1. DOL’s Fiduciary Process Agreement
Professional Fiduciary Services LLC
Enterprise Services, Inc.

2. Changes in the Fiduciary Process
No Moench Presumption
Non-litigation impacts
Regulation by Settlement Agreement
Transactional and Ongoing Impacts
Changes in Valuation Reports
Financial Advisors and Fiduciary Standards
Is my Broker a Fiduciary?

3. No Moenchy Business Criteria to hold or divest company stock
Benchmarking performance
Capping allocations to company stock
Should the plan say it is designed to invest in company stock?
Do the fiduciaries document the hold versus sell decision?

4. Sierra Aluminum Settlement
Independent valuation firms
Audited financial statements
Assessing management projections
Control premiums
Claw backs and warrants
Seller financing

5. Financial Advice to ERISA Plans
Traditional Broker Standard
Suitability – meets risk / reward objectives
RIA standard
Fiduciary – best interests
DOL proposes a fiduciary standard for those who advise retirement vehicles.

6. Mickey Maier is a President of Professional Fiduciary Services LLC in Milwaukee WI. He serves as an independent transactional fiduciary, ongoing trustee, or board member for a number of ESOP companies.
Professional Fiduciary Services LLC
1841 N Riverwalk Way
Milwaukee WI 53212
Craig Olinger is a Principal at Enterprise Services, Inc. (ESI), a firm focused on providing consulting services for private business. He specializes in working with business owners and advisors on ESOP valuations.
Enterprise Services, Inc.
355 Austin Circle
Delafield, WI