Fiduciary standards have been characterized as the "highest know to law" and most corporate senior executives along with certain HR personal and investment committee members are considered, by either their title or actions, to be plan fiduciaries and fully subject to the exposure of personal liability found under ERISA.
Unfortunately most of the advisors in this country who are serving the 401k/403b space do not have:
- The legal capacity to act in a fiduciary role
- The credentials to demonstrate their knowledge in delivering prudent plan governance procedures to help mitigate this personal liability for fiduciaries
This is where Baystate Fiduciary Advisors, Inc. sets itself apart from the typical commissioned broker-of-record or standard investment advisory firm:
- SEC Registered Investment Advisory firm, we act in the sole interest of our clients and are legally considered a fiduciary, side-by-side with our clients
- Accredited Investment Fiduciary®, we have armed ourselves with the knowledge of the prudent fiduciary practices needed to mitigate liability
Baystate Fiduciary Advisors, Inc. delivers the following Fiduciary Services via a written engagement letter along with an annual service calendar:
- Development of an Investment Policy Statement
- Benchmarking of investment provider fees and expenses
- Training of investment committee members as to their duties and obligations
- Establishment of investment committee by-laws
- Easy to understand fund analytics which tie directly to the thresholds established in the Investment Policy Statement
- Quarterly due diligence visits with investment committee to prudently select and monitor investment options
- Recordable minutes for prudent documentation
- Electronic backup of investment committee related documentation
- Annual Self-Assessment of Fiduciary Excellence (SAFE®) to assist in analyzing how well the organization is meeting defined global fiduciary standards
