Medical practice owners serving as plan sponsors have fiduciary responsibilities under ERISA. Many practices using John Hancock are unaware of the personal liability partners face if their plan isn't properly benchmarked and monitored. Although John Hancock 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 St. Petersburg, FL
The first thing to consider when looking to find a financial advisor in St. Petersburg, FL: 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 St. Petersburg, Florida
St. Petersburg
St. Petersburg is a city in Pinellas County, Florida, United States. As of the 2020 census, the population was 258,308, making it the fifth-most populous city in Florida and the most populous city in the state that is not a county seat (the city of Clearwater is the seat of Pinellas County).
The Problem
Many medical practices assume their provider has fiduciary responsibility, but in reality, it belongs to the practice owners. - John Hancock 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 agreements.
- Recommendations enhance fiduciary processes and reduce liability risk without needing a recordkeeper change.
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 solid fiduciary process that safeguards both physicians and staff.
Schedule a free John Hancock 401(k) fiduciary risk review for your medical practice.
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Location
St. Petersburg, FL - 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 evaluates fees, funding, and service providers relative to your peers.
+Does John Hancock act as a fiduciary?
No. John Hancock 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.