ERISA Fee Disclosure
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Fee Disclosure Experts
Plan Profile & Certification
Would it be permissible for the advisor (CSP) to make a presentation to the plan sponsor on the results of the report?
Yes, definitely. This is a key role that an advisor can play.
Whether the advisor is a party to the plan or just prospecting the plan can the advisor receive a copy of the report?
Yes. If the advisor secures a confidentiality agreement from the responsible plan fiduciary we will share the report.
Would it be permissible for the advisor to pay for the report either as a covered service provider or just as a competing advisor?
No. Payment cannot come from a covered service provider or a potential covered service provider.
Several advisors have asked if they can pay for the Dalbar analysis. If they are already a party to the plan I would imagine that that might be a conflict of interest. But if they are prospecting the plan and are not a party to the plan at this point in time and they are not involved in the collection of the data or the creation of the report is it a conflict?
The short answer is they cannot pay for an independent evaluation. Paying for the evaluation for an existing client would be an obvious conflict. Paying for a prospective client would become a conflict when that prospect becomes a client and would show intent to engage in a prohibited transaction.