Have a question about getting the most from Fiduciary Decisions’ services and solutions? Here are some common questions we’ve received from users and the answers that have helped them.
You can also contact your Client Success Manager with any questions you have, or email us at clientsuccess@fiduciarydecisions.com.
If you prefer to speak to us, our toll free number is 866-516-4909 (press 2) and we are here Monday through Friday, excluding stock market holidays, between 8:00 AM and 8:00 PM ET.
DC Benchmarking Services
Tips for Advisors
Where can I find my completed client reports?
Go to the reporting page here.
Then go to: Dashboard > Protect Current Revenue > Get/Schedule Reports > Completed Reports > [Search the plan name] > [Download the completed report]
Where can I find my completed prospect reports?
Go to the prospects page here.
Then go to: Dashboard > Prospecting for 2023 > Build/Manage Your Sales Funnel > [Search the plan name] > [Select the plan name] > [Select Reports in the upper right-hand corner] > Download the completed report
How can I edit the Advisor chapter of a completed client report?
Go to the completed reports page here.
Dashboard > Protect Current Revenue > Get/Schedule Reports > Completed Reports > [Search the plan name] > [Select Edit under Actions]
What do the various report statuses mean?
- Your Action Required – You’ll only see this report status if you initiated a report that includes an other service provider chapter. It means that action is needed both by you for your specific chapter and by FDI for the outside provider’s chapter. (Note that this status could also indicate that the authorization form needs to be uploaded in order to process the request.)
To resolve the status issue, click Continue and enter your fees and services (or authorization form), then select Continue and click ahead until you receive a “Pending” status.
- Pending Your Data - FDI has completed and approved other service providers’ chapter(s) in the report. You are able to generate the completed report at any time once you enter/review your fees and services.
- Pending FDI Data - You have selected Data Ready to indicate that your chapter of the report is complete. FDI will generate the completed report once the outside provider's chapter(s) are available.
- Your Edit - The report has been moved from a completed status by the user to an edit status. You are able to update your fees and services before regenerating the completed report.
- FDI Edit - Adjustments are needed to the outside provider's chapter in the report. FDI will reach out to the provider to confirm and will regenerate the completed report once the edits have been processed
How can I request updates to an outside provider’s chapter?
Submit edits for other service providers’ chapter(s) to our Client Success Team at clientsuccess@fiduciarydecisions.com, including the name of the report and contact information for the outside provider. Our team will confirm any edits directly with the company and then we will update the report.
Once I have uploaded the signed authorization form and initiated a report, how long will it take to receive the completed report?
It depends upon when FDI receives the data we’ve requested from the plan’s service providers. When our Client Success Team receives a new request, we submit the request to the plan’s providers and follow up on a weekly basis until we receive the requested materials.
Recordkeepers that share data with FDI each month enables us to turn around reports faster than when we work with a recordkeeper on a plan-by-plan basis. Usually, we complete a report within three to five business days of receiving all required information. Sometimes we find recordkeepers that are not FDI clients can take more than a month to share the requested data.
Do authorization forms expire?
Our authorization forms are evergreen and do not expire. You will need an updated authorization form only when the companies or their contacts for the providers on the plan have changed, or if the individual signing for the sponsor has changed – as well as in those few instances when outside providers require a current signature on the authorization form to process the request.
Tips for Recordkeepers
Can I add an Advisor chapter to my report?
Yes, in one of two ways:
- The plan sponsor completes and signs an Authorization Form (found in the portal in Support > Resources). When FDI receives the signed Authorization Form, we will reach out to the current Advisor on the plan to request their data to include in the report.
- You can ask the Advisor to complete an Advisor Data Capture, available upon request by emailing the Client Success Team clientsuccess@fiduciarydecisions.com. You will forward the Advisor Data Capture to the Advisor, asking them to complete it and return to you. Then you will email the completed form back to the Client Success Team with the plan number for the report the Advisor chapter should be added to. Please ensure the Advisor includes their contact information, since we will contact them directly if we have any questions regarding their fees or services.
Important note when working with UBS and Wells Fargo Advisors: At these firms, compliance procedures require that they work directly with FDI to produce reports that include their Advisor chapter. Please contact the Client Success Team at clientsuccess@fiduciarydecisions.com if you need to include an Advisor chapter for these firms.
Tips for Reading Reports
What is FEEPOINT®?
FEEPOINT® is Fiduciary Decision’s proprietary model designed to associate value for services that are outside of the typical scope. It’s how we make sure that you are getting credit for everything that you’re providing to the plan.
Typically, FEEPOINT starts with the median fee in the benchmark group and adds the applicable FEEPOINT adjustments to arrive at the total FEEPOINT score. Things that can impact FEEPOINT include:
- Fiduciary status
- Meeting and work hours
- Extra work entries
Does FEEPOINT always start with the median fee?
On certain Advisor Benchmark Groups (BMGs), FDI sets the FEEPOINT base as something greater than the median fee. This occurs on very low plan asset BMGs and mega plan asset BMGs.
For mega plan size Advisor BMGs, the FEEPOINT base will change to address:
- “Unbundled” Advisor services – Many large plans unbundle their Advisor/Consultant service, bringing some aspects in house and establishing a team of outside experts to support the rest of their needs. As a result, service arrangements can vary greatly in terms of scope (for example, focus on investments only), as can their fees. Where deemed necessary, FEEPOINT adjusts to consider a service level that is aligned to the FDI Service Standard for the market segment.
- Outlier Pricing – At times, the service levels offered to large market clients are misaligned to the fees collected. While there could be several factors involved, one common factor is Advisors seeking related marketing benefits associated with having a premier client list and therefore look to “buy” the business for a discounted fee. Where deemed necessary, FEEPOINT adjusts to consider a service level that is aligned to the FDI Service Standard for the market segment.
Why is FEEPOINT missing from my report?
In cases where there are no applicable FEEPOINT adjustments, FEEPOINT is automatically omitted from the report.
What is the difference between Assess Scope of Services and the PlanCheck Score?
The Assess Scope of Services page shows the complexity of Advisor services. The next page, Examine Value Delivered (PlanCheck Score) illustrates the value of the services based on how the plan sponsor is protected from a fiduciary perspective compared to similar-sized plans. The criterion for each score is different: the Scope of Services is based on complexity and the PlanCheck Score is based on value relative to the fiduciary protection obtained through the services.
What is the Projected Balance Chart?
The Projected Balance Chart illustrates how participant financial behavior impacts the future balance of the plan as compared to a hypothetical plan comprised of industry average participant data points (shown on the right under the Industry column).
All inputs that participants do not control are intentionally set to the same value as the industry (such as average age, average salary, inflation rate and beginning balance), so the starting point is the same. Inputs that participants control (such as participation, deferral rate, use of auto-diversified investment products which impacts rate of return) are based on the plan's actual data points and vary from the industry figures. The resulting Projected Balance table is a 25-year future balance calculation based on the plan's collective participant behavior relative to the industry average participant behavior.
What are the Extra Investment and Due Diligence/Extra Due Diligence boxes?
The report automatically checks these boxes if the number of hours you perform on Search and Monitor Investment Managers and Monitor Service Provider services exceeds the number of hours for the BMG.
You can see this information in more detail on the Advisor/Consultant: Services Detail page.
In the Plan Profile Report, why do plans stack up differently when ranked by basis points versus dollars?
We’re using the same set of plan data points, but the plan fees are in a different order when looked at through the basis-point lens and the dollar lens. This is because a plan that represents the 25th percentile in basis points is not the same plan that represents the 25th percentile dollar fee.
Are there any types of plans that FDI can’t benchmark?
There is a small subset of plans that we are unable to benchmark, which includes:
- Top Hat Plans. These plans are reserved solely for executives/highly compensated employees. These plans are governed by different requirements than “regular” Defined Contribution Plans, so it’s not valid to compare them to one another.
- Defined Benefit Plans, or pension plans. These plans can’t be compared to Defined Contribution Plans. Defined Benefit Plans calculate participants’ guaranteed pension payments according to factors such as the length of service and the salary they earned at the time of retirement. In contrast, Defined Contribution Plans (such as 401(k)s, offer no such guarantee, don't have to be funded by employers, and are self-directed.
- Multiple Employer Plans, or MEPs. Although FDI can benchmark individual plans within a MEP, it is not our practice to benchmark a MEP as a whole.
Rollover Decision Support System (RDSS)
Comply with the Rules
Why do we have this process for Rollovers?
Under Department of Labor rules that took effect on February 1, 2022, Advisors must take specific actions when they make recommendations for IRA transfers and plan Rollovers. These actions must:
- Apply to each recommendation made.
- Be documented and shared with the investor.
- Be audited on an annual basis.
Fiduciary Decisions created the Rollover Decision Support System (RDSS) as a pathway to compliance that is easy for Advisors and recordkeepers to use. We do this through a platform that analyzes, documents, and then provides compliant, client-ready Rollover recommendation reports.
Completing the Client Customization Wizard
How do I provide the information?
Just follow each step in the Client Customization Wizard. If it takes more than one session to complete the Wizard, it will auto-save your answers so that you can pick up where you left off. You can also keep track of what steps you’ve completed in the Wizard’s Progress Bar. In addition, you can go back and change or update your information as needed, up until you hit “Submit.”
How will Fiduciary Decisions use the information I’ve provided?
Based on the information you’ve provided, we’ll create a completely customized profile for your firm’s IRA solutions in our portal, which all your firm’s users can access. This will enable them to create reports that compare your firm’s IRA solutions to those offered by a 401(k) plan or other IRAs as part of a Rollover analysis.
How do I complete the Client Services section?
If your firm’s service offerings are consistent across all clients, simply check that box and then describe those services.
If your services vary by client tier, click on that box. You’ll automatically pull up tabs – Tier 1, Tier 2, and so on. Just click on a tab, fill in those services that apply to that tier, and do the same for each service tier you have.
What are Tiered Step and Tier Weighted Fees? What’s General Text?
Most firms work with either Tiered Step or Tier Weighted Fees.
With Tiered Step Fees, you charge clients a single fee based on account size. Each tier is defined by a minimum and maximum dollar amount and has a specific fee. Based on the size of your client’s account, one of the tiers will be a match and the account pays that fee.
With a Tier Weighted Fee structure, you calculate a weighted average fee based on how much of an account’s dollar value falls into each tier. As with Tiered Step, each tier is defined by a minimum and maximum dollar amount and has a specific fee. Depending on account size, one or more fee tiers will apply. Then, each tier fee is applied to the assets that fall into that tier. When the fees are summed and divided by the account’s value, you will have the weighted average that applies.
General Text means that the fee is described in writing by the Advisor, rather than in a predetermined tiered schedule.
Where can I get help completing the Wizard?
You can contact your FDI Client Success Manager or email rolloversupport@cs.fiduciarydecisions.com.
What happens after I complete the Wizard?
The Customization Wizard automatically notifies us when you’re finished.
Once we receive the notification that you’ve completed the Customization Wizard, we will load the information you provided into our system. Typically, it takes us from one to three business days to complete the process.
We’ll notify you via confirmation email when your information is in the Rollover Decision Support System portal – and detail the next steps you’ll need to take, including instructions on how to log into the portal.
How do I make changes to my list of users?
If you need to change your User List after you’ve completed the Wizard, you can do so when you are logged into the portal. Simply go to Tools \ Admin Settings \ Users.
Using the Portal
How do I log in to RDSS for the first time?
In your web browser, navigate to www.fiduciarydecisions.com. Click the “Login” icon, then select “Forgot Password or New Here?” and enter your email to receive login instructions.
Can I “default” investor factors in the portal to a select set for all investors?
No. Currently, the DOL is focused on specific preferences for each investor in determining what is in their best interest. Using a default set of preferences for all investors could create a potential issue during an audit.
Fortunately, with RDSS, you only need to complete each investor’s profile once. Their preferences will be saved for future use.
If an investor’s 401(k) has both traditional and Roth dollar amounts, do I need to list them as two separate options in the portal?
No. You can consider the 401(k) as a single plan option. Simply enter the sum of both the traditional and Roth options as the net Rollover amount.
Will I need to get the service/fee data from an investor’s current account?
Regulations require that you consider the current account’s fees and services when conducting a recommended Rollover/transfer. The process is a bit different for plans versus IRAs.
For plans, FDI can provide typical services. For IRAs, you will need to source them. And in both cases, you will need to source fees and investments. Account statements are a great place to find them.
What if my IRA solutions are tailored to specific client situations?
In the portal, you can use the templates as a starting point and then customize them at the account level. You also have the option to create fully customized solutions.
How do I establish templates in the system?
FDI will create templates for you using your Client Customization Wizard information. If you would like to add your templates directly into the system, please send an email to rolloversupport@cs.fiduciarydecisions.com and we will walk you through the process.
Where do I enter my Advisor fee?
Enter your Advisor fee in the “Service Level” section.
What should I do if I can’t find an investment in your database?
First doublecheck to make sure you’ve selected the right option for your search: ticker symbol, name, or Morningstar ID. If the investment still doesn’t appear, you can add it manually.
Can I enter individual securities such as stocks and bonds in an investor’s asset allocation?
Yes – not by adding them individually, but by designating the “basket” of issues that they are part of: Individual Bonds, CDs, Stocks, or ADRs (foreign equities).
To locate a particular basket, you search for it as a Security Name from the picklist in the Security Search bar. Select the corresponding basket(s), sum the total weights of all individual issues, and use that for your asset allocation.
What should I do if the market fluctuates after I input the projected value of the Rollover amount?
You need not do anything else, if you choose. The Rollover Decision Support System report is created as of a specific date, and the recommendation you make is based on the information you had at that point in time. However, if market conditions result in changes in the client’s profile or your recommendation, you could consider re-running the report with that new information.
What should I do if the name of the investor’s 401(k) plan isn’t in your database?
Plan sponsor names in the FDI database come from the Form 5500 filed by each 401(k) plan. There are two common reasons why you can’t get to the correct plan sponsor.
First, you may be searching for an incorrect company name. Confirm the name and try the company’s EIN, if you have it.
Second, sometimes there are entities that do not file a Form 5500, such as churches and government entities, which are generally exempt from ERISA coverage.
If you cannot find the plan, you can either:
- Add the plan using the Add a Plan Utility, or
- Use a typical employee size and associated benchmarking data instead.
What is Alternate Account 2 in Possible Recommendations?
Alternate Account 2 applies if the investor has a new employer who offers a plan that allows the investor to roll their previous employer’s 401(k) into it. According to DOL regulations, if this is an option for the investor, it has to be considered in the Advisor’s recommendation.
Is training available?
Yes – there are how-to videos on the home page of the FDI app. You can also schedule customized training sessions. Email your dedicated Client Success Manager or rolloversupport@cs.fiduciarydecisions.com to schedule the training session(s) at your convenience.
Using the Report
Where do I find the recommendation?
The Rollover Decision Support System doesn’t provide a recommendation – that’s up to you, the Advisor, to provide.
What RDSS does provide is a way to follow the five-step process required by the DOL in order for the Advisor to make a Rollover recommendation:
- Gather information about the investor’s needs and preferences.
- Gather information about the investments, services and expenses for the investor’s current account.
- Gather information about the investments, services and expenses for the alternate account (or accounts).
- Analyze the accounts to find the best fit for the investor.
- Document your recommendation in writing and why it is in the investor’s best interest.
Can I edit a completed report?
Yes, you can edit completed reports. However, you will have to state a reason for editing before you will be able to do so. Some examples of reasons for editing include misstated fees and missing information.