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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)).

For more information on the similarities and differences among advisors and their duties to your 401(k) plan, please look at the chart below.

 

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.

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