FBMC Retirement Solutions

No. FBMC acts as an administrative-services provider and enrollment platform, not as a discretionary asset manager. It facilitates employee enrollment in retirement plans offered by third-party carriers such as Nationwide and Voya, rather than constructing or managing investment portfolios on behalf of plan participants.

FBMC competes almost exclusively through formal government procurement processes, responding to RFPs issued by school districts, municipalities, and state agencies seeking a bundled-benefits enrollment vendor. The firm does not operate a retail direct-to-consumer channel, and its public-sector focus limits its growth to contracts that are periodically re-bid under state procurement law.

The firm specializes in 457(b) deferred-compensation plans for government workers and 403(b) tax-sheltered annuities for public-school and non-profit employees. These plans are employer-sponsored but participant-directed, with investment menus provided by external financial-services companies under group annuity or custodial agreements.

Under its standard administrative-services model, FBMC generally does not serve as a 3(16) plan administrator or a 3(38) investment fiduciary. The firm's role is typically limited to enrollment, education, and administrative processing, with the underlying plan sponsor retaining fiduciary oversight of the plan's investment lineup and provider selection.

FBMC is heavily concentrated in Florida, where its relationships with school boards, county governments, and state agencies form the core of its book. Expansion outside Florida has been limited, given the state-by-state nature of government benefits procurement and the presence of entrenched local competitors in each market.