Our written acknowledgement of our co-fiduciary relationship with our clients is the single most valuable part of our relationship with them. It not only identifies the critical components of our commitment, but more importantly it is documenting Premier Financial Group's alignment with the trustees' fiduciary responsibilities to the plan participants.
As a co-fiduciary, Premier Financial Group has a vested interest along with the plan fiduciaries to understand where there is the most potential for liability. This is important because every plan fiduciary has the potential for personal liability. If you do not have a co-fiduciary relationship, you will be working with an advisor who is not held to the same standards as the plan fiduciaries.
Unfortunately, the industry has gone to extreme measures to avoid this level of commitment. Instead, the industry has chosen to give each of its clients a false sense of security while adhering to the diminished standards of a salesman.
As a plan fiduciary, we believe the first and most critical question to ask any potential advisor is whether or not they will accept a co-fiduciary relationship acknowledged in writing. If you do not receive a “yes” answer to this question, it is our opinion you need to find an advisor who will provide this valuable service.
Premier Financial Group acknowledges its co-fiduciary relationship in writing with each client. Our comprehensive fiduciary support services are designed to identify and manage the potential for personal liability for all plan fiduciaries.
Next Chapter: Procedural Prudence
