Under the Employee Retirement Income Security Act, plan sponsors are allowed to hire investment advisors as co-fiduciaries. Carlos Panksep, general manager of the Centre for Fiduciary Excellence, LLC, wrote an article for the American Society of Pension Professionals & Actuaries about how to conduct a fiduciary assessment of your investment advisor.
Advisors who are good at what they do use independent fiduciary assessments as a governance tool, Panksep wrote. Assessments keep them accountable to the assessor and the investor, creating a firm reminder of the professional values of the firm.
Regular assessments force the firm to maintain processes that are sustainable, regardless of market conditions, thereby avoiding ad-hoc management decisions.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
