It is nearly impossible for an adviser to effectively help an employer manage their DC plan without doing what it takes to make them a functional fiduciary. Realizing that many advisers, or those that were traditionally called brokers, could not become named fiduciaries, others that could do so used it as a weapon in head-to-head competition.

Other advisers have used the "F" word to scare employers while the regulators seem to be trying to mandate the status without really understanding how the DC world works, especially when it comes to working with both employers and employees.

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