A section 3(38) investment manager, by definition is a fiduciary because they take discretion, authority and control of the plan’s assets. ERISA provides that a plan sponsor can delegate the significant responsibility (and significant liability) of selecting, monitoring and replacing of investments to the 3(38) investment manager fiduciary.
Once a 3(38) is properly named, the plan sponsor effectively hands over authority to the 3(38) fiduciary to make investment decisions. The 3(38) fiduciary therefore assumes legal responsibility and liability for the decisions it makes, which enables the plan sponsor to better manage and mitigate their fiduciary risk.
John Missad, Retirement Plan Consultant with IBS Financial Group, states “We are excited to offer this valuable service to our clients. Utilizing Steve’s investment expertise will not only allow plan sponsors to reduce their fiduciary liability, but more importantly, help their employees to retire with dignity through access to an improved retirement plan.”
IBS Financial Group is an integrated wealth management and retirement plan consulting firm that has been serving clients since 1979. For individuals, we are trusted financial advisors providing full wealth management services. For corporations, we are unbiased and independent retirement plan consultants with expertise in company sponsored 401(k), 403(b), and other qualified plans.
IBS Financial Group provides financial services for our clients so they can focus on the other important aspects of their businesses and lives.
Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.