Fiduciary & ERISA Compliance Advisory

Structured fiduciary oversight, 3(21) advisory guidance, and 3(38) discretionary investment management for retirement plan sponsors

Headquartered in Richmond, Virginia, we serve clients nationwide. 

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Is Your Fiduciary Structure Clearly Defined?

ERISA assigns specific responsibilities to retirement plan sponsors. Investment oversight, fee monitoring, and committee governance require structured processes—not informal practice.


When roles are unclear or documentation inconsistent, fiduciary exposure increases.


As part of our broader Retirement Plan Advisory framework, we help plan sponsors define authority, formalize oversight procedures, and align fiduciary responsibilities with documented governance standards.

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Understanding the Difference Between 3(21) and 3(38)

ERISA distinguishes between advisory authority and discretionary authority. Under a 3(21) fiduciary structure, the advisor provides investment recommendations while the plan sponsor retains final decision-making responsibility.

Under a 3(38) fiduciary structure, investment discretion is formally delegated to a qualified investment manager who assumes responsibility for selecting, monitoring, and replacing plan investments.

The decision between 3(21) and 3(38) is not simply a compliance formality. It must align with your committee’s expertise, governance capacity, and overall plan oversight strategy.


We work with plan sponsors to determine which fiduciary structure provides the appropriate balance of delegation, oversight, and accountability.

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What 3(38) Discretionary Authority Means

Under ERISA Section 3(38), a qualified investment manager assumes discretionary authority to select, monitor, and replace plan investments within a defined governance framework.


Unlike a 3(21) structure, where recommendations are provided but final authority remains with the committee, a 3(38) fiduciary accepts responsibility for investment decision-making.


Delegating discretion is not simply an administrative change. It must align with committee expertise, oversight capacity, and overall governance structure.

For organizations considering full delegation, structured evaluation is critical.

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What Delegating to a 3(38) Fiduciary Changes

Delegation reduces investment-related liability by transferring discretionary authority to a qualified fiduciary. That authority includes selecting, monitoring, and replacing plan investments within defined Investment Policy Statement parameters.


Delegation does not eliminate fiduciary responsibility. Plan sponsors must still prudently select and monitor the fiduciary and maintain structured governance processes.


Risk reduction is achieved only when delegation is paired with disciplined oversight and ongoing documentation.

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Fiduciary & ERISA Compliance Services We Provide

Our advisory services combine governance structure with both advisory and discretionary fiduciary models.

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Fiduciary Role Definition and Documentation

We clarify fiduciary responsibilities under ERISA and formally document authority across advisors, committees, and service providers.
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3(21) and 3(38) Fiduciary Structure Evaluation

We evaluate whether advisory or discretionary authority aligns with your governance model, committee expertise, and risk tolerance.
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Discretionary Investment Management (3(38))

We assume responsibility for selecting, monitoring, and replacing plan investments within defined governance parameters.
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Investment Policy Statement Development

We establish and maintain IPS documentation defining evaluation standards, performance thresholds, and monitoring protocols.
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Investment Monitoring and Fee Review

We provide ongoing performance oversight and fee benchmarking to ensure alignment with fiduciary standards and participant outcomes.
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Committee Governance and Reporting Support

We support retirement plan committees with structured reporting, documentation, and governance alignment.

Our focus is not reactive compliance. It is structured, defensible fiduciary oversight.

Our Fiduciary Oversight Process

Strong fiduciary governance follows a defined structure.

  • Step 1: Assess

    We review your current fiduciary structure, committee roles, investment oversight framework, fee alignment, and documentation practices.

  • Step 2: Clarify

    We define fiduciary roles under ERISA, determine whether a 3(21) advisory model or 3(38) discretionary model is appropriate, and establish clear lines of responsibility.

  • Step 3: Implement

    We formalize IPS documentation, monitoring protocols, discretionary authority (if applicable), and governance procedures.

  • Step 4: Monitor

    We provide ongoing investment oversight, reporting support, and documentation review to maintain fiduciary alignment over time.

Fiduciary compliance is not a one-time correction. It requires sustained governance discipline.

Is Your Fiduciary Structure Built for Long-Term Accountability?

If committee authority is informal, documentation inconsistent, or investment monitoring reactive rather than structured, it may be time for formal review.


Whether you retain decision authority under a 3(21) model or delegate under a 3(38) structure, clarity and documentation are essential.


We work with plan sponsors to strengthen fiduciary alignment and implement oversight models designed for long-term accountability.