Most people don’t even know what a Fiduciary is, let alone what their responsibilities are.
In the case of a 401k this is someone managing the assets of another person and stands in a special relationship of trust, confidence, and/or legal responsibility.
According to the US department of Labor “Fiduciaries who do not follow the basic standards of conduct may be personally liable to restore any losses to the plan, or to restore any profits made through improper use of the plan’s assets resulting from their actions”
Working with a consultant allows your advisor to be part of team, even signing on as a Fiduciary with respect to the investments of the plan as defined under Section 3(21)(A)(ii) of ERISA.
If you don’t feel like you are getting the most out of your 401k, or you have more questions about your responsibility as a Fiduciary, give them for a free consultation to find out what Romero & Levin Wealth Management has to offer you.