Corporate Retirement Plan Advisors
I hate the “F” word. You know the one I am talking about – Fiduciary.
401(k) salespeople love to talk “fiduciary responsibility” – the only problem is that most of them have none. If you are a business owner with a 401(k) plan, fight back with a few pointed questions.
Here are a few people most of us would mistakenly think of as fiduciaries:
So what can a plan sponsor do?
First, keep your risks in perspective. How many business owners who sponsor a 401(k) plan and oversee it in good faith, have actually been sued and lost? My guess is that given the number of plans out there it would be statistical noise. Want proof? Look at the cost of “fiduciary insurance” – it’s cheap for a reason.
Finally, hire a knowledgeable Registered Investment Adviser (RIA) who specializes in retirement plans and work with them implement a few reasonable precautions.
The F-word does not have to be a dirty word anymore!
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