Plan sponsors should delegate to protect themselves

The plan sponsor can transfer all of their fiduciary risks and most of the fiduciary responsibilities, ie, work to professional fiduciaries.

Few advisors are willing to be fiduciaries

Few advisors to retirement plans will accept transfer of such significant fiduciary responsibilities and risks. There are many court cases where such large firms as Merrill Lynch and John Hancock have proved that they were NOT fiduciaries to the plan.

The majority of advisors offer plan sponsors only ‘salesperson-like’ assistance in fulfilling the plan sponsors’ investment fiduciary duties. This assistance often consists primarily of busy work. These services often do nothing to help plan sponsors protect themselves from the substantial responsibilities and risks they carry under ERISA. By following a prudent process the employees and employers are guided to a successful retirement.