The SRP Approach
It takes a good process.
Your SRP advisory team is focused on making sure you are on solid fiduciary footing, optimizing your plan design, and most importantly, on helping you and each of your employees work toward achieving better outcomes in retirement.
A Solid Fiduciary Foundation
The first step in managing a successful plan is establishing a solid fiduciary foundation. Strategic Retirement Partners provides the initial training on:
What it means to be a fiduciary
Who acts as a fiduciary
How to document those in a fiduciary role
Part of this fiduciary governance process is establishing and formalizing a Retirement Plan Committee and Committee Charter with a Board Resolution to Establish the Committee, Committee Acceptance Letters, Investment Policy Statement, etc. In an effort to support plan sponsors, Strategic Retirement Partners provides template plug and play documents for consideration and execution.
Instituting an informed, formal committee lays the groundwork from which plan decisions can be confidently made.
Thoughtful Plan Design
It may seem obvious, but assuring your plan design is optimized to meet your needs and goals is essential to a successful savings path. Such a plan considers your current and future situation, company demographics, and retirement income needs. SRP’s Plan Design Optimizer considers these factors and more.
Once this is established, we collaborate with you to engage and educate your employees about the impact of financial choices and long-term retirement readiness. It’s all about better plan design and more personal engagement.
Attract and Retain Talent
Grow Owner and Employee Wealth
Invest Wisely
Investment analysis and advice is the cornerstone of our practice. Our due diligence process is designed with the goal of helping you minimize fiduciary risk and enhance retirement saving opportunities for your employees.
Select
Monitor
Document
To establish and maintain a best-practices retirement plan, we collaborate to create clarity around selecting, monitoring, and documenting the investment process.
Fiduciary Training
One of the first things the Department of Labor asks when auditing a company is if plan fiduciaries have received training.
This program focuses on:
Risk Mitigation
Legislative Updates
Industry Best Practices
Litigation Lessons
Regulatory Review
The Value of Benchmarking
We at Strategic Retirement Partners recognize the importance of fee analysis and vendor reviews. We believe regular RFP/benchmarking reviews help keep your plan features and costs competitive. That’s why we’ve established a benchmarking process that helps clients optimize the value that they get for the investment they make in their company retirement plan.
1
- Discuss service provider selection
- Gather information
- Send RFP questionnaire to qualified service providers
2
- Receive RFP responses
- Analyze and present findings
3
- Renegotiate fees/services from incumbent
- If not accepted, RFP continues
- Semi-finalists selected
4
- Present final RFP analysis
- Select Finalist service providers
- Finalist presentations
- Make final decision
5
- Implement winning service provider
- Begin conversion process
With SRP as a fiduciary partner, you’ll be free to focus on what you do best.