dol’s fiduciary process agreement professional fiduciary services llc enterprise services, inc

DOL’S FIDUCIARY PROCESS AGREEMENT

Professional Fiduciary Services LLC

Enterprise Services, Inc.

Changes in the Fiduciary Process 2

No Moench Presumption Non-litigation impacts

Regulation by Settlement Agreement Transactional and Ongoing Impacts Changes in Valuation Reports

Financial Advisors and Fiduciary Standards Is my Broker a Fiduciary?

No Moenchy Business3

Criteria to hold or divest company stock Benchmarking performance Capping allocations to company stock Should the plan say it is designed to invest

in company stock? Do the fiduciaries document the hold

versus sell decision?

Sierra Aluminum Settlement4

Independent valuation firms Audited financial statements Assessing management projections Control premiums Claw backs and warrants Seller financing

Financial Advice to ERISA Plans

Traditional Broker Standard Suitability – meets risk / reward objectives

RIA standard Fiduciary – best interests

DOL proposes a fiduciary standard for those who advise retirement vehicles.

5

Mickey Maier is a President of Professional Fiduciary Services LLC in Milwaukee WI. He serves as an independent transactional fiduciary, ongoing trustee, or board member for a number of ESOP companies.

Professional Fiduciary Services LLC1841 N Riverwalk WayMilwaukee WI 53212262.627.0366maier@professional-fiduciary.com

Enterprise Services, Inc.355 Austin CircleDelafield, WI 53018262.646.6490colinger@esi-enterprise.com

Craig Olinger is a Principal at Enterprise Services, Inc. (ESI), a firm focused on providing consulting services for private business. He specializes in working with business owners and advisors on ESOP valuations.