According to a press release, this report is the culmination of over a year of internal work, including “significant feedback from clients”. The Chicago-based retirement and investment consulting firm says that the redesigned report is intended to define a new standard for ERISA investment consulting.
The proprietary Blue Prairie Group Smartcard, described as “the heart and soul” of the new report, combines quantitative data and qualitative analysis to give plan fiduciaries a sense of how their investments are doing relative to the monitoring benchmarks established in their investment policy statement.
In addition to actively managed funds, the Smartcard analyzes target date funds and passively managed investments using similar criteria. The data is color coded, and presented in a single-page format – “so that plan fiduciaries know immediately if further action is required,” according to the announcement.
Sara Braz, the Blue Prairie Group consultant who served as the internal project manager said, “We see this report as much more than just an aesthetic redesign. For us, it represents a complete retooling of the behind-the-scenes work flow we use to generate our proprietary investment reports for our busy plan fiduciary clients. Having sat in scores of meetings with plan fiduciaries, I know our clients want actionable information presented to them in a concise, easy-to-read format. I’m delighted to say that this report does that.”
Not everything in the report is changing, however. Gary Silverman, Blue Prairie Group’s Chief Investment Officer, worked closely with the firm’s investment analysts and the Internal Investment Committee in modifying the underlying methodology of linking current investment performance to each client’s investment policy statement (IPS.)
In addition to investment Information, the report also features client-specific information on plan fees and plan design so that busy plan fiduciaries can better understand how their plan stacks up against national normative data. It also offers expanded sections devoted to stable value analysis, money market and target date funds.
Tess Malone, Blue Prairie Group’s Institutional Retirement and Investment practice leader, says “Based on our review of the competitive landscape, most plan sponsors lack good, actionable information related to the ERISA investment monitoring process. This report redesign is a continuation of BPG’s pioneering work in taking complicated, abstract investment information and presenting it to plan fiduciaries in a concise and easy-to-understand way.”
According to the firm, the newly redesigned report is one of the cornerstones of Blue Prairie Group’s proprietary, 5-step Fiduciary-based Investment Consulting Process “designed to improve investment outcomes and protect busy ERISA plan fiduciaries from unnecessary risk”.
More information is available at http://www.blueprairiegroup.com.