Medical practice owners serving as plan sponsors have fiduciary responsibilities under ERISA. Many practices using Empower are unaware of the personal liability partners face if their plan isn't properly benchmarked and monitored. Although Empower itself doesn't act as a fiduciary, some firms hire a 3(38 investment fiduciary service through third-party providers. This can transfer specific responsibilities, but the ultimate oversight 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 Fuquay-Varina, NC
The first thing to consider when looking to find a financial advisor in Fuquay-Varina, 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 Fuquay-Varina, North Carolina
Fuquay-Varina
Fuquay-Varina ( FYOO-kway vuh-REE-nuh) is a town in southern Wake County, North Carolina, United States, lying south of Holly Springs and southwest of Garner. The population was 34,152 at the 2020 census, and estimated at 36,736 as of July 2021. The hyphenated name attests to the town's history as two separate towns.
The Problem
Many medical practices assume that their providers have fiduciary responsibility, but in reality, it belongs to the practice owners.- Empower 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 in the best interests of their employees 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 necessitating a change to the recordkeeper.
Our Fiduciary Advantage
Holland Capital Management, led by M. Chad Holland, CFA, CFP, is an independent fiduciary advisory firm. We assist practice owners in establishing a robust fiduciary process that safeguards both physicians and staff.
Schedule a free Empower 401(k) fiduciary risk review for your medical practice.
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Location
Fuquay-Varina, 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 who serve as fiduciaries can be held personally liable.
+What does a fiduciary review consist of?
It compares fees, funding, and service providers to those of its peers.
+Does Empower act as a fiduciary?
No. Empower offers recordkeeping services, but the plan sponsor is responsible for fiduciary oversight. Some practices hire a 3(38) fiduciary, but sponsors still retain oversight duties.