BidMoni Launches FiduciaryShield to Manage RFPs

Under the platform, plan sponsors no longer have to contact each potential provider and request separate proposals.

BidMoni has introduced FiduciaryShield, a platform that allows retirement plan sponsors to solicit bids from retirement plan providers. It analyzes proposals to make it easy for sponsors and advisers to determine the best plan, document the entire process to stay compliant and monitor the services on an ongoing basis.

BidMoni says that until the debut of this platform, sponsors had to contact each provider and request separate proposals. FiduciaryShield allows sponsors to now conduct requests for proposals (RFPs) on a single platform.

“Offering employees the benefit of a retirement plan has become a burden for many plan administrators and business owners—particularly plans with less than $25 million in assets,” says BidMoni co-CEO Michael Steffan, Jr. “We believe these plans should have the same competitive opportunities as larger plans.”

FiduciaryShield has partnered with First Ascent Asset Management to work with plan sponsors who want to delegate fiduciary responsibility for the management of plan investments.  First Ascent will serve as an independent 3(38) investment manager. They accept fiduciary responsibility for selecting and monitoring investment options and can remove the conflicts of interest that have been the cause of many recent lawsuits.

The new platform is available to retirement plans of all sizes, including 401(k), 403(b), and 457(b) plans.