You Don’t Have to Manage Your Plan Alone
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Accountability isn’t just our feeling – it’s our legal duty.
Fisher\SMB™ is dedicated to serving small and mid-sized businesses.
Are you prepared to accept personal liability for your company’s retirement plan?
As someone who makes decisions for your company’s retirement plan, you’re vulnerable to fiduciary risk. This means that administrative, operational, and investment management duties must be carried out diligently and in the best interest of employees; otherwise, you’re personally liable. That’s a big responsibility, but you do have options. Many business owners and HR professionals aren’t investment experts. To reduce some of their risk and ensure the health and safety of their retirement plan, many businesses outsource some of their fiduciary responsibilities.
A Trusted Decision Maker
A fiduciary has important decisions to make. Employees in the retirement plan are counting on the fiduciary to protect their savings and provide investments that are managed with their best interest in mind.
Fisher\SMB’s Rigorous Lineup
We use a multi-level process to analyze and monitor more than 25,000 funds. The result? The best-of-the-best investments for your retirement plan.
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| Dots and Title appear. “25,000+ initial fund possibilities | Music Plays |
| Funnel Builds from top down, swipe from right, then text appears next to section. “Category Selection” is written on the first section of the funnel. “Select appropriate investment strategies” appears next to the funnel. | Music Plays |
| The background builds leading to next section of funnel, text appears on the right and continues until funnel is built | Music Plays |
| Continuous Process Review appears and starts to rotate counter clockwise. The title of each section of the funnel read “Active or passive”, “Fund analysis” and “FIT Review”. Next to each read respectively, “Add value thorugh active or passive management,” “Identify best-in-class funds,” and “Curate a fund lineup to meet client objectives. | Music Plays |
| Dots animate and fall through the funnel | Music Plays |
| “Select Funds” Appears at the bottom of the funnel and hangs on balls falling for 5 seconds | Music Plays |
| Investing in securities involves the risk of loss. Intended for use by employers considering or sponsoring retirement plans; not for personal use by plan participants. Fisher Retirement Solutions™, Fisher\SMB™, FisherSMB™, and all related logos and designs are trademarks of Fisher Retirement Solutions, LLC, which is not connected to Fisher Investments. ©2025 Fisher Retirement Solutions | Music Fades out |
Tracking Your Responsibilities
The amount of fiduciary responsibility you take on is up to you. But if you’re not prepared for time-consuming and potentially confusing plan management tasks, you can work with a retirement plan professional, who can take on the burdens and liabilities of a fiduciary.
Hiring a ERISA 3(38) Investment Manager reduces your liability for investment decisions and takes work off your plate so you can focus on running your business.
| Visual | Audio |
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| Fisher\SMB logo on a white background above the title ‘What is a Plan Fiduciary?’ displayed in a light blue horizontal banner | NA |
| Medium close up of a person speaking indoors, with natural light and greenery visible through a window behind them. | When it comes to managing a company’s retirement plan, one word matters the most: fiduciary. |
| Interview shot of a person speaking indoors. To the right, a blue panel displays the heading ‘What is a Fiduciary?’ and a bullet point reading ‘Legally obligated to act in participants’ best interests.’ | What is a fiduciary? A retirement plan fiduciary is legally responsible for acting in the best interest of plan participants. |
| A person speaks indoors on the left side of the screen. On the right, a blue panel reads, “What is a Fiduciary?” with bullet points: legally obligated to act in participants’ best interests, makes prudent investment decisions, and ensures compliance with ERISA regulations | The includes making prudent investment decisions and ensuring the plan complies with ERISA regulations. |
| White background with text reading, “There are several types of retirement plan advisor options.” | There are several types of retirement plan advisor options. |
| A comparison table shows several types of retirement plan advisor options. Columns include Non Fiduciary Plan Advisor, 3(21) Plan Advisor, Typical 3(38) Investment Manager, and Fisher SMB 3(38) Investment Manager. Check marks indicate that Fisher\SMB covers all listed responsibilities, while other options cover fewer responsibilities | Each with different levels of fiduciary responsibility. |
| The 3(21) Plan Advisor column is highlighted, a blue checkmark is placed in the “obligated to make recommendations in your best interest” row. | A 3(21) plan advisors acts as a co-fiduciary and provides investment advice, but the plan sponsor retains decision making authority and liability. |
| The 3(38) Investment Manager column is highlighted, a blue checkmark is placed in the “obligated to make recommendations in your best interest” row, “select plan investment options” row, and the “monitors and updated plan investment options” row. | A 3(38) Investment manager takes full digression over investment decisions and assumes legal responsibility, reducing the sponsor’s liability. |
| The Non Fiduciary Plan Advisor column is highlighted. No checkmarks appear in this row. | A non-fiduciary advisors offers general education or support but does not take on fiduciary responsibility. |
| Medium close up of a person speaking indoors, with natural light and greenery visible through a window behind them. | Understanding the difference between a fiduciary versus non-fiduciary advisor is critical. |
| Medium close up of a person speaking indoors, with natural light and greenery visible through a window behind them. | Fiduciaries are legally bound to act in your employees’ best interest. Non-fiduciaries are not. |
| White background with text reading, “Why choose a 3(38) fiduciary like Fisher SMB?” | So why choose a 3(38) fiduciary like Fisher\SMB? |
| Text on a white background reads, “Fisher\SMB offers several advantages,” followed by bullet points listing full investment fiduciary protection, reduced liability for plan sponsors, professional investment oversight, and peace of mind for businesses and employees | Hiring a 3(38) investment manager like Fisher\SMB offers several advantages: full investment fiduciary protection, reduced liability for plan sponsors, professional investment oversight, and peace of mind for your business and your employees. |
| Medium close up of a person speaking indoors, with natural light and greenery visible through a window behind them. | At Fisher\SMB we specialize in 401(k) fiduciary services tailored for small and mid-sized businesses. |
| White background with the Fisher SMB logo centered. Below, text reads, “Retirement Plans Built for You” and “FisherSMB.com.” Small text at the bottom reads: “Investing in securities involves the risk of loss. Intended for use by employers considering or sponsoring retirement plans; not for personal use by plan participants. Fisher Retirement Solutions®, Fisher SMB™, FisherSMB™, and all related logos and designs are trademarks of Fisher Retirement Solutions, LLC, which is not connected to Fisher Investments. ©2025 Fisher Retirement Solutions. K072538MC.” | Let us help you navigate your retirement plan advisor options with confidence. |
Understanding Your Risk
Fiduciary mismanagement can cost a business tens of thousands of dollars in legal fees and fines. The better you understand your risk, the more you can do to minimize it.
Compare Fiduciary Options
3(21) Investment Advisor
A co-fiduciary who makes investment recommendations. The sponsoring company remains liable for decisions.
3(38) Investment Manager
A fiduciary who takes legal responsibility for investment management decisions. The sponsoring company is not liable for the manager’s decision; however, they are still responsible for selecting and overseeing the investment manager.
CEFEX® Investment Manager
A CEFEX®-certified fiduciary1 takes legal responsibility for investment management decisions. The sponsoring company is not liable for the manager’s decisions.
1 Centre for Fiduciary Excellence (CEFEX). Fisher\SMB pays an annual assessment fee to be eligible for consideration. This certification was received on November 23, 2025, and is based on data from November 23, 2024–November 23, 2025.
Downloadable Checklist
Don’t Manage Your Plan Alone
Every retirement plan has a plan fiduciary – someone who’s responsible for administrative, operational, and investment management. If these responsibilities aren’t carried out diligently and in the best interest of employees, the fiduciary is personally liable. Download the checklist to learn how to manage fiduciary risk.
See What Our Clients Have to Say
- Testimonials are representative of client views at the time collected. Clients are not compensated financially or otherwise for testimonials. There are no known material conflicts of interest between the client and Fisher\SMB that could influence the testimonial content.
Frequently Asked Questions About Fiduciaries
The word “fiduciary” is legalese, but the concept is simple. If you’re a decision maker on your company’s 401(k) plan, you’re responsible for doing right by your employees. Learn more about the responsibilities that come with being a fiduciary and how to manage them.
If you make decisions for your company’s 401(k), you are a fiduciary. Every retirement plan needs at least one trusted, reliable fiduciary, someone who works in the best interest of the plan and its participants. To better understand your role as a fiduciary, consider these common questions.
As a fiduciary, you’re expected to act prudently and to consider how your decisions will affect employees. It also means you need to have administrative systems in place that document your decisions and communicate important details to employees. If you don’t meet your fiduciary responsibilities, you may be liable for harm caused by your decisions. Fiduciary mismanagement could cost you and your company tens of thousands of dollars in legal fees and fines.
Being a fiduciary means you’re liable if something goes wrong with your plan. When considering your liability, understand:
- Ignorance is no defense in a court of law.
- A fiduciary is personally liable to make good on plan losses due to an ERISA provision breach.
- The Department of Labor may assess a civil penalty equal to 20% of the recovery amount.
- Individuals may be fined up to $100,000 and jailed up to 10 years for ERISA violations.
- Companies may face up to $500,000 in fines for ERISA violations.
There are three types of retirement plan fiduciaries:
- A 3(38) investment manager is a fiduciary who is responsible for plan investment decisions. Your responsibility is to select and oversee your fiduciary.
- A 3(21) investment advisor is a co-fiduciary, which means they make investment recommendations, but the ultimate decision is up to you and you’re still responsible and liable for the decisions made.
- A 3(16) administrative fiduciary is responsible for fulfilling specific administrative duties on behalf of the plan. For example, a 3(16) administrative fiduciary signs and files Form 5500 with the Department of Labor and approves loans. However, you are still responsible and liable for the decisions made. Visit our article “What is a 3(16) Fiduciary” to learn more.
Yes, you can outsource many fiduciary duties, including investment management and administrative tasks. Outsourcing fiduciary duties can reduce both your liability and administrative burden. Some retirement plan providers, third-party administrators, or record keepers offer fiduciary services. If you consider outsourcing with a fiduciary, find out exactly what services they offer and what responsibilities remain with you. Some leave critical duties up to you. Watch out for fiduciaries who:
- Have incentive structures that include revenue sharing or kickbacks.
- Don’t help and maintain a fiduciary audit file.
- Don’t offer fiduciary education for your plan committee.
As a 3(38) investment manager, Fisher\SMB maintains the highest fiduciary standards and will partner with you to make sure you, your company, and your employees are protected.
Learn MOre About
The Different Types of Fiduciaries
FAQ: 3(21) vs. 3(38) Fiduciary Services
Learn the difference between 3(21) and 3(38) fiduciary services. Understand your responsibilities, reduce liability, and choose the right support for your business.
Fiduciary Comparison Chart
Use this fiduciary comparison chart to compare the differences between a 3(21) and a 3(38) investment manager.
What is a 3(16) Fiduciary
Learn what a 3(16) fiduciary is, how they help with 401(k) plan administration, and why outsourcing these duties can reduce your liability.
Contact Us
One of our 401(k) business specialists would love to talk to you about your company’s retirement plan needs.
Call Us
(844) 238-1247
