A financial advisor is one of the most important cogs in a machine known as a retirement plan. While plan sponsors may think that all financial advisors do is just choose investment options for trustee or participant direction, they serve an important function in managing the fiduciary process of a retirement plan. A good financial advisor will help a plan sponsor manage the fiduciary process and minimize the risk of fiduciary liability, while a bad financial advisor will increase that risk. Consider this article as a guide if you are in the market for a new retirement plan financial advisor or to gauge the competency of your current one.