US. Fintech Firm BidMoni Launches FiduciaryShield, a Retirement Plan Platform That Assists Plan Sponsors to Meet their Fiduciary Duties and Reduce Plan Costs
With America’s U.S. retirement savings deficit in the trillions of dollars and growing, BidMoni has announced the launch of FiduciaryShield, the first platform that allows retirement plans to quickly and easily solicit bids from dozens of the country’s top retirement plan providers. FiduciaryShield analyzes proposals so plan sponsors and financial advisors can determine the best plan, document the entire process to stay compliant, and automatically monitor plans on a ongoing basis.
FiduciaryShield was designed by retirement plan experts Stephen Daigle and Michael Steffan, who together bring 26 years of problem solving in the financial industry for some of the largest financial institutions in America. CTO Kendall Dixon, president of Dixon Consulting and Development, is also a founder and brings expertise designing technology solutions to improve and simplify the processes of investment firms.
Until now, companies wishing to provide a 401(k) plan needed to contact and request proposals from each individual plan provider they reviewed. This process could take months and the plan sponsor still had no easy way of comparing the resulting bids to ensure that plan costs and features were appropriate and reasonable, both of which are required under ERISA law.
Read More: Globe Newswire
