In his most recent article for Financial Executives International, Victor Kwitkiwski, Vice President, Retirement Plan Services and Fiduciary at Sapers & Wallack, elaborates on the roles and responsibilities of different types of fiduciaries that exist.
Many Plan Sponsors don’t know if they’re working with a Fiduciary; many are confused about the role of a Financial Advisor vs. a Fiduciary. Furthermore, regardless of their level of knowledge, most would like to outsource their fiduciary responsibilities as much as possible.
In his article, Victor discusses the roles and responsibilities of a 3(16), 3(21) and 3(38) Fiduciary.