DailyAccess Awarded IFLC's Five-Star Fiduciary Fitness Ranking
WASHINGTON, DC, August 30, 2010 -- The U.S.-based Investment Fiduciary Leadership Council (IFLC), which is a leading advocacy group for global fiduciary standards among pensions, foundations, and the businesses that provide services to them, announced today that DailyAccess Corporation has achieved IFLC's Five-Star Fiduciary Fitness Ranking for recordkeeping firms.
U.S. pension and trust laws place the burden of adhering to fiduciary standards squarely on those organizations that sponsor retirement plans and non-profits that accept charitable donations. Without the aid of aptly-qualified service providers such as recordkeepers, investment managers, and financial advisors, fulfilling fiduciary duty is an extremely difficult task.
While there are several sources of data that reveal how well investment managers' funds perform, no source exists that gives fiduciaries a broad view of the market for such managers, and other service providers, based on their fiduciary support strengths. IFLC's Fiduciary Fitness Ranking of Service Providers is designed to fill that void, as it assigns rankings for service providers based solely upon prudent fiduciary process.
The vast majority of cases involving breach of fiduciary duty are driven by process failures – not poor investment returns. As a result, the competency of third party administrators, recordkeepers, financial advisors, and custodians is as critical for pension and foundation fiduciaries as the skills of their investment managers.
With the lessons of recent financial scandals settling in, executives that manage pensions and foundations are testing whom they can trust. IFLC's rankings are designed to be reference points for their use in prudently evaluating service providers.
IFLC's rankings are reviewed by a panel of executives from the pension and foundation communities and are updated quarterly. Rankings are computed on a weighted numeric scale and converted to display in one of five categories denoted by graphic stars. The key factors that comprise a ranking decision can be viewed on the IFLC website (by selecting a service provider's name through the Search feature).
Service providers that achieve IFLC's Five-Star Ranking are admitted to its Five-Star Forum.
Each quarter a notification that publicizes the identities of firms belonging to the Forum is sent to thousands of pension and foundation executives.
About IFLC
IFLC's member firms include corporate retirement plan sponsors, foundations and endowments, public pensions, investment advisors, investment managers, and businesses that provide administration services to pension plans. IFLC's members believe that the retirement plan, charitable foundation, and service provider communities should quickly move to the adoption of defined standards that embraces every type of fiduciary and fiduciary support organization. To this end, IFLC serves as a watchdog on fiduciary standards and identifies publicly the organizations that conform to their practices.
About DailyAccess Corporation
DailyAccess Corporation provides recordkeeping and administration services for 401k and other retirement plans. With an emphasis on personalized service, DailyAccess is a clientfocused provider and the developer of market leading technology.
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