P.O. Box 8, Western Springs, IL 60558
Phone: 630-662-0284 Fax: 630-662-0286
E-mail: CFDD@TheCFDD.com
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Most small plan sponsors lack fiduciary liability insurance and while they may not realize it, most advisors lack E&O coverage for fiduciary services provided to ERISA plans. In addition to little if any licensing, CE and net worth requirements, small RIA shops may not have ANY insurance. Non-specialized insurance brokers who sell E&O coverage have added to the confusion and contributed to the inadequate coverage.
Links:
[1] http://www.thecfdd.com/files/insights/FiduciaryLiabilityE&O.pdf