Patrick Curran, QPA, AIFA®, Director of Institutional Retirement Consulting, Unified Trust Company
Within the retirement services industry, we are comfortable with the complexity of the requirements and services made available to clients. However, ‘basic’ to us is anything but ‘basic’ to our clients. In fact, it can be quite confusing. We do funny things in our industry pertaining to marketing. The trend that’s occurred in recent years is to take sections of ERISA and turn them into services and marketing terms.
We’ve all heard them; 3(21), 3(38) and the latest iteration, 3(16). As a result, there is even confusion within the industry surrounding what constitutes a ‘3(16) administrator’ and what falls into ‘3(16) services.’ This is a challenge, but also an opportunity, for advisors to be the resource that helps sponsors determine what menu of services are needed to achieve their goals and assist them with finding service providers best address those needs.
Fi360
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