Investment recommendations are only as good as the advisor or firm that is providing those recommendations. When an advisor is acting as an investment fiduciary for a plan, the advisor also assumes responsibility for their investment recommendations. This means they will have a sound and well-documented due diligence process in place to protect both the advisor and the plan sponsor.

SevenHills Cleveland Benefit Partners is partnered with Pensionmark, a respected RIA firm and Broker Dealer with offices located throughout the U.S., to provide and support a robust investment due diligence process along with useful tools and resources for our plan sponsors. Additionally, SevenHills Cleveland Benefit Partners is a CEFEX-Certified Advisor, which provides our plan sponsors confidence that our due diligence process adheres to fiduciary best practices.

There are two levels of fiduciary responsibility that an advisor can provide for their plan sponsors.

  • 3(21) Investment Fiduciary: The advisor has fiduciary responsibility for the investment recommendations they are providing to the plan. The plan sponsor ultimately retains final decision-making authority, meaning the sponsor is also acting as an investment fiduciary.
  • 3(38) Investment Fiduciary: The advisor has full decision-making authority relating to the investments offered within the retirement plan. The plan sponsor does not have fiduciary responsibility for the investments, however, they do have fiduciary responsibility for the selection of the 3(38) investment manager.

An advisor would never be both a 3(21) fiduciary and a 3(38) fiduciary. Instead, the plan sponsor determines how much fiduciary support they need, and the appropriate level is implemented.

Our Retirement Plan Advisors

 

Tony Black
Tony Black

Certified Retirement Plan Advisor
RPA, AIF CEFEX


Matt Voecks
Matt Voecks

Certified Retirement Plan Advisor
RPA, AIF CEFEX





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