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Fiduciary & Legal

There are fiduciary and legal issues associated with most all investments depending on what type of entity holds the assets.

  • Who is a fiduciary?
  • Could you be a fiduciary?
  • What does that mean?
  • What laws govern their conduct?

For a qualified Pension/ Retirement Plan:

The Employee Retirement Income Security Act of 1974 (ERISA) states that any person(s) or entity who exercises discretionary control or authority over plan management or plan assets and/or has discretionary authority or responsibility for the administration of a plan, and/or provides investment advice to a plan for compensation or has any authority or responsibility to do so are subject to fiduciary responsibilities. Plan fiduciaries include, for example, plan trustees/sponsors, plan administrators, and members of a plan’s investment committee.

The primary responsibility of fiduciaries is to run the plan solely in the best interest of participants and beneficiaries and for the exclusive purpose of providing benefits and paying plan expenses. Fiduciaries must act prudently and must diversify the plan’s investments in order to minimize the risk of large losses. In addition, they must follow the terms of plan documents to the extent that the plan terms are consistent with ERISA. They also must avoid conflicts of interest. For a Trustee of a trust, an Executor of an estate, a Guardian of a guardianship there are fiduciary rules that must be followed under State laws and case outcomes. For a Board member of a for profit company or a nonprofit organization, a member of an endowment, a Foundation or a charity’s investment committee your mission success may boil down to having done the right thing as a fiduciary. Investor Solutions provides fiduciary consulting as part of our services. Get a free fiduciary consult today!

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