Unlocking the Value of a 3(38) Fiduciary for Your Growing Business
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Managing a retirement plan can feel overwhelming for growing businesses.
Between evolving regulations, investment oversight, and fiduciary responsibilities, it’s easy to get bogged down in complexity. That’s where a 3(38) fiduciary comes in – providing expert guidance and taking on the heavy lifting so you can focus on running your business. In this article, we’ll break down what a 3(38) fiduciary is, why it matters, and how partnering with one can simplify compliance, reduce risk, and support your long-term growth.
What is a 3(38) Fiduciary?
A 3(38) fiduciary is a specialized retirement plan advisor who takes on the responsibility of managing your company’s retirement plan investments. In other words, they have full discretion to select, monitor, and evaluate investment options to ensure they meet regulatory requirements and align with your business goals. This means you’re offloading the investment decision-making, and the associated legal responsibilities, to an expert who is legally bound to act in your best interest.
For me, it’s all about the impact: we’re helping businesses of all sizes transform retirement plans into a strategic asset. I love that we can elevate financial education and bring real peace of mind to employees, all while partnering with businesses to shape a more secure future.Anthony John, Retirement Plan Consultant
Streamlined Compliance and Reduced Administrative Burden
Navigating the complex landscape of retirement plan regulations can be challenging, especially as state mandates evolve and your workforce grows or spreads across multiple states. A 3(38) fiduciary steps in to handle the heavy lifting, ensuring your retirement plan remains compliant and up-to-date. This reduces your administrative burden, freeing you up to focus on growing your business with confidence.
Strategic Support Tailored to Your Business
As your business evolves, having a dedicated partner who understands your unique needs is invaluable. A 3(38) fiduciary offers not just compliance support, but also strategic guidance aligned with your growth trajectory. Instead of getting bogged down in investment details, you gain a trusted advisor who helps you make informed decisions and provides proactive solutions as your business expands.
Risk Mitigation and Peace of Mind
Managing a retirement plan comes with significant fiduciary responsibilities, and the risk of non-compliance can be daunting. By working with a 3(38) fiduciary and potentially pairing them with a 3(16) fiduciary through a recordkeeping partner, you offload much of that responsibility. This not only reduces your fiduciary liability but also gives you the peace of mind that comes with knowing your retirement plan is in expert hands. You can focus on your core operations with confidence, knowing that your plan is compliant and well-managed.
Ready to Elevate Your Retirement Plan Strategy?
Partnering with OneDigital means more than just checking the box on fiduciary oversight, it's about working with a team committed to helping your business thrive. From fiduciary guidance and administrative support to retirement readiness and financial wellness, we provide the expertise and flexibility you need to meet today’s challenges and prepare for tomorrow’s opportunities.
Let’s talk about how a 3(38) fiduciary partnership can work for you. Contact us today to explore how OneDigital can simplify your retirement plan, reduce your risk, and support your growth every step of the way.