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9/13/2017: ERISA's 'Reasonable Fee' Requirement (The CPA Journal)
"Plan fiduciaries have become acutely aware of their fiduciary risk and that they need the requisite level of expertise and protection. Packaged, outsourced 3(38) services offered by less specialized advisors are merely fund selection services without any focus on benchmarking and plan governance. These service agreements often include disclaimers of responsibility, resulting in less than a complete fiduciary risk management offering.... [P]lan fiduciaries are increasingly replacing their nonfiduciary brokers with 3(21) advisors -- and their 3(21) advisors with 3(38) advisors -- as they become more knowledgeable about fiduciary risk and marketplace offerings."
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