Instability creates opportunities for service providers that can lead in a new direction and with a new standard of performance. Where trust has been broken, the new competitive landscape entails rebuilding confidence.
The old way of developing new products or rebranding corporate identity is replaced with the new era of authentically adopting the essential elements of trust among its people, processes, and contractual promises.
While the Employee Retirement and Income Security Act of 1974 ("ERISA"), Uniform Prudent Investor Act ("UPIA"), and Uniform Prudent Management of Institutional Funds Act ("UPMIFA") are powerful laws that create fiduciary relationships, they provide little help in describing the practices needed to comply with the legal mandates.
In a nutshell, no defined standard existed upon which plan fiduciaries and service providers could confidently rely in order to fulfill their respective duties. This means that primary fiduciaries select their service providers in mostly unpredictable ways.
Roland|Criss is the first global consulting firm to develop solutions that identify top service providers through recognized fiduciary rating and certification programs.
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