The times that I have had trouble with a contractor or other type of business provider is when I didn\u2019t bother to check their reviews.<\/p>\n
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Of course had I known the waterproofing company that I used for my downstairs a few years before Hurricane Sandy had 28 complaints with the County Department of Consumer Affairs, I wouldn\u2019t have been so surprised how bad their services was.\u00a0 I probably could have avoided having hired them, dealing with the issues when their French drain wasn\u2019t working probably, and going through the whole trouble of filing a claim through the County.<\/p>\n
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If I hire a bad contractor for my home or a bad accountant or bad attorney, it\u2019s my cross to bear. Plan sponsors don\u2019t have it that easy. If they choose a plan provider, they will be on the hook for liability because they are a plan fiduciary, which means they have a higher duty of care, than if they were just hiring a provider for themselves.<\/p>\n
Plan sponsor need to properly vett their potential plan providers and that means a little more than taking the plan providers\u2019 word for it that they are good.<\/p>\n
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