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As I understand it, the fiduciary rule is dead for advisors. Your employer still has a fiduciary duty to the employees to have a reasonable plan.
Precisely! But most plan sponsors have no idea what fiduciary duty is, and neither do most advisers, by the way. And what makes things worse, small plans have very high fees on average, so these advisers can always claim that their fees are average (most probably don't benchmark), but those non fiduciaries who do can always justify high fees by claiming they are reasonable. But I never understood that, unless of course the adviser is making money from keeping things as they were.
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