Advantages of Becoming an Institutional Partner using "The FIRE System"

Win New 401(k) Clients and Help, Support, and Educate Existing Ones

In WWII there was an old saying “aces sell war bonds but bombers win wars.” Today designations such as CPA, AIF, CFA, QTA, CFP, ... are great, but when solving problems and gaining and keeping clients you need tools.  In the retirement plan market place compliance issues are becoming a bigger issue because clients do not know or understand that running a retirement plan is like running an “investment company” inside their business. Plan Sponsors know how to run their core business, but when they create a Retirement Plan, they need help, assistance and education to truly understand the extent and degree of their fiduciary duties and responsibilities to their participants/beneficiaries. So simply put it will either---be you or a competitor.

The FIRE System now gives you a new and unique Business Development e-compliance tool that is cost-effective and is a time-saving method to help your existing and prospective clients.

In a single client meeting, The FIRE System helps to pin-point DOL and IRS issues your clients and prospects are having so you can begin helping them immediately.  You become the person they come to for guidance and direction.  

  • 95% of Plan Sponsors are, at minimum, “somewhat comfortable” that they have taken every reasonable precaution to insulate themselves against legal challenges stemming from a breach as a fiduciary. However, this does not match what the DOL says.
  • “Warning: DOL found three-fourths of 401(k)s illegal.” The article states that in 2013, “75% of the plans examined were fined, penalized or forced to make reimbursements for plan errors” with the average fine being $600,000 per Plan.

The FIRE System was also designed to help you, as a third-party so you can help by supporting and educating your clients/prospects. If your Plan Sponsor clients have problems and they are either examined or litigated, there is a chance you will be examined or named as well.  Regulators and lawyers often throw a wide net and include everyone that is involved with a 401(k) Plan. Look at Fidelity?  They had to defend themselves on fee sharing - The FIRE System - could have saved them hundreds of thousands in legal fees - by having their clients answer a few questions.

Benefits To Your 401(k) Clients By Finding And Resolving ERISA Issues In A Timely Basis

  • Provides a “Real Plan Review Process” to Manage All Areas of their Plan
  • Clear Education and Documentation of an Objective Fiduciary Process They Take Themselves
  • Lower Probability of Litigation
  • Reduce and Limits the Cost of Fiduciary Risk ($$$$$)
  • Protects the Plan Fiduciaries and the Participants
  • Helps to Educate from the Board of Directors to “Day to Day” Fiduciaries so They Understand and Can Move the Plan toward Compliance and “Best Practices”

95% of Plan Sponsors are, at minimum, “somewhat comfortable” that they have taken every reasonable precaution to insulate themselves against legal challenges stemming from a breach of fiduciary.1

The FIRE System can show them if they are right or if they are next in line for an examination or a lawsuit. If they don’t insulate themselves, you can be caught in the fire storm of a lawsuit or an examination.  Use The FIRE System to help them protect themselves, their participants, and you.

Benefits To You, The Service Provider

  • Trusted 401(k) Advisor
    • You guide them through The FIRE System to help find their issues and how to solve them.  You are there to help implement those solutions or bring in other qualified professionals to help your clients or prospects.  You are their main advisor to reduce their Fiduciary risk.
  • Protection
    • Almost 60% of Plan Sponsors think their vendors (you) accept full discretion and liability.1   Whether you (as a third-party provider) are a fiduciary or not, The FIRE System helps to protect you by educating your clients about their responsibilities and helping to bring their plans into compliance. 
  • Value-Added Service
    • Show your clients you care about them as Plan Fiduciaries and expand your business as a Retirement and Fiduciary Advisor.
  • Become the Valuable Resource
    • Once a year you sit with your client and go through all aspects of their 401(k) plan.  Since compliance is on-going, annually you help them find their issues and their solutions.  You are there to help them begin to resolve their issues today and for their future.
    • You also become their go-to for education—from the Board Room to the front line
  • Independent Voice
    • The solutions are written to have the Plan Sponsor work with their Service Providers or those around them – like you!  They are not written to direct them to OTB or any of our strategic partners.
  • Reduced Liability
    • For prospects, it allows you to evaluate the 401(k) business BEFORE closing the business.  You reduce your “unknown risk” up front.
    • For current clients, you risk the courts or DOL deciding you are a fiduciary, this system allows you to find the issues with the Plan Sponsor and correct them before there is a lawsuit or DOL investigation.  Don't believe us - click here.
  • Path to Decision Makers
    • When issues are found in a 401(k) Plan, it is often the Board of Directors or another of the top decision makers who gets involved. 
  • Help With Growing Your Business
    • The FIRE System is a New and Unique tool that un-complicates 401(k) compliance!  Your competitors don’t have it. 
  • No Conflicts of Interest
    • The opinions and education are provided solely from OTB and not from you or your firm.  If there are any issues, the report outlines those issues, you do not.  The client/prospect may see you as having an agenda regarding the assets, but you are not the one letting them know there are issues and they are the ones that provided the answers.

Clients or prospects have a business to run and may not realize a 401(k) Plan is a “business inside a business.”  The FIRE System can help educate your Clients and Prospects on their Fiduciary Duties and give them real solutions they can implement immediately and cost effectively to lower their (and your) risk.

Various levels of licensing available.

Contact Us for more information or to schedule a demo.



1Unified Trust 2009-2010 survey of Plan Sponsors