Fiduciary Liability. Yep just like a 401(k)

It’s been coming for a while now. Prepare to step up your I’m A Fixuciary game. It’s not just for breakfast - or retirement plans - anymore.

Why now? Maybe it’s the right thing to do. Maybe someone is running for election. Maybe a bad apple spoiled it for the rest of us. Maybe all.

It’s manifesting first through the PBMs. Benchmarking your Rx coverage and costs against a nationally standardized list. But next will be provider discounts, consultant fees, and on down the line. Don’t wait. Act now. You won’t be the first.

Best in class programs already tackle this. Comittees are formed. Strategies are documented. Metrics boundaries are set, measured and adjusted. Everything is documented. The process lives.

The chances of a problem are low. But the problems, if they appear, are significant. Think PR, legal fees, audits, and a bunch of 3-letter government entities you don’t want around.

The mold is already built. You’re already doing this with your retirement program. Any broker worth their salt knows how to help you with this. All you have to do is raise your hand.