What is the Difference between a 3(38) and 3(21) Fiduciary?
Most retirement plan sponsors know they need to hire a fiduciary advisor to help them manage their 401(k) or other employer-sponsored retirement plan for the benefit of the plan participants. These sponsors are aware of their fiduciary responsibilities and want the help of a fiduciary advisor to offer the best plan possible for their participants and to help mitigate their liability as the plan sponsor.
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Broker vs. Fiduciary Choosing the Right Advisor for Your Retirement Plan
The failure to act in a fiduciary capacity while running your company’s plan can expose you to personal liability as a plan fiduciary. This could even include a requirement to personally make the plan whole for any losses resulting from a breach of your fiduciary responsibilities.
Choosing the right advisor for your company’s retirement plan is one of the most important decisions that you will make as a plan sponsor. Increasingly, the right choice is to work with an advisor who is a fiduciary and who acknowledges that role.