Administrative Fiduciary - ERISA section 3(16)
The advisor acts as an administrative fiduciary as defined in ERISA section 3(16).
Co-Fiduciary – ERISA section 3(21)
The advisor acts in a co-fiduciary role to the plan, as defined in ERISA section 3(21).
The advisor will provide basic oversight to the plan regarding due dates for filing, any new regulations that affect the plan, etc. This is not a full-blown compliance review/audit that some advisors conduct (and may charge a fairly significant fee to do, because it’s an extensive process).
Dedicated 1-800 Number for Participants
The practice has a toll-free number available for participants to contact the advisor or support staff.
Discretionary Fiduciary - 3(38) for Custom Plan Models
The advisor acts as discretionary fiduciary (investment manager) for custom plan models. This gives the advisor full discretionary control to make investment decisions for the model portfolio(s) without plan sponsor/committee approval.
Discretionary Fiduciary - 3(38) for Investment Lineup
The advisor acts as discretionary fiduciary (investment manager) to the plan, as defined in ERISA section 3(38). This gives the advisor full discretionary control to make investment decisions for the plan without plan sponsor/committee approval.
Education Program Strategy
The advisor helps the plan sponsor determine the strategy for addressing the education/communication needs for the employees/participants.
Employee Stock Ownership Plan (ESOP) Consulting
The advisor helps design and/or administer an ESOP.
Fiduciary Training for Committee
The Advisor delivers fiduciary training to the plan sponsor and/or investment committee members.
Financial Wellness External Provider Search
The advisor designs and conducts a search for a new financial wellness provider.
Financial Wellness Program - Advisor Delivered
The advisor delivers the financial wellness program to employees/participants.
Financial Wellness Program Strategy. The advisor helps the plan sponsor determine the strategy for addressing the financial wellness needs for the employees/participants.
Fund Menu Design
The advisor chooses or recommends the asset classes and fund types in the lineup.
Group Employee Meetings. The advisor conducts/participates in group meetings to educate the employees about the plan and encourage enrollment in the plan.
The advisor provides consulting to the plan sponsor/employer on HSA options and design of the HSA solution and/or investment options.
Investment Fiduciary to Plan Participants
The advisor will act in a fiduciary capacity to the participants in the plan.
Investment Policy Statement Development. The advisor assists the plan sponsor in developing the investment policy/statement for the plan.
The advisor supports the plan during a merger or acquisition and assists with plan changes such as combining multiple plans and communicating changes to employees.
One-On-One Employee Meetings
The advisor conducts/participates in one-on-one meetings to educate the employees about the plan and encourage enrollment in the plan.
Other Specialized Committee Training
The advisor provides training to the investment committee on items related to their responsibilities with the retirement plan.
Participant Support in Multiple Languages
The advisory practice provides participant support in multiple languages.
Plan Design Consulting
The advisor consults on how best to design the plan (e.g., features it will include) to meet the plan sponsor’s benefit goals.
Vendor Fee / Service Review or Benchmarking
On behalf of the plan sponsor, the advisor conducts a review of the services that the provider/vendor is providing and the associated fees for those services (i.e., a pricing evaluation).
Vendor Management/Issue Resolution
The advisor acts as a liaison between the plan sponsor and the vendor and helps resolve any issues that may arise. They ensure that what was committed to in the search is executed on by the vendor.
The advisor designs and conducts a search for a new recordkeeper/provider for the plan.
Vendor Transition Support
The advisor assists in coordinating/troubleshooting the process when a transition occurs to a new recordkeeper/provider. This does not mean that the advisor actually facilitates all the details of the transition.