Broker Check

Fiduciary Services

3(21) Fiduciary -  We will serve as 3(21) fiduciary to plan:

  • Investment Review
  • Assist with selection of plan fund lineup
  • Assist with drafting of investment policy statement
  • Conduct ongoing review of funds in conjunction with the fiduciary to assure that the funds continue to be appropriate for an employer retirement plan
  • Fee review
  • Annual fee and expense review of current plan
  • Review plan documents and provider service agreements
  • Review Fee disclosure both to plan and to participants
  • Benchmark plan design and costs
  • Assistance with fee negotiations

The four key responsibilities of a fiduciary:

Serve as a advocate – The exclusive benefit rule “a fiduciary must discharge his or her duties for the exclusive benefit of plan participants and their beneficiaries; and for the purpose of defraying the expenses of administering the plan.”

Be a prudent “professional” – The prudent man rule “a fiduciary must act with care, skill, and diligence that would be exercised by a reasonably prudent person who is familiar with such matters.”

Diversify against risk – The diversification requirement “a fiduciary must provide diversified investments so as to minimize the risk of large losses.”

Govern according to plan policy “a fiduciary has a duty to act in accordance with plan documents, ERISA and the DOL.”