FINANCIAL ADVISORS
We team with financial advisors to offer a complete package of fiduciary protection to your clients.
We aren’t financial advisors and we cannot act as 3(21) or 3(38) fiduciaries to your clients’ plans. However, we can add 3(16) fiduciary administration services to insulate your client from the common fiduciary errors they make in administering their plan. Your client gets to keep working with all their current service providers so there is no need to change where their investments are currently custodied.
The Benefits To You
Your clients won’t have to deal with updating payroll records for retirement plan changes, downloading reports from investment company websites, mailing out notices, answering participant inquiries or any of the other pain points commonly associated by plan sponsors with their retirement plans. If plan sponsors don’t interact with the plan as often, they are less likely to be unhappy with the plan.
There are over 100 possible notices that the IRS and DOL can require you to distribute in any given year. While no plan needs all of these notices sent to participants, the time you spend to determine which notices to send, who should get them, the delivery method and when they must be issued can be extensive and exhausting. Our fulfillment services can take over this process for you by gathering the notices directly from your other service providers, determining who needs to receive them and mailing or electronically delivering the correct materials.
There are many studies that show a large percentage of plan sponsors move their plans because they encounter administrative issues that make them unhappy with current service providers. Fiduciary Outsourcing removes most of these administrative issues from the sphere of the plan sponsor allowing the plan sponsor to avoid spending time and getting aggravated. Happier clients remain your client longer.
Clients occasionally ask, “Isn’t there an easier way?” You can now be the savior to your client and answer that question with a “Yes.” Your client can make their plan much simpler to live with by utilizing Fiduciary Outsourcing’s fiduciary administration services.