Medical practice owners serving as plan sponsors have fiduciary responsibilities under ERISA. Many practices using Ascensus are unaware of the personal liability partners face if their plan isn't properly benchmarked and monitored. Although Ascensus itself doesn't act as a fiduciary, some firms hire a 3(38)-investment fiduciary service through third-party providers. This can transfer certain responsibilities, but the ultimate oversight still remains with the practice owners. A fiduciary review ensures your plan meets industry standards and shields your practice from costly lawsuits.
Holland Capital Management in Cary, NC
The first thing to consider when looking to find a financial advisor in Cary, NC: who are the team members? That’s critical since your financial well-being requires a lot more than just portfolio management. Along with attention to investments, you will likely need other services.
M. Chad Holland CFA, CFP®
About Cary, North Carolina
Cary
Cary is a town in Wake, Chatham, and Durham counties in the U. S. state of North Carolina and is part of the Raleigh-Cary, NC Metropolitan Statistical Area. According to the 2020 census, its population was 174,721, making it the seventh-most populous municipality in North Carolina, and the 145th-most populous in the United States.
The Problem
Many medical practices assume their provider has fiduciary responsibility, but in reality, it belongs to the practice owners. - Ascensus does not act as a fiduciary; however, some practices hire third-party 3(38) investment fiduciaries.
- Even with a 3(38) arrangement, sponsors must oversee the process, monitor fees, and exercise prudence.
Why Benchmarking Matters
- ERISA requires practice owners to act prudently and loyally when managing retirement plans.
- Benchmarking involves a documented process of reviewing fees, funds, and services.
- Keeping this record helps protect practice owners from fiduciary claims.
How Holland Capital Helps
- Independent fiduciary benchmarking for medical practices.
- Analysis covers fees, investments, and service arrangements.
- Recommendations enhance fiduciary processes and reduce liability risk without requiring a recordkeeper change.
Our Fiduciary Advantage
Holland Capital Management, led by M. Chad Holland, CFA, CFP, is an independent fiduciary advisory firm. We help practice owners establish a strong fiduciary process that protects both physicians and staff.
Schedule a free Ascensus 401(k) fiduciary risk review for your medical practice.
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Location
Cary, NC - Hours
Monday - 9am-5pm
Tuesday - 9am-5pm
Wednesday - 9am-5pm
Thursday - 9am-5pm
Friday - 9am-5pm - Phone/Fax
P | 877-733-9435
F | (980) 500-1531 - Email Us
chad@hollandcapitalgroup.com
Frequently Asked Questions
+Do physicians carry fiduciary liability?
Yes. Under ERISA, practice owners serving as fiduciaries can be held personally liable.
+What does a fiduciary review include?
It assesses fees, funding, and service providers in comparison to peers.
+Does Ascensus act as a fiduciary?
No. Ascensus provides recordkeeping services, but fiduciary oversight is the responsibility of the plan sponsor. Some practices hire a 3(38) fiduciary but sponsors still maintain oversight duties.