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5.I will monitor and reconcile amount of commissions paid when using brokerage commissions to pay consulting fees and alert plan sponsors when consulting fees have been paid in full.
6.I have established procedural steps to ensure that plan receives best execution for its securities trades when consulting fees are paid with planís brokerage commissions.
7.I will describe any arrangements with broker-dealers under which I will benefit if money managers place trades for their clients with such broker-dealers.
8.If hired, I will acknowledge in writing whether or not I have a fiduciary obligation as an investment adviser to plan while providing consulting services.
9.I will acknowledge whether or not I consider myself a fiduciary under ERISA with respect to recommendations I provide plan?
10.I will describe percentage of my plan clients that utilize money managers, investment funds, brokerage services or other service providers from whom I receive fees?
Post these affirmations on your website and include them in your marketing materials. If you complete affirmations for prospective clients, you will have distanced yourself from scandal ridden and differentiated yourself in an industry where value added to products and services is quickly commoditized
About the Author: Lawrence Groves is the Small Business Retirement Services Director for The Retirement Group. He has helped thousands of small businesses set up retirement plans. Visit the site for more information http://www.solo-k.com.