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

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.


Segment 1
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Segment 2
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Jason Roberts
Partner & Co-Chair Financial Services Group, Reish & Reicher
Jason C. Roberts, Esq., AIFA is a partner of the law firm of Reish & Reicher, specializing in employee benefits and securities regulation. He counsels broker-dealers, registered investment advisers (RIAs), hedge funds, private equity funds, retirement plan sponsors and plan providers in ERISA and investment-related matters. Jason represents clients in federal and state court at the trial and appellate level (including the United States Supreme Court) and in arbitrations before FINRA. He also counsels clients involved in government enforcement proceedings and employment disputes. Jason has published numerous articles on fiduciary best practices, ERISA compliance and securities regulation. He is a nationally recognized speaker on issues such as fiduciary concerns, the efficacy of retirement savings programs and service provider due diligence and disclosure requirements. Jason is frequently quoted by both professional and public publications, including The Wall Street Journal, InvestmentNews, Dow Jones News, Ignites, PLANSPONSOR Magazine, PlanAdviser Magazine, Institutional Investor, Fund Action, and FSI Voice. He received his B.S.B.A. in Finance & Banking from the University of Missouri and his J.D. from the University of California, Los Angeles (UCLA).


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