In the previous installment of our monthly series, we explored how businesses can transition from using a legacy broker to a fiduciary captain without disrupting current carriers or compromising the vessel. Fiduciaries sell services, not products and their contractual and legal obligation is to help employers maximize the return on their benefits investments by giving them unbiased professional advice.
In medicine, prescription before diagnosis is malpractice and the same holds true for fiduciaries that provide employers with advisory services. But what process should fiduciaries use to advise clients? After all, every organization values different things, uses benefits for different reasons, and comprises leadership teams with competing priorities and demands on their attention and resources.
