Service Providers

Service Providers

Investment advisors, money managers, and administrative recordkeepers need standards to guide their operations because they directly and greatly affect retirement plan and welfare benefit plan outcomes.

IFLC is a fiduciary standards developer that enables excellence.

Here are a few of the most frequently asked questions about IFLC…

Q. What part did service providers have in IFLC’s formation?
IFLC was formed as a grass roots movement by CEFEX certified organizations. They wanted to be sure that their prospects and stakeholders are aware that they have passed an unbiased inspection of fiduciary competency against practices substantiated by laws, regulations, and best practices.

Q. Who may join IFLC?
Only those organizations that are certified, rated, or audited under a program approved by IFLC may join. Candidates for membership include investment advisors, money managers, administration service providers, foundations, and organizations that sponsor retirement plans.

Q. How do IFLC’s members participate in its programs?
Participation in IFLC’s programs is voluntary. Members who want to be a part of shaping IFLC’s direction and enhancing their benefit from membership may do so as follows:

  • Program Development
    A recent example was the development of the Fiduciary Supply Management Association (“FSMA”) in 2014, which identifies vendors that qualify under procurement standards used by an increasing number of businesses for guidance when purchasing ERISA support services. The procurement standards which FSMA follows were developed and are maintained by the American Purchasing Society and the Institute for Supply Management. (Visit FSMA’s website.)
  • Working Groups
    An example is IFLC’s Certification Programs Review Working Group. It provides a forum for shaping the role of certification programs for investment firms and recordkeepers.


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