NAPA Net - Polling Places 113018

Is it Time for a Broad Acceptance of 3(16) Fiduciary Services?

A recent survey of retirement plan advisors to determine what their attitudes are toward 3(16) fiduciary outsourcing. In the resulting report, “Advisors and 3(16) Fiduciary Outsourcing,” the firm found that more and more advisors are looking at transferring administrative fiduciary responsibility to 3(16) fiduciaries.

According to the results, more than 80% of surveyed advisors are familiar with 3(16) outsourcing. In addition, another 84% of respondents said they are considering recommending 3(16) administrative services.

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* 1. Do you/your firm currently offer 3(16) fiduciary services?

No.

Yes.

Not sure.

Not even sure what 3(16) services are.

Any comments?

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* 2. Whether or not you offer those services, are you seeing more of those offerings now than a year ago?

No.

Yes.

More, but not exactly a lot.

Not sure.

Any comments?

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* 3. Do you think that plan sponsors see the difference between 3(16) fiduciary services and traditional fiduciary support?

No.

Mostly not.

Yes.

Yes, but only because I've explained it.

Not sure.

Something else (please specify)

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* 4. If you/your firm offers 3(16) fiduciary services, are your plan sponsor clients/prospects receptive to them?

Yes, very receptive and even enthusiastic about the idea.

Receptive to the idea, the take-up not so much.

Not really.

It depends - some are, most aren't, however.

Don't offer 3(16) services.

Haven't broached the subject with plan sponsors.

Something else (please specify)

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* 5. If your plan sponsor clients/prospects aren't receptive to 3(16) services, why not (check all that apply)?

Cost

Loss of control of certain plan features

Don't think it's necessary

Think they already have that level of fiduciary protection

We don't offer those services

They are receptive to those services.

Something else (please specify)

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* 6. Other comments about fiduciary services, 3(16) fiduciary services, misunderstandings about 3(16) services, enthusiasm for 3(16) services, lack of enthusiasm for 3(16) services, or life in general?

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* 7. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 8. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 9. Suggestions for future survey questions?

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* 10. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...