The authors suggest that before the regulations take effect, advisors should take advantage of a unique opportunity to reposition their value propositions and market their services to plan sponsor clients and prospects, influential attorneys and accountants, and other advisors and brokers who do not wish to operate as fiduciaries.The paper examines three common fiduciary roles: Limited-Scope 3(21) Fiduciary, 3(38) Discretionary Investment Manager, and 3(16) Plan Administrator. Attention to process is key, the authors maintain, adding that the outcomes of recent court cases make it clear that plan sponsors and their fiduciary advisors must develop a much tighter fiduciary process, which includes monitoring the reasonableness of fees and revenue-sharing arrangements. The paper includes a section about recent court cases and also provides an appendix for documenting a tight fiduciary process.
John Hancock Investments Launches New White Paper For Retirement Plan Advisors
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