Westminster Consulting Brochure Endowment & Foundation | Page 8

LIST OF SERVICES
GOVERNANCE DOCUMENTS DEVELOPMENT
These are the essential road maps that help fiduciaries
successfully manage their retirement plan. Westminster
Consulting evaluates your Investment Policy Statement,
Committee Charter, and Board Resolutions and offers advice
on improving and clarifying your objectives.

and conducts an analysis of fiduciary compliance for a plan
sponsor— all with the goal of improving performance and
minimizing expenses. This benchmarking process includes
reviewing fees, investment performance, and also evaluating
the plan participants’ satisfaction with vendor service levels.

VENDOR SEARCH
This is intended for plan sponsors that desire an impartial and
objective analysis of their plan vendor, are dissatisfied with
their current recordkeeper’s service, or have grown in asset
size and may require different or additional services. The goal
is to document fiduciary due diligence of the plan sponsor,
improve all areas of plan performance, and minimize expense.
Westminster Consulting provides a comprehensive evaluation
of all functional areas of plan servicing, including:

• Recordkeeping

• Plan sponsor services

• Trustee services

• Conversion

• Communication/participant education

• Compliance services

• Investment services

FIDUCIARY REVIEW
This comprehensive service benchmarks the plan against
twenty-two best practices jointly developed by the DOL
and Fi360™. The review evaluates how effectively the plan
sponsor is operating their plan and informs the committee of
shortfalls or omissions when compared with the benchmarks.

FEE AND EXPENSE AUDIT
Timely evaluation of plan fees and expenses is a part of a plan
fiduciary’s responsibility. Westminster Consulting examines
all asset-based fees, common cost drivers, and investment
expenses. This evaluation of fees assists fiduciaries with their
due diligence to determine if the fees are fair and reasonable
and, therefore in compliance with the DOL’s Section 408(b)
(2) regulations.

VENDOR BENCHMARKING
Benchmarking provides an impartial and objective analysis of
plan vendors such as recordkeepers, actuaries, and managers.
Westminster Consulting evaluates these vendors’ performances

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ONGOING FIDUCIARY OVERSIGHT
This comprehensive retainer service includes four main
components:

• Quarterly performance monitoring

• Due diligence

• Education

• Compliance
Westminster Consulting participates with your investment
committee at each quarterly review meeting—providing
a concise, detailed analysis of the overall plan as well as
investments. We work closely with clients to help them
manage their responsibilities, including administration,
communications, and vendor management.

FIDUCIARY EDUCATION AND TRAINING
Westminster Consulting assists boards, trustees, and
committees in understanding and fulfilling their role as
fiduciaries. The training provides an in-depth look at fiduciary
governance today and in the future. This comprehensive
review provides executive-level guidance and solutions for
the primary challenges facing investment fiduciaries under
applicable law and ERISA.