Employers Risk Mismanaging Health Plans by Ignoring Fiduciary Oversight

The 2026 Phia Group Broker Survey reveals a widening gap between what employers ask their advisors and the risks brokers see on the horizon. Although 70% of brokers report that their clients face double-digit renewal increases, the primary threat is not just the price tag. It is the inability to oversee the mechanics of self-funded plans, which 76% of brokers say now dominate their business.

Fiduciary readiness remains the most glaring oversight. Only 12% of brokers are confident their clients have proper processes in place, yet few employers initiate conversations about these responsibilities. Compounding the issue is a total lack of visibility into plan performance. For instance, 78% of brokers report no working insight into how their clients are performing under the No Surprises Act, and 62% say transparency regarding subrogation and recovery is virtually non-existent. Adam V. Russo, CEO of The Phia Group, argues that the era of simply accepting cost increases is over. Employers must now pivot to understanding, auditing, and defending the complex decisions governing their benefits packages.