Andy Kelleher

About Andy Kelleher

As regulatory scrutiny intensifies on retirement plans, it is imperative for plan sponsors to maintain comprehensive documentation of their due diligence efforts, ensuring the health of their plans. While many due diligence methods include fee benchmarking and assorted plan reporting, pinpointing an effective strategy to assess retirement plan advisors providing advisory services to these retirement plans remains a challenge. Our findings indicate that while many plan sponsors are adept at benchmarking or evaluating recordkeepers, gauging their plan\'s investment adviser becomes a complex endeavor. Thus, the reason the rpaDD Center was created. Here is a snapshot of the core areas our due diligence screening process focuses on: Understand Fiduciary Responsibility: We understand the fiduciary responsibilities the plan sponsor holds, and our service ensures the retirement plan advisor is fulfilling their own fiduciary obligations Review Advisor\'s Credentials: Check the financial advisor\'s qualifications, licenses, and any certifications to ensure they are appropriate for advising on retirement plans Examine Past Performance: While past performance is not indicative of future results, it is essential to review the record of accomplishment to understand the advisor\'s competence Analyze Fee Structures: Evaluate the fee structure of the financial advisor to ensure they are reasonable and competitive Check for Conflicts of Interest: Ascertain if the advisor has any potential conflicts of interest Review Investment Policy Statement (IPS): It is crucial to ensure the financial advisor adheres to the IPS and that the IPS is revisited periodically Monitor Investment Selection and Performance: Regularly review the investment options provided by the advisor to ensure they align with the plan\'s goals and meet performance benchmarks Compliance with Regulations: Ensure the advisor understands and is compliant with all relevant regulations, including the Employee Retirement Income Security Act (ERISA) and any other federal, state, or local regulations Benchmarking: Periodically benchmark the retirement plan\'s performance, fees, and services against similar plans in the industry to ensure competitiveness Communication and Reporting: Ensure the advisor provides regular, clear, and comprehensive reports about the retirement plan\'s performance and any recommendations Due Diligence Documentation: Maintain detailed records of all due diligence activities

Experience

1. Due Diligence Officer

   Tpsu - The Plan Sponsor University

   Sep 2023 — Present · Jupiter, FL, US

   Over the past 36 years I have been providing retirement plan strategy guidance to plan sponsors designed to improve fiduciary oversight, investment options and evaluation guidance of all plan provider’s, such as your retirement plan advisor and recordkeepers. At rpaDD our sole focus is on helping plan sponsors assess all plan service providers that are paid out of plan expenses. There are several reasons for this including: Fiduciary Obligation: Plan sponsors have a duty to act in the participants\' best interests Fee Oversight: Regular checks are essential to guarantee that advisor fees are fair and aligned with the provided services Regulatory Adherence: As retirement plan regulations change, routine checks ensure advisors stay updated and plans remain compliant Conflict Detection: Reviews can reveal potential advisor conflicts of interest that could hinder their commitment to participants\' best interests Benchmarking: Regular assessments let sponsors compare their advisor\'s performance, fees, and services to industry norms, highlighting potential improvement areas Responsiveness: Participant demographics and needs can shift. Periodic reviews ensure advisors cater to these evolving requirements by providing pertinent investment choices and education Effective Communication: Regular assessments gauge how well the advisor communicates with sponsors and participants Competitive Advantage: Routine evaluations ascertain the retirement plan\'s competitiveness, which can be pivotal for attracting and retaining employees Plan Performance: Routine reviews ensure the plan\'s investments meet expectations, allowing timely adjustments if needed In summary, consistently evaluating your retirement plan advisor is essential for the plan\'s ongoing viability, meeting legal mandates, and safeguarding participants\' prime interests.

Education

• University of Houston

  Bachelor of Science - BS, Finance