Managing a retirement plan is a big job, and it's not without risks. That's why good management—or governance—of a retirement plan is so critical.
Governance goes beyond fiduciary duties and includes everything involved in the administration and management of the retirement plan. Basically, governance establishes the rules of the road for plan decisions. It's about making decisions—for all aspects of the plan throughout its life cycle—the right way.
While governance isn't a new concept, it rarely gets as much attention as fiduciary responsibility. That gives you a great opportunity to add more value for your clients and set yourself apart from other financial professionals.
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