What If You Are A Good Fiduciary With Bad Governance?

Episode Guest:

W. Andrew Larson, CPC
Director of Retirement Education
The podcast series where employers find candid, in-depth interviews with industry experts, new best practices and valuable perspectives on current events. 
Recap, highlights, and my thoughts

There has been vast improvement by retirement plan fiduciaries when it comes to reviewing fees and investments.  We even see more retirement plan committee who check the box on other important fiduciary tasks. But does that mean they have a good governance process?  With that said, what is fiduciary governance, what does good governance look like and can you be a top notch fiduciary but leave yourself exposed to risk with poor governance?

We tackle this and more today in my conversation with Andy Larson, Director of Retirement Education at the Retirement Leaning Center.  Right out of the gate Andy shares what he feels the key missing ingredient to good governance is. We also tackle many common questions we get from employers about governance such as who should be on a fiduciary committee, how often should you meet and what should you address every year. Stay tuned because some answers you have heard in the past have been updated based on what we have learned from ERISA litigation and other trends.  You will also here that Andy shares my love for analogies, and there are some good ones!

Guest Bio

With 35 years of experience in the financial services industry, Andy Larson is a respected authority, frequent lecturer and author on industry topics. Andy’s background includes managing and consulting with major recordkeeping platforms, extensive product design for plan sponsors and advanced sales support for intermediaries who work with plans.

 

As a retirement industry executive, he ran the recordkeeping and consulting practice for Universal Pensions, Inc. (UPI), and headed the BISYS Corporate University. He has served as an adjunct professor for the Central Lakes College system in Minnesota, and provides expert witness services on numerous industry topics. Andy is co-author of RLC’s book, Retirement Resource Guide:  Essential ERISA Education & Best Practices for Financial Advisors. He is a graduate of the University of St. Thomas in St. Paul, Minnesota, and maintains a Certified Pension Consultant (CPC) designation from the American Society of Pension Professionals and Actuaries.

Thanks for listening! 

Sincerely Your Host, 

Rick Unser

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