Why Partner with a Financial Professional on my Retirement Plan?
The basic role of a Financial Professional is to advise and otherwise assist the Plan Sponsor and plan fiduciaries in structuring retirement plan investments and in obtaining the types of products and services necessary for the plan’s operation.
Some of the Benefits Are…
Plan Sponsor’s or plan fiduciaries may be required to seek qualified outside assistance to meet their legal obligations.
Using a financial professional that works regularly with retirement plans can help reduce the risk to the plan sponsor or plan fiduciaries of liability for acting imprudently. An experienced financial professional should know what process to follow, the right questions to ask and how best to document the process.
A plan sponsor or plan fiduciary is better protected from liability risk when it has sought, obtained and considered expert advice.
The level of protection from liability risk depends in part on the role of the financial professional – whether it is retained as a non-fiduciary (least protection), a 3(21) investment advisor (mid-range) or a 3(38) investment manager (most protection).
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