Understanding Fiduciary Support Models
More wealth advisors are finding themselves involved in retirement plan discussions as business-owner clients seek guidance across both personal and workplace financial needs.
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More wealth advisors are finding themselves involved in retirement plan discussions as business-owner clients seek guidance across both personal and workplace financial needs. This piece explores the responsibilities involved in managing retirement plans and provides a practical overview of 3(21) and 3(38) fiduciary support models under ERISA. It is designed to help advisors understand how fiduciary responsibilities are allocated, the benefits of each approach, and the factors to consider when selecting the most appropriate structure for their clients and practice.