Before the new disclosure regulations took effect, financial professionals focused with renewed rigor on communicating their value propositions in order to demonstrate their worth to clients for fees paid.
For many, a best practice is to create a "Commitment of Service" document that lays out in detail every service you would provide to your clients. But now that initial disclosure has come and gone, and with the possibility that some plan sponsor clients could face DOL audits, it is important to be able to show what you have actually done to service the plan in the past year.
With increased scrutiny around the reasonableness of fees for services provided, this is a very good time to take a look back and document the services you provided. If by chance one of your clients should face an audit, a formal documented review of your services would be invaluable.
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