Our 401K Philosophy
As an independent Registered Investment Advisory firm, we act as a Fiduciary to the plan. Victory has a fundamental obligation to provide suitable investment advice and always act in the best interest of our clients. As a CEFEX (Center For Fiduciary Excellence) (cefex.org) certified firm, we have demonstrated to have implemented the industries best practice standards in our 401k plans.
In addition, as an ERISA 3(21)(A)ii and 3(38) fiduciary advisors, we implement the 22 Best Practices as established by the Foundation for Fiduciary Studies. We also follow the “Meeting Your Fiduciary Responsibilities” guidelines recommended by the Department of Labor. Making sure your 401k plan adheres to all recommended compliance guidelines is a top priority. Educating our Plan Trustees on their responsibilities is an integral part of our program. We draft Investment Committee By-Laws and Operating Procedures for each plan. Our Retirement Plan meeting minutes are designed to be both educational and memorialize what was discussed and agreed upon.
As and ERISA 3(38) Advisor, we act as a Fiduciary and provide investment management to the plan. Victory’s Investment Committee meets weekly with eight other firms around the nation who share the same core values of investing. Our investment line-up consists of funds that represent all the major asset classes and some primary sectors. We also offer five, Victory managed investment models, ranging from conservative to aggressive. We always search for the lowest cost share class and we never participate in any revenue sharing.
Documentation of all Related Fees:
We create an Investment Policy Statement to articulate our Investment Management process including investment selection, monitoring and expenses. At Victory, we benchmark our plans to ensure plan fees are reasonable versus services being offered. We utilize fi360, a leading industry fund monitoring software program to track fund positions along with Dorsey Wright’s scoring program. We provide monitoring reports to alert significant changes of plan investments and provide appropriate investment recommendations. .
As an ERISA 3(21)(A)ii advisor, we act as a Fiduciary and provide Investment Advice to participants. We provide on-going group education designed to educate and engage participants. Our goal is for each participant to have the confidence to make informed decisions regarding their retirement and ultimately retire with dignity. We offer one-on-one meetings and a free retirement plan to all participants. For added accessibility to investment information, we offer online, interactive education and enrollment tools; and a YouTube channel with a series of tutorial videos.