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.
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