The FIRE System

The genesis of The FIRE System’s creation was based on the recognition by OTB Strategic Consulting Inc.'s (OTB) and Akros Fiduciary Management's (Akros) principals that the marketplace did not have an efficient and affordable way to help Plan Sponsors meet their fiduciary obligationss with regards to their plans. 

To find out the fiduciary "health" of a plan, there were two general methods:

  1. Hire plan consultants which often took days or weeks and was very costly.
  2. Utlize a "free" service from a service provider which was usually limited in scope, included some inherent conflicts of interest, and often the service provider had limited knowledge outside their product service expertise.

in general, existing approaches for viewing the "health of your plan" in the marketplace were falling short in terms of validity, cost effectiveness, quality, experience and/or the time, effort and disruption involved.

Because of this OTB and Akros together with the input from leading industry professionals and experts including HR\Professionals, Business and Financial Experts, Payroll Specialists, Record Keepers, Third Party Administrators, Plan Fiduciaries and even Plan Sponsors and their staff created the FIRE System.

OTB & Akros spent more than 2.5 years developing and sharing our methodology and reports with the marketplace. We solicited and considered feedback from Human Resource professionals, investment advisors, TPAs, record keepers, fiduciary advisor/consultants, CPAs/independent auditors and ERISA attorneys. The FIRE System was created and well examined to educate and train your Plan Sponsor clients.

 

The Ignite Fiduciary System

Ignite Fiduciary System gives services providers a method to simply and easily educate plan sponsors on the plan sponsors fiduciary responsibilities.  Most providers try to scare the plan sponsors.  We do not believe in that method.  Plan sponsors are the "ultimate fiduciary" and need to be educated.  Through education, you create a partner working with you to make the right choices. 

During our research we found that most of the education and materials were dry, boring and confusing.   Plan sponsors and their fiduciaries want and need to be educated on being a fiduciary and what their responsibilities are, however, the materials available did not promote education and compliance. Most materials provided went unread.

The Ignite Fiduciary System gives service provides a tool to help educate their plan sponsors in a simple, easy, and understandable method. It gives the plan sponsors templates and tools they can use to bring and keep their plans in compliance and to hire the right providers.

Plan sponsors do not have a choice, they are the "ultimate fiduciary" and are legally responsible for their plan and the choices that they make.  The Ignite Fiduciary System was created by business and investment professionals who have spent decades in the retirement plan space on both sides of the table. We have been very successful during our careers prospecting and retaining clients by taking complicated investment and other concepts and educating them by un-complicating them.

 

Learn More About The Managment Team Who Created The FIRE System and Ignite.