Plantools and FI360 Join Forces to Provide Reporting Services
Don Trone, fi360 CEO to Join McHenry Founder Ward Harris at CFDD Retirement Advisor Conference in Chicago October 3 - 6
EMERYVILLE, CA, September 22, 2005 -- The McHenry Group announced today that it has joined forces with Fiduciary360 as a strategic partner in the delivery of risk management and decision support solutions to be offered through its PlanToolsTM Risk Management System.
The PlanToolsTM Risk Management System, which was developed by McHenry subsidiary PlanTools, LLC, helps retirement plan sponsors conform to prudent fiduciary practices in managing defined contribution plans. In this new partnership, PlanToolsTM will integrate the Fiduciary360 Fiduciary ScoreTM into the PlanToolsTM reporting platform. The Fiduciary ScoreTM provides investors with a quantitatively-based rating of a fund relative to its peer group. The Score is based on the practice standards of care developed by the Foundation for Fiduciary Studies and is designed to help investment professionals meet their fiduciary responsibility.
Fiduciary360 and The McHenry Group will be represented at The Center for Due Diligence (CFDD) 3rd Annual Retirement Advisor Conference. The CFDD event will be held at The Fairmont Hotel in Chicago from October 4-6. Over 700 retirement advisors and service providers will attend the conference, which is considered the leading industry event for retirement specialists. Information about the conference may be found at: www.401kduediligence.com
Both Fiduciary360 and The McHenry Group will host events on Monday, October 3 as kick-offs to the conference.
Don Trone, Fiduciary360’s CEO, will facilitate a training session sponsored by John Hancock USA titled “Introductory Training on Fiduciary Responsibilities” on October 3 from 2-5 pm. The workshop will present the first module of a six-module online training program developed by the Center for Fiduciary Studies. Following the training session, advisers will complete an exam and receive credit towards their AIF® (Accredited Investment FiduciaryTM professional designation.
The McHenry Group is hosting a CFDD Advisor Conference launch party in the evening of October 3 to celebrate the upcoming release of Version 3.0 of the PlanToolsTM Risk Management System. Co-hosts of the event include Security Benefit Group and Decimal, Inc., parent of The Online 401(k).
The party will be held from 6-9 pm in the Moulin Rouge Ballroom of The Fairmont Hotel. Food, beverages and entertainment will be provided throughout the evening. Reservations are required to ensure that all guests can be accommodated. Conference attendees may email or call Kris Klein at kris.klein@mchenrygroup.com or 1-800-638-8121, extension 124.
The PlanToolsTM service platform was created to help advisors & institutions support their retirement plan clients with solutions that help manage compliance, brand & relationship risks for service providers.
Plan sponsors benefit from systems that that support the four cornerstones of a sound investment compliance program which can be termed the “Four Ps”:
- POLICIES -- Written investment policy statement (IPS) with fund selection and retention standards.
- PROCESSES -- Decision system for analyzing and selecting plan investment managers.
- PROCEDURES -- Integrated quarterly reporting for oversight of on-going plan investment performance that is based upon the standards laid down in the IPS.
- PRACTICES -- Remediation methods for management of funds whose performance represent exceptions to the stated objectives of the plan.
This combined solution helps answer some key questions plan sponsors should ask and answer on a regular basis:
- “What do we know?” – What have our funds done this quarter and over time?
- “How are we doing?” – Did they meet or exceed our minimum requirements?
- “What should we do?” – Should we replace a fund that has not performed over time?
- “When should we take that action?” – How much time do we give the manager before action?
About Fiduciary360
Fiduciary360 is a trilogy of associated organizations focused solely on investment fiduciary responsibility. The Foundation for Fiduciary Studies is a not-for-profit organization established in 2000 for the purpose of defining the practices that detail a prudent process for investment fiduciaries. The Center for Fiduciary Studies, which is associated with the University of Pittsburgh’s Center for Executive Education at the Joseph M. Katz Graduate School of Business, provides educational programs on investment fiduciary responsibility. Fiduciary Analytics is a technology firm which develops Web-based tools incorporating fiduciary practices for investment decision-makers. For more information, visit www.fi360.com
About the McHenry Group
The McHenry Group, LLC provides comprehensive business consulting and advisory services with a simple mission – to help clients manage risk and return – while satisfying regulatory, legal and business requirements for compliance oversight of investment operations. McHenry’s clients include banks, mutual funds, insurance companies, broker dealers and retirement service providers. PlanTools, LLC is a wholly owned subsidiary that provides technology-based investment reporting or advisory services. For more information, visit www.mchenrygroup.com
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