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Advantages of Becoming a Fiduciary

Acting in a fiduciary role can help you elevate your retirement plan practice and provide higher touch service to sponsors. Understanding the different types of fiduciaries, advantages of becoming one and tools available to address fiduciary responsibilities is key for advisors looking to expand their services — and grow their book.

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Level Up Your Prospecting Game With PlanFees

PlanFees helps successful 401(k) advisors “benchmark better” and mitigate fiduciary risk. But you can also use our suite of innovative benchmarking tools to “prospect better,” nurture leads and build your professional practice. It’s as easy as 1-2-3.

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Not All Excessive Fee Cases Are 401(k) Lawsuits

Held by schools and other tax-exempt organizations, 403(b)s used to be highly dissimilar to 401(k)s — with fewer rules and requirements. And by far, the majority of high-profile excessive-fee lawsuits have targeted 401(k)s. But a recent suit against Northeastern University’s 403(b) is a strong reminder that all retirement accounts mandated under ERISA to keep fees reasonable are at risk. 

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Fees and Fiduciary Duty

Plan fiduciaries have many important responsibilities to uphold. And they must act solely in the interest of participants and their beneficiaries. To that end, they have to prudently manage investments, administer the plan properly, monitor service providers and much more. 

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Retirement Plan Service Provider Faces ERISA Lawsuit

Mutual of America, an insurance company that also provides services in the small-plan marketplace, has found itself in the crosshairs of an ERISA lawsuit alleging a breach of its duties of loyalty and prudence to plan participants. The plaintiffs charge that they were subject to excessive fees as a result of the company’s adoption of its own proprietary closed-architecture recordkeeping platform. The system, they allege, caused participants to pay annual administrative fees roughly 10 times what they would have if the plan had researched and engaged a third-party recordkeeper to perform comparable (or even better) services.

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