Types of Advisors
Condor Capital is capable of acting as your 401(k)’s co-fiduciary investment consultant (under ERISA code 3(21)) or as your 401(k)’s fiduciary investment manager (under ERISA code 3(38)).
|My Advisor….||Non-Fiduciary||Co-Fiduciary ERISA 3 (21)*||Investment Advisor ERISA 3 (38)||Benefits to Plan Sponsor|
|has a fiduciary duty||No||Maybe||Yes||Determines Responsability/Liability|
|states their fiduciary status in writing||No||Maybe||Yes||Reduced Significant Risk|
|liable for selecting plan options||No||Depends||Yes||Reduced Liability|
|liable for monitoring plan options||No||Depends||Yes||Reduced Liability|
|liable for determining mapping strategies||No||Depends||Yes||Reduced Liability|
|receives transferred risk from plan sponsor||No||Maybe||Yes||Reduced Significant Risk|
|evaluates risk tolerance||No||Maybe||Yes||Reduced Plan Investment Risk|
|provides fee transparency||No||Maybe||Yes||Reduced Plan Investment Cost|
|provides advice with accountability||No||Maybe||Yes||Receives Advice|
* If a co-fiduciary assumes fiduciary responsibility by a provision in writing, plan sponsors can mitigate their liability by ensuring that the consultant/advisor shares in that liability.