PLANADVISER - Fall 2023 - 17
Cover Story
CORE
AT THE
The adviser's essential role is to help
clients meet their fiduciary obligations
W
hile the scope of services that retirement plan advisers provide continues to
expand, the advisers' main goal is still to help plan sponsors fulfill their fiduciary
responsibilities. That part of the job has developed in recent years as
compliance has grown increasingly complex-and participants, greatly due to aggressive
law firms, increasingly litigious.
" The pace of change in our industry is staggering, " says Rick Irace, chief operating
officer at Ascensus, in Allenwood, New Jersey. " Most of that centers on regulations that
continue to evolve, and they're becoming more complicated. "
Despite the elevated importance of fiduciary services, only 16% of advisers see fiduciary
oversight as the area in which they add the most value to clients, says the Vestwell
2023 Advisor Trends Report.
Still, in the first half of this year, there were more than 20 excessive fee and fiduciary
imprudence cases filed, according to an analysis by Euclid Fiduciary. While lawsuits have
historically targeted larger plans, smaller plans must also prioritize risk mitigation, and
their advisers can help, says Andy Harper, senior vice president of wealth management
solutions with LPL Financial in Fort Mill, South Carolina.
" One of the most important things [to get] plan sponsors to understand is that plan
fiduciaries have personal liability. They're looked upon by the Department of Labor as
prudent experts, " he adds.
Art by Alex Eben Meyer
Practice Management | Fall 2023 | planadviser.com 17
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PLANADVISER - Fall 2023
Table of Contents for the Digital Edition of PLANADVISER - Fall 2023
At the Core
A Need to Show Value
The Talent Pipeline
Inside the Deal
Demand Performance
Are They Legally Binding?
The SEC on Cybersecurity
From Managing to Leading
Can You Predict Client Stress?
PLANADVISER - Fall 2023 - C1
PLANADVISER - Fall 2023 - FC1
PLANADVISER - Fall 2023 - FC2
PLANADVISER - Fall 2023 - C2
PLANADVISER - Fall 2023 - 1
PLANADVISER - Fall 2023 - 2
PLANADVISER - Fall 2023 - 3
PLANADVISER - Fall 2023 - 4
PLANADVISER - Fall 2023 - 5
PLANADVISER - Fall 2023 - 6
PLANADVISER - Fall 2023 - 7
PLANADVISER - Fall 2023 - 8
PLANADVISER - Fall 2023 - 9
PLANADVISER - Fall 2023 - 10
PLANADVISER - Fall 2023 - 11
PLANADVISER - Fall 2023 - 12
PLANADVISER - Fall 2023 - 13
PLANADVISER - Fall 2023 - 14
PLANADVISER - Fall 2023 - 15
PLANADVISER - Fall 2023 - At the Core
PLANADVISER - Fall 2023 - 17
PLANADVISER - Fall 2023 - 18
PLANADVISER - Fall 2023 - 19
PLANADVISER - Fall 2023 - A Need to Show Value
PLANADVISER - Fall 2023 - 21
PLANADVISER - Fall 2023 - 22
PLANADVISER - Fall 2023 - 23
PLANADVISER - Fall 2023 - 24
PLANADVISER - Fall 2023 - 25
PLANADVISER - Fall 2023 - The Talent Pipeline
PLANADVISER - Fall 2023 - 27
PLANADVISER - Fall 2023 - 28
PLANADVISER - Fall 2023 - 29
PLANADVISER - Fall 2023 - Inside the Deal
PLANADVISER - Fall 2023 - 31
PLANADVISER - Fall 2023 - Demand Performance
PLANADVISER - Fall 2023 - 33
PLANADVISER - Fall 2023 - Are They Legally Binding?
PLANADVISER - Fall 2023 - 35
PLANADVISER - Fall 2023 - The SEC on Cybersecurity
PLANADVISER - Fall 2023 - 37
PLANADVISER - Fall 2023 - From Managing to Leading
PLANADVISER - Fall 2023 - Can You Predict Client Stress?
PLANADVISER - Fall 2023 - 40
PLANADVISER - Fall 2023 - C3
PLANADVISER - Fall 2023 - C4
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