You, as ERISA counsel, can bring great value to your clients by overseeing their plan service provider management and selection, with our help.
Fiduciary oversight and service provider management should be the ERISA lawyer’s domain. Yet many employers let the service providers themselves run the whole show (even benchmarking their own fees!). ERISA counsel should be the quarterback of the fiduciary support process–fiduciary responsibility being a compliance and risk management function as much as it is a best practices function. However, many of the tools necessary to provide complete fiduciary support to employer plan fiduciaries are either not available to lawyers or cannot be delivered efficiently through the law firm fee-for-service model–particularly, market data on fees and expenses, investment fund evaluation, and bid submission analysis and technologies. We provide back-office support to ERISA counsel, giving them the ability to provide complete and fee-efficient fiduciary support, including the performance of RFPs, incumbent reviews, and prior period fee remediation (see our For Employers link).