Why Hire a Professional Fiduciary?
Publisher: The Plan Sponsor University
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As regulatory scrutiny intensifies and fee lawsuits become more frequent, retirement plan sponsors are increasingly considering the benefits of hiring professional fiduciaries. Professional fiduciaries offer expertise aligned with the high standards required by ERISA, which helps manage complex compliance and reduce liability risks. By outsourcing fiduciary responsibilities, plan sponsors can focus on their core business while avoiding potential conflicts of interest and ensuring that both the plan sponsor’s and participants’ interests are prioritized. Ultimately, a professional fiduciary can enhance plan quality and outcomes through their specialized knowledge and commitment to best practices, potentially improving participants' financial security. However, the article suggests that some plan sponsors may still need convincing on the value of this approach.
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