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The plaintiffs in fiduciary liability cases can end up with big settlements, so it’s no wonder a growing number of retirement plan advisors are taking steps to safeguard themselves.

Their first line of defense? Clearer service agreements that leave little doubt about exactly what services they provide and which are subject to the fiduciary standard of care as defined by the Employee Retirement Income Security Act. Practically as important nowadays: agreements in which services not covered by the fiduciary rules also are spelled out. 

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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