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HORAN Capital Advisors

Fiduciary Services

Many companies do not know their fiduciary responsibilities under the law. In order to gain perspective, employers reach out to HORAN Retirement Advisors for specific direction on how to guard against troublesome and costly liabilities.

A common concern for many employers is the amount of fiduciary risk they are subject to when sponsoring a 401(k) plan. One way to mitigate that risk is to hire fiduciary service providers, in particular to help with selecting and monitoring plan investments.

An ERISA section 3(21) fiduciary is an advisor who renders investment advice for a fee with respect to any monies, investments, or other property of a plan or has responsibility to do so. This type of advisor serves in a co-fiduciary capacity to the plan and shares fiduciary responsibility and liability with other plan fiduciaries (i.e., investment committee members, board members).

Hiring a 3(21) fiduciary helps mitigate the potential liability of the other plan co-fiduciaries, as the advisor would provide the necessary investment expertise and process to assist in the required investment decision-making process.

HORAN is confident in its investment monitoring methodology and process. HORAN is willing to acknowledge our fiduciary responsibility.