- You are completely transparent about the compensation you receive for the work you do, whether that is accepting commissions, charging a consulting fee (with an offset for commissions) or similar arrangement.
- Most importantly, you receive “no hidden fees.” This seems straightforward, but you need to be relentless on this front. No special deals on pharmacy benefit management (PBM) fees, no under-the-table commissions from vendors or stop-loss carriers.
- If there are overrides or bonuses, you pass them through – or at least disclose or credit them.
- If, unrelated to your engagement, your firm does paid work for a vendor to “show savings,” you disclose that the alleged savings were paid for.
- If there are side deals that benefit your firm even if not you personally, you disclose them. Not just in a press release, but case by case.
Benefits Think Why becoming a fiduciary adviser is good for business
By
Al Lewis
Published
7 Min Read
