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ERISA 3(21) Fiduciary Consultant

Many plan sponsors possess the sophistication to make their own independent investment decisions on behalf of their company’s 401(k) plan, but may also recognize the need for third-party assistance in designing a prudent fiduciary evaluation process and performing due diligence. 

Fiduciary Insight can work with a plan administrator, investment committee and/or plan trustee(s) to provide both design, implement and manage a fiduciary decision framework that is backed-up by robust investment due diligence.  Thereto, the Fiduciary Insight investment analysis process follows two guiding principles designed to support plan fiduciaries in demonstrating their prudence:

  1. Fiduciaries have a duty to defray reasonable plan expenses.  So, in selecting an investment option for inclusion in the plan, fiduciaries must evaluate the various share class offered for each investment alternative to determine the most cost efficient option.
  2. Fiduciaries have a duty to act for the exclusive purpose of providing benefits.  So, in selecting an investment option for inclusion in the plan, fiduciaries must evaluate the various investment managers available to them – in order to determine the most consistent and time-tested investment options.

Thereafter, Fiduciary Insight performs as an Investment Consultant to facilitate the process of cooperatively determining – in conjunction with input from the other plan fiduciaries – the investment alternatives that should be considered for inclusion in the 401(k) plans.  Yet, the final decision around the specific investment options that are to be made available within the 401(k) plan is directed by the plan trustee(s).

Fiduciary Insight demonstrates its prudence, diligence and skill in the routine monitoring of the plan’s designated investment options by providing plan fiduciaries with ongoing investment monitoring reports.  As a result, the Fi401k Investment Consultant service transforms non-fiduciary reporting data into actionable advice and subsequent fiduciary recommendations. 

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