PLANADVISER - March/April 2018 - 41
feature
The role of the adviser in mitigating litigation
One of the first things any new practitioner likely hears about when entering the world of
defined contribution (DC) retirement plan advising today is the severe risk of litigation faced
by plan sponsor clients-a risk born out of the fiduciary duties of diligence, prudence and
loyalty at the heart of the Employee Retirement Income Security Act (ERISA).
Litigation, specifically lawsuits brought by plaintiffs' attorneys and participants, is a
subject advisers will continue to hear discussed, whatever their career stage, says Phil Senderowitz,
managing director for Strategic Retirement Partners in Orlando, Florida. On his
assessment, one of the most common reasons plan sponsors turn to advisers is to get assistance
with fiduciary process governance and litigation prevention-and one of the easiest
ways to lose a client's confidence, he says, is to appear uncertain about critical compliance
matters.
With the help of ERISA counsel, today's DC plan advisers are frequently called upon to
help establish granular, well-documented monitoring processes aimed at clearly defining
who carries what responsibilities for the retirement plan. This effort of defining responsibilities,
and ensuring their well-documented execution, is central to what advisers can do
to prevent their clients from being sued and, even more importantly, from losing lawsuits,
Senderowitz says.
" When it comes to helping clients avoid litigation, reviewing the appropriateness and
quality of the investment menu is the one topic plan sponsors commonly think about first,
but there are other avenues to consider that are potentially even more pressing at this juncture, "
he says. " If you actually dig into much of the retirement plan litigation going on right
now across the U.S., some of the cases are talking about poor fund returns and self-dealing,
yes, but there are many others that are focused on fees related to recordkeeping, share
Art by Dadu Shin
planadviser.com march-april 2018 | 41
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PLANADVISER - March/April 2018
Table of Contents for the Digital Edition of PLANADVISER - March/April 2018
2018 PLANSPONSOR Retirement Plan Adviser of the Year
Battling the Elements
Taking on Discretion
A QDIA In Transition
Working Down-Market
Retirement Income Options
2018 SEC Examination Priorities
Enforcement of the DOL Rule
Duty to Investigate
PLANADVISER - March/April 2018 - C1
PLANADVISER - March/April 2018 - FC1
PLANADVISER - March/April 2018 - FC2
PLANADVISER - March/April 2018 - C2
PLANADVISER - March/April 2018 - 1
PLANADVISER - March/April 2018 - 2
PLANADVISER - March/April 2018 - 3
PLANADVISER - March/April 2018 - 4
PLANADVISER - March/April 2018 - 5
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PLANADVISER - March/April 2018 - 2018 PLANSPONSOR Retirement Plan Adviser of the Year
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PLANADVISER - March/April 2018 - 37
PLANADVISER - March/April 2018 - 38
PLANADVISER - March/April 2018 - 39
PLANADVISER - March/April 2018 - Battling the Elements
PLANADVISER - March/April 2018 - 41
PLANADVISER - March/April 2018 - 42
PLANADVISER - March/April 2018 - 43
PLANADVISER - March/April 2018 - Taking on Discretion
PLANADVISER - March/April 2018 - 45
PLANADVISER - March/April 2018 - 46
PLANADVISER - March/April 2018 - 47
PLANADVISER - March/April 2018 - A QDIA In Transition
PLANADVISER - March/April 2018 - 49
PLANADVISER - March/April 2018 - Working Down-Market
PLANADVISER - March/April 2018 - 51
PLANADVISER - March/April 2018 - Retirement Income Options
PLANADVISER - March/April 2018 - 53
PLANADVISER - March/April 2018 - 2018 SEC Examination Priorities
PLANADVISER - March/April 2018 - Enforcement of the DOL Rule
PLANADVISER - March/April 2018 - Duty to Investigate
PLANADVISER - March/April 2018 - C3
PLANADVISER - March/April 2018 - C4
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