Matthew Eickman: It's OK to Pay More If...

Matthew Eickman is the chief legal officer at the Fiduciary Law Center (FLC), where he brings over two decades of specialized experience in fiduciary responsibilities, defined contribution and benefit plans, and executive compensation programs. In 2023, Matthew was inducted as a Fellow of the American College of Employee Benefits Counsel, a prestigious recognition in his field.Before joining FLC, he was the national retirement practice leader at a firm advising over 850 retirement clients with $16 billion in assets. In this role, he led ERISA 3(21) and 3(38) consulting, served on the Investment Advisory Board, and launched an advisor-managed accounts program. He also oversaw financial wellness initiatives, conducted fiduciary training, managed investment policies and committee charters, and helped develop an in-plan retirement income solution.Matthew is actively involved in the American Bar Association’s Tax Section, where he has served as Chair or Co-Chair of the Defined Contribution Plans Subcommittee for over a decade and is Vice Chair of the Lifetime Income Subcommittee. Known for his expertise, he frequently speaks at retirement and fiduciary conferences.Matthew earned a B.S.B.A. in Finance & Economics from the University of Nebraska and a J.D. from Baylor Law School, where he was Editor-in-Chief of the Baylor Law Review and a member of national competition teams. Licensed to practice in Nebraska and Kansas, Matthew balances his career with family travels, coaching his three sons, and indulging in streaming content on Netflix and beyond.In this episode, Eric and Matthew Eickman discuss:Understanding services before evaluating costs Ensuring trust and alignment Competitive and prudent documentation Protecting clients through benchmarking Key Takeaways:Prioritize and understand desired services before evaluating costs when selecting a retirement plan provider. Conduct a thorough RFP process, ranking providers solely on services first before evaluating or negotiating fees.Advisors should evaluate and disclose all fees transparently and review them annually to ensure trust and alignment. Plan fiduciaries should review service providers and fees at least every three years through benchmarking and due diligence.Plans can pay more for services with increased value if the selection process is objective and well-documented. Regularly benchmark and document plan pricing to ensure competitiveness and demonstrate prudence.Examine and justify any above-market recordkeeping costs per employee based on the value received. Benchmarking helps advisors protect existing clients, satisfy fiduciary duties, and prospect new clients.“Benchmarking is a great way to not only look out for your fiduciary responsibilities and to look out for your clients, but it's a good way to protect and generate business.” - Matthew EickmanConnect with Matthew Eickman:Website: https://qualifiedplanadvisors.com  Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: [email protected] LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to changeIt is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.