Shift Shapers Podcast

25 Apr 2016

Ep #107: Are Benefit Advisors Fiduciaries? – With Adam Russo

David Saltzman 0 Comments

ShiftShapersCoverArtBeing a fiduciary is a big responsibility that many clients don’t fully understand and oftentimes find challenging to carry out – especially in the small and middle market.

We invited Adam Russo, CEO of the Phia Group, back for a return engagement on ShiftShapers.  With all of the news around the new DOL ruling and with the increased interest in self-funding, Adam explains what it means to be a fiduciary, how problems and challenges crop up and a few ways to handle them. We also discuss the liability that attaches to this role and some new tools that help plans deal with the complexity and the liability.

We also ask Adam to explain why all of this applies to the traditional benefit advisor – both for themselves and in their role as trusted client advisors. We explore what advisors who aren’t dealing in traditional ERISA plans need to know to protect themselves and their clients in today’s environment.

We wrap up our conversation with Adam by discussing how benefits advisors can educate themselves on the key elements of self-funding and the opportunities this unique financing arrangement provides in a post-ACA environment.

What You’ll Learn From this Episode:

  • The DOL Fiduciary Rule.
  • What a fiduciary is.
  • Whether the benefit advisors are fiduciaries.
  • What fiduciaries are on ERISA plans.
  • Some examples / case studies.
  • What benefit advisors can do to educate themselves on the topic.

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