The times that I have had trouble with a contractor or other type of business provider is when I didn’t bother to check their reviews.
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’t have been so surprised how bad their services was. I probably could have avoided having hired them, dealing with the issues when their French drain wasn’t working probably, and going through the whole trouble of filing a claim through the County.
If I hire a bad contractor for my home or a bad accountant or bad attorney, it’s my cross to bear. Plan sponsors don’t 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.
Plan sponsor need to properly vett their potential plan providers and that means a little more than taking the plan providers’ word for it that they are good.
