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Managed Account Services: Selection, Monitoring, and Benchmarking
Executive Summary: Advisors face a great opportunity to add value to client relationships by helping clients to fulfill their related fiduciary responsibilities. They can help clients to best navigate the selection, monitoring, and benchmarking of managed accounts by: • encouraging clients to memorialize why they’re offering a managed account service, • providing tools to help with the ongoing monitoring responsibilities, and • understanding what role cost plays in any benchmarking processes. Through an awareness of recent litigation outcomes, they can help clients to understand what courts expect from plan sponsors when selecting and monitoring investment options and service providers. This piece helps advisors to develop a deeper understanding of how to set clients up for success.
