports
Financial Advisors and Fiduciary Standards Is my Broker a Fiduciary?
No Moenchy Business3
Criteria to hold or divest company stock Benchmarking performance Capping allocations to company stock Should the plan say it is designed to invest
in company stock? Do the fiduciaries document the hold
versus sell decision?
Sierra Aluminum Settlement4
Independent valuation firms Audited financial statements Assessing management projections Control premiums Claw backs and warrants Seller financing
Financial Advice to ERISA Plans
Traditional Broker Standard Suitability – meets risk / reward objectives
RIA standard Fiduciary – best interests
DOL proposes a fiduciary standard for those who advise retirement vehicles.
5
Mickey Maier is a President of Professional Fiduciary Services LLC in Milwaukee WI. He serves as an independent transactional fiduciary, ongoing trustee, or board member for a number of ESOP companies.
Professional Fiduciary Services LLC1841 N Riverwalk WayMilwaukee WI [email protected]
Enterprise Services, Inc.355 Austin CircleDelafield, WI [email protected]
Craig Olinger is a Principal at Enterprise Services, Inc. (ESI), a firm focused on providing consulting services for private business. He specializes in working with business owners and advisors on ESOP valuations.