Governing the Default Investment
Independent fiduciary governance consulting for default investments and QDIAs in defined contribution retirement plans
We help fiduciaries, advisors, and trustees understand, govern, and document the investment decisions that matter most — without managing assets, recommending products, or providing legal or investment advice.
Fiduciary Governance Advisors provides independent support for default investment governance, including a structured QDIA governance diagnostic and forward-looking QDIA governance framework.
Educational and governance-focused review. No investment recommendations.
Why This Matters
For most defined contribution plans today, the default investment is the retirement outcome.
Target-date funds and other QDIAs shape participant results over decades, yet fiduciary oversight of these defaults often relies on:
Marketing narratives rather than design analysis
Backward-looking performance reports
Limited documentation of why a structure makes sense
At the same time, fiduciary expectations have evolved.
Regulators, courts, and best-practice standards now focus less on what was selected and more on how default investment decisions were understood, documented, and monitored.
What We Do
Fiduciary Governance Advisors provides independent fiduciary governance consulting relating to default investments and qualified default investment alternatives (QDIAs).
Our work focuses on:
Glide-path understanding and risk framing
Embedded active risk and fee optics
Monitoring frameworks aligned to fiduciary intent
Durable documentation suitable for fiduciary files
We do not evaluate investments for replacement.
We focus on how they are governed.
What We Do Not Do
To avoid confusion, we are explicit about our boundaries.
We do not:
Manage assets
Recommend or replace investment options
Act as the plan advisor or ERISA counsel
Provide legal or compliance advice
Evaluate individual participant outcomes
Our role is governance — not product selection or implementation.
Our Flagship Deliverable
FGA Default Investment Governance Suite™
Our work is delivered through the FGA Default Investment Governance Suite,™ a two-part fiduciary governance framework designed to support advisors, trustees, and investment committees.
Part I — QDIA Governance Diagnostic™
An independent, investment-design-focused assessment of how the plan’s default investment is governed, addressing:
Glide-path rationale
Participant alignment
Embedded active risk
Fee structure and benchmarking
Monitoring practices
Documentation quality
This component is analytical and educational in tone. It does not include investment recommendations.
Part II — QDIA Governance Framework™
A forward-looking governance framework, written in committee voice, that:
Reflects best-practice fiduciary framing
Addresses gaps identified in the Diagnostic
May be adopted or referenced by the committee
Is designed to sit in fiduciary files
This component is declarative and record-ready in tone.
How the Two Parts Work Together
Part I identifies governance gaps and areas requiring clarity.
Part II provides a clear framework for governing the default investment going forward.
Together, they form a complete fiduciary governance record.
Who We Work With
We primarily support:
Advisors to Defined Contribution Plans
Advisors use our work to strengthen fiduciary oversight without disrupting client relationships.
Trust Companies and Fiduciaries
Trust officers and fiduciaries rely on our work to support independent oversight of default investments.
Investment Committees
Committees without dedicated investment staff use our framework to clarify governance expectations and documentation.
Engagements typically begin through advisor or trust-company introductions and are scoped on a plan-by-plan basis.
Our Perspective
The fiduciary question is no longer:
“What default fund did we choose?”
It is:
“Can we clearly explain how the default investment is governed — and why?”
That is where we focus.
Insights
We regularly publish short, trustee-focused essays on default investment governance, including topics such as:
The default investment as the de facto plan design
Glide paths as risk decisions
Embedded active management in “passive” structures
Why documentation has become a fiduciary asset
These insights are written for plan fiduciaries and advisors, not retail investors.
Education & Committee Briefings
Fiduciary Governance Advisors also provides governance-focused education for advisors, trustees, and investment committees on default investments and QDIA oversight. These sessions are designed to support fiduciary understanding and documentation practices and do not include investment recommendations, asset management, or legal advice.
Fiduciary Governance Advisors Provides:
Committee & Trustee Education
Advisor & Trust Company Training
Fiduciary Workshops
