As a fiduciary, you must always be prepared for two questions:
Why did you take a certain action? Or why did you not take a certain action?
Can you show documentation of the prudent process used in reaching your decision?
My approach as an Independent Fiduciary is to always consider these questions in terms of an argument with supporting evidence. I don’t want get caught up with the minutia of “did I meet the minimum standards of the UPIA.” Rather, I want to have evidence that I far exceeded the minimum requirements of the UPIA or ERISA by adhering to best practices as found in the Global Fiduciary Standard of Excellence for Investment Stewards.
Prudent Champion, Inc. provides the necessary training to enable an organization to create and institute a prudent process using best practices which adhere to these standards of excellence.
For a basic overview of fiduciary responsibility, see here.