According to FBi, it is establishing what it claims is the retirement industry’s largest database of non-proprietary plan data that will be aggregated and analyzed to provide financial advisers, consultants, and plan sponsors with what it calls the most robust fee, service, and success measure benchmarking information available.
Features of the FBi reports include:
- Complete fee transparency,
- Fee comparison against a benchmark universe of plans,
- Service comparison against a benchmark universe of plans,
- Success measure comparison against a benchmark universe of plans,
- Plan complexity and outsourcing benchmarking,
- Best practices and fiduciary oversight benchmarking, and
- Satisfaction survey benchmarking.
“NRP wanted to take a leadership position relating to fee disclosure and benchmarking. The level of detail and analysis available via the FBi reports will greatly assist NRP Advisors and their plan sponsor clients in addressing the increasing level of scrutiny for industry fees and services. We expect to deliver FBi reports to our clients beginning in early 2009,” says Bob Francis, Chief Operating Officer of NRP, in the announcement.
FBi will also be supporting NRP’s data warehousing initiative by providing data for use in product development, management reporting and sales reporting.
The firm intends to make this service available to other enterprise clients to reduce Recordkeeper IT requirements and to support enhanced reporting for Broker Dealers and Investment Only providers.
More information is at www.fiduciarybenchmarks.com .