The latest news on the Department of Labor’s (DOL) 2016 Fiduciary Rule is…there is no news, but, the ruling, if enforced, requires financial professionals providing retirement planning advice be legally bound to fiduciary status. While the rule is still pending, Plan Sponsors should take action and confirm their advisor is acting as a fiduciary.
Fiduciary status requires professionals to provide independent, non-biased advice, transparent fees, and to reveal any conflicts of interest. If your Plan Advisor is acting as a fiduciary to your plan, the rule is irrelevant to you and your employees. If they are not, you may be receiving advice or recommendations that are not in the best interest of your plan or participants. This may put you in a poor position as a fiduciary of the plan.
What Plan Sponsors should do today:
- Review your fee and services agreement to confirm your advisor is acting as a fiduciary.
- If it’s not clear, contact an independent fiduciary advisor specializing in retirement plans for help and a possible plan review.
Centurion is one of the country’s largest independent retirement plan fiduciary advisory firms, committed to providing better retirement outcomes. We do this through independent and objective investment advice and plan consulting.
Contact Centurion to learn more and discuss an independent plan review.
Retirement Plan Consultant