What size clients do you support?
FPG supports emerging plans to large, established plans. Smaller plans need the more support in terms of overall management, but our large clients can realize a significant ROI because the size of their plan(s) assets leverage the fee issues we identify.
How do we differ from your benefit plan audit?
An EBP audit certifies your assets are there as reported. FPG does not audit your plans. We consult and advise on plan fees, risk and disclosure. The EBP audit is a mandated function. Your FPG assessment is a fee, risk and disclosure reduction tool.
What if I don’t have a benefit plan audit?
You still have the same fee, risk and disclosure elements that we solve.
If I have a financial statement audit or review isn’t this already addressed?
No. A financial statement audit addresses the revenue and expenses you have reported for the entire organization. The retirement plan is just a line on the balance sheet that is verified to ensure the number reported by the plan is the amount used on the financials, but no level of audit or consulting is done in a financial statement audit.
If we engage FPG what should I expect?
Our typical process is our Assessment. This produces a report that lists the compliance issues, the steps needed to become compliant and the timeline to implement those steps. We are very process oriented, which is how we find the opportunities to reduce fees and best manage risk.
How much money does a typical client save?
There is no set answer to this because plan designs vary and there are different asset amounts in the plans. We have yet to have a client who has not financially benefited from our efforts in addition to the risk mitigation we provide.