Advertising is a great medium and it\u2019s a medium that could often be confusing to the consumer. So when it comes to the retirement plan business, you have providers providing fiduciary services whether that\u2019s 3(16), 3(21), 3(38), co-fiduciary, or the generic fiduciary services. \u00a0Of course, let\u2019s not forget that fiduciary warranty, that is neither a fiduciary nor a wide ranging warranty.<\/p>\n
So while providers are advertising these level of services, most plan sponsors are really unaware of hat all of this means and I\u2019m sure that there may be providers that may advertise a specific service like a 3(38) without the specific 3(38) discretionary role that comes with it. So while people concentrate on numbers and names, plan sponsors should focus more on what these providers are promising in their contracts. Kosher style isn\u2019t kosher and a 3(16), 3(21), or 3(38) service without the requisite duties and liabilities that come with it isn\u2019t the service they claim. So a plan sponsor should review what types of service are being promised by actually reading the contracts. If they can\u2019t make heads or tails, then hire an ERISA attorney who can.<\/p>\n
There is nothing worse in buying a service that really isn\u2019t what it says it is.<\/p>\n
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