History of The FIRE System
The genesis of The FIRE System’s creation was based on the recognition by OTB Strategic Consulting Inc.’s (OTB) principals that the marketplace did not have an efficient and affordable way to help Plan Sponsors meet their fiduciary obligation with regards to their plans. Plan Sponsors, usually HR Professionals, often do not realize they are fiduciaries or if they did, they did not understand the breadth, scope and personal liability that it entailed. We recognized they are busy individuals who have their “regular duties” to perform, but now are tasked with assisting with the running of a retirement plan (aka investment firm) inside of their company usually without the knowledge, education, or support.
Existing approaches in the marketplace were falling short in terms of validity, cost effectiveness, quality, experience and/or the time, effort and disruption involved. Most often the educators to the plans were third party providers trying to provide services to the plan and often not understanding the details of what the plan sponsor should be doing. The providers performed their jobs expertly, however, either could not legally assist the plan with internal issues or did not fully understand the responsibilities of the plan sponsor’s fiduciaries and the rest inside the company that who touched the plan.
OTB has spent more than 2.5 years developing and sharing our methodology and reports with the marketplace. We solicited and considered feedback from Human Resource professionals, investment advisors, TPAs, record keepers, fiduciary advisor/consultants, CPAs/independent auditors and ERISA attorneys. As a result, we believe our product has been created and well examined to educate and train your Plan Sponsor clients.
probably a quote from the DOL
We are investment people and fiduciaries first and foremost. For nearly our entire careers we have been fiduciaries – not by a designation, but daily and answering to regulators.
To help avoid conflicts or to be seen as “pushing product”, we also made the choice not to manage money or be a financial advisor, broker or wealth consultant.
Akros strives to have long-term relationships with a select group of business and individual clients to inspire them to realize that their objectives and dreams. Our mission is to give our clients control and the confidence to make informed decisions to help increase their profits and reduce their financial risk by delivering unbiased and independent solutions.
Akros is a firm built around putting the Client’s interests first. In today’s environment with all the changes and conflicts of interest that exist, Akros decided to be a firm that would avoid these issues and bring the highest of care by being a Fiduciary.
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