What is fiduciary drift?
Fiduciary drift is the name given to the inattentive delegation of discretionary authority by fiduciaries. 401k plans require innumerable decisions and much attention, but often, there is no one at a firm with the necessary 401k expertise. Into this vacuum may step an HR director looking to prove his value or a controller whose accounting prowess presumably translates. The initial fiduciary is still “on the hook” for plan management except now others have authority to make decisions affecting their livelihood.
