What Type Of ERISA Fiduciary Are You & Why It Matters (Moderator)

To differentiate their practice, advisors are beginning to market expanded fiduciary roles. While new trends always provide opportunities, the skill sets applicable to investment counseling and investment management are very different. There are at least three different types of 3(38) managers serving 401(k) plans, but some do not believe 3(38) was intended to apply to investment advisors. Advisors who become managers without the necessary experience and a corresponding change in support services could be increasing their litigation risk. At the same time, the advisor's E&O insurance may actually exclude coverage for a 3(38) role. Regardless of the advisor's role, plan sponsors are the primary target of litigation and their decisions are always subject to examination. Informed decisions are generally based on objectives and to assist advisors with the process, this session will provide a practical review of the advantages and disadvantages of each fiduciary role. In addition to contrasting the various roles, our panel of experts will analyze the appropriate conditions for accepting or declining the appointment of a specific fiduciary role. As a valuable takeaway, attendees will be provided with practical information to help them determine the fiduciary status favored by their business model and how to leverage that model to secure new engagements. To find out if you are better suited for fiduciary appointments as a full scope 3(21) or a named fiduciary under ERISA 402(a), join our panel of experts as they take off the gloves and share their different views on fiduciary appointments.


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Guest

David J Witz
Managing Director, FRA/PlanTools

David J Witz, AIF is the Managing Director of Fiduciary Risk Assessment LLC (FRA) and PlanTools, LLC. FRA/PlanTools is a service provider to the retirement industry designing and licensing fiduciary compliance, performance reporting and benchmarking software solutions for industry service providers. FRA is in a patent pending status for its Master Diagnostic customizable automated compliance system which automates the process for fiduciary governance, analytics and diagnostics. David's responsibilities include consulting engagements, expert witness services, business development, product design, and project management of FRA's software solutions. FRA is the only firm in the industry to secure a legal opinion stating its 404(c) diagnostic system meets all the regulatory requirements and industry best practices. David has over 30 years of investment, plan design, administration, and fiduciary consulting experience with Qualified and Non-qualified Deferred Compensation plans. He began his career with Principal Financial Group in 1981. In June 1986, he acquired Corporate Benefit Planning ("CBP") a third party administration, consulting, and investment advisory firm which he sold in 1996. Since then, David has held positions with four other national TPAs firms before forming FRA including BGS&G, CBIZ, the Geller Group, and The Newport Group. David has been published or quoted by the ASPPA Journal, BNA, Journal of Benefits and Compensation, the CPA Journal, SPARK Journal and Columbus CEO. He has been retained as an expert witness on ERISA matters and participated on advisory boards for Principal Financial, Mass Mutual, CBIZ, Asset International, Inc. the Center for Due Diligence (CFDD) and the Institute of Business & Finance. He has been a guest speaker for the AICPA, ASPPA, Bar Association, CFDD, fi360, Financial Planning, ISCEBS, North Carolina CPA/Law Forum, PLANSPONSOR, The Ohio State University School of Law, National Association of Bankruptcy Trustees and RADA. Recently he was appointed to the Board of Advisors for the Institute of Business & Finance (IBF). He was previously the host of a financial talk radio show on WWVA. David is a 1981 graduate of Penn State University with a Bachelor of Science degree in Economics, Insurance, and Real Estate. He has been awarded the ACCREDITED INVESTMENT FIDUCIARY designation from the Center for Fiduciary Studies. He has six exams completed towards his Chartered Financial Consultant (ChFC) and Charter Life Underwriter (CLU) designations. His licensing previously included NASD Series 6, 26, 63, 65 and Life, Health and Variable Insurance.

For more information, call (704) 564-0482 or email: dwitz@fraplantools.com

 


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