There's no denying it. The chances that one (or more) of your retirement plan clients could be tapped for a Department of Labor audit are greater than ever.
That's because the DOL is stepping up audits of plan sponsors. One focus is whether plan sponsors are fulfilling their fiduciary duties to ensure the fees they're paying are reasonable for the services they receive. This includes a strong interest in advisor compensation and services—and whether the advisor is being paid a reasonable amount.
The best thing you can do now is to prepare yourself — and your clients — ahead of time. This will help you spend less time alleviating plan fiduciary concerns — and more time working with clients to meet their goals.
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