jacoavlu I’m speaking in the larger scope of an administrator pointing employees to the advisor for complaints of fund performance when they are most certainly equally involved in the selection of the investments.
Paying the tab or not, if it came to litigation on the plan the impression being given to the participants would be a field day for the lawyer representing the employees. To your point, the plan admins always hold some liability: zlandar intending to point that they have an FA managing the account would not be in their best interest. This is dually important because the FA is not managing the account nor did they ever have that sole responsibility even in the investment selection.
Again, this is just a point of caution for everyone to consider. Unfortunately, there are just as many frivolous lawsuits as legitimate ones against companies for their plans. Don’t give gasoline to feed a fire by making the claim that was mentioned is the real take-home point here. Same point of having insulation with a TPA when other staff is involved was made by Johanna before Zlanders addition to the thread.
Paying the tab or not, if it came to litigation on the plan the impression being given to the participants would be a field day for the lawyer representing the employees. To your point, the plan admins always hold some liability: zlandar intending to point that they have an FA managing the account would not be in their best interest. This is dually important because the FA is not managing the account nor did they ever have that sole responsibility even in the investment selection.
Again, this is just a point of caution for everyone to consider. Unfortunately, there are just as many frivolous lawsuits as legitimate ones against companies for their plans. Don’t give gasoline to feed a fire by making the claim that was mentioned is the real take-home point here. Same point of having insulation with a TPA when other staff is involved was made by Johanna before Zlanders addition to the thread.
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