PLANADVISER - July/August 2019 - 46
practice management
Investment Oversight Partners
W
How advisers benefit from asset management assistance
ith more plan sponsors looking to avoid litigation by
hiring a 3(38) fiduciary, advisers increasingly need
to determine whether, and how, to implement 3(38)
offerings in their practice. Their decision may be to join an
aggregator firm or wirehouse that centralizes investment
management oversight, or to turn to a third party to handle
the 3(38) function, industry insiders say.
Those advisers in particular who want to offer the services
but hand off the duties will enjoy many benefits from doing
so, most notably stronger relationships, better retirement
readiness outcomes and a growing book of business.
" A fair number of advisers who come to us don't want to
serve [as a 3(38)], " says Ben Thomason, executive vice president,
revenue, at recordkeeper Vestwell, in New York City.
" Advisers are starting to look at the entire value chain and
say to themselves, 'Do I want to hire a CFA [certified financial
adviser] team, or is it much more economical and time
efficient to work with a larger group to build the portfolios?'
Initially, some advisers would view investment management
as so integral to what they do, they might feel strange
about turning oversight over to a turnkey solution. But the
more they think about it, they realize they can't watch the
market 24/7. "
Likewise, TAG Resources LLC of Knoxville, Tennessee,
hires and monitors 3(38) fiduciaries for adviser clients.
" There's a growing trend among advisers to offer 3(38)
services, and I don't view that as such a great thing, " says
Troy Tisue, TAG president. " Yes, some practices have the
backing and the resources to handle this, but, increasingly,
more advisers see the value in partnering with a national
3(38) firm that can specialize in that. "
Ten years ago, Tisue notes, there were only a handful of
national 3(38) firms. Today, he estimates there to be 100, not
to mention almost all of the registered investment adviser
(RIA) and broker/dealer (B/D) firms that offer their advisers
centralized 3(38) oversight.
Pensionmark Financial Group, with main offices in Santa
Barbara, California, is an aggregator firm that offers 3(38)
oversight, says its CEO, Troy Hammond. Advisers affiliated
with Pensionmark may act as either a 3(21) or a 3(38) fidu46
| planadviser.com July-August 2019 Art by Paige Mehrer
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PLANADVISER - July/August 2019
Table of Contents for the Digital Edition of PLANADVISER - July/August 2019
An Array of Models
2019 Recordkeeper Services Survey
Advice for All
Pension Risk Transfer on the Rise
Investment Oversight Partners
Through the 'Window'
Now Who is a Fiduciary?
Venue Clauses
The SEC's Standard on IRA Rollovers
PLANADVISER - July/August 2019 - C1
PLANADVISER - July/August 2019 - FC1
PLANADVISER - July/August 2019 - FC2
PLANADVISER - July/August 2019 - C2
PLANADVISER - July/August 2019 - 1
PLANADVISER - July/August 2019 - 2
PLANADVISER - July/August 2019 - 3
PLANADVISER - July/August 2019 - 4
PLANADVISER - July/August 2019 - 5
PLANADVISER - July/August 2019 - 6
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PLANADVISER - July/August 2019 - 21
PLANADVISER - July/August 2019 - 22
PLANADVISER - July/August 2019 - 23
PLANADVISER - July/August 2019 - An Array of Models
PLANADVISER - July/August 2019 - 25
PLANADVISER - July/August 2019 - 26
PLANADVISER - July/August 2019 - 27
PLANADVISER - July/August 2019 - 2019 Recordkeeper Services Survey
PLANADVISER - July/August 2019 - 29
PLANADVISER - July/August 2019 - 30
PLANADVISER - July/August 2019 - 31
PLANADVISER - July/August 2019 - 32
PLANADVISER - July/August 2019 - 33
PLANADVISER - July/August 2019 - 34
PLANADVISER - July/August 2019 - 35
PLANADVISER - July/August 2019 - 36
PLANADVISER - July/August 2019 - 37
PLANADVISER - July/August 2019 - 38
PLANADVISER - July/August 2019 - 39
PLANADVISER - July/August 2019 - Advice for All
PLANADVISER - July/August 2019 - 41
PLANADVISER - July/August 2019 - 42
PLANADVISER - July/August 2019 - 43
PLANADVISER - July/August 2019 - Pension Risk Transfer on the Rise
PLANADVISER - July/August 2019 - 45
PLANADVISER - July/August 2019 - Investment Oversight Partners
PLANADVISER - July/August 2019 - 47
PLANADVISER - July/August 2019 - Through the 'Window'
PLANADVISER - July/August 2019 - 49
PLANADVISER - July/August 2019 - Now Who is a Fiduciary?
PLANADVISER - July/August 2019 - Venue Clauses
PLANADVISER - July/August 2019 - The SEC's Standard on IRA Rollovers
PLANADVISER - July/August 2019 - C3
PLANADVISER - July/August 2019 - C4
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