Bonnie Treichel: Lessons Learned from Litigation

Be More Than A Fiduciary

Bonnie’s passion is sharing her knowledge with financial advisors. When she founded Endeavor Retirement, her goal was to make retirement legislation easy to understand. She keeps advisors up to date on the rules and regulations through her webinars, presentations, and consultations. The result — advisors and consultants help more people access their retirement savings.

In this episode, Eric and Bonnie Treichel discuss:

• Next practices when making meeting minutes
• How much is enough
• What SHOULD be included
• What is unnecessary
• Avoiding potential issues by following the plan document
• Documenting processes in target date funds
• ESG is an extension of the fiduciary process

Key Takeaways:

• When making meeting minutes, strike the perfect balance between including enough information to demonstrate loyalty and prudence without being overly detailed. Avoid having conflicting sets of minutes. Document who was present, what their role is, and the topics covered. Include supporting documents and references in meeting minutes.
• Follow the plan document to avoid potential issues with compliance, forfeiture accounts need to be spent according to the plan document. One way where advisors can help out plan sponsors is with fiduciary calendars and checklists.
• Follow a prudent process with target date funds and document that process. As an advisor, you must help plan sponsors with benchmarking and RFPs. Commit to regularly reviewing the DOL’s 2013 Target Date Fund Tips.
• ESG is not a separate process but an extension of the existing fiduciary process. Document the rationale for including ESG factors and ensure that they are in the best financial interest of participants.
• Advisors need to help plan sponsors understand their fiduciary liability insurance and their role as a fiduciary.

“It's up to us over time to piece together these best practices. This is iterative, you have to meet people where they are. So you should do a more comprehensive fiduciary training once a year.” - Bonnie Treichel

Connect with Bonnie Treichel:

Website: https://endeavor-retirement.com/

LinkedIn: https://www.linkedin.com/in/bonnietreichel/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: [phone]

Email: [email protected]

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.