Help Your Clients Stay Organized with the 2017 Fiduciary File
Your clients need to have easy, ongoing access to their plan’s most important records and documentation that they’ve completed at least annual fiduciary tasks. You can help by making sure they know how to use the annual fiduciary file from Principal®.
The 2017 fiduciary file
We will begin distributing the 2017 fiduciary file to defined contribution and defined benefit clients the week of May 15.
All clients will receive an electronic message with instructions to access the file online. If they prefer a paper copy mailed to them, they can submit a simple online request.
Ongoing, all clients have easy access to the fiduciary file materials through the employer login on principal.com.
How can you use the file?
- Use the annual fiduciary file as a starting point for conversations about how you can help your clients so they more effectively manage their fiduciary responsibilities and stay compliant.
- Refer to the fiduciary file checklist throughout the year to know what documents your clients may need help finding or what actions to take.
Your client’s annual fiduciary file should include plan-specific documents and documentation of the fiduciary tasks they complete this year. The resources we provide help them get started.
- Fiduciary Document Catalog: Lists documents clients may want to store and retain.
- Fiduciary Log Report: A report for clients to record the fiduciary activities completed this year.
- Fiduciary Management Handbook: A resource that helps clients understand their responsibilities.
- Due Diligence Process Year in Review: One item we suggest clients include in their files.
- Participant Education Double-Check: In light of the DOL fiduciary rule changing the definition of investment education and investment advice, clients can use this independent verification to help fulfill fiduciary obligations for monitoring and oversight.
This document is intended to be educational in nature and is not intended to be taken as a recommendation Insurance products and plan administrative services provided through Principal Life Insurance Co. Securities offered through Principal Securities, Inc., 800-547-7754, member SIPC and/or independent broker-dealers. Principal Life, and Principal Securities are members of the Principal Financial Group®, Des Moines, IA 50392.
For financial professional use only.
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