Medical practice owners serving as plan sponsors have fiduciary responsibilities under ERISA. Many practices using Principal are unaware of the personal liability partners face if their plan isn't properly benchmarked and monitored. Although Principal 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 protects your practice from costly lawsuits.
Holland Capital Management in Lewisville, NC
The first thing to consider when looking to find a financial advisor in Lewisville, 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 Lewisville, North Carolina
Lewisville
Lewisville is a town in Forsyth County, North Carolina, United States. The population was 13,388 at the 2020 census, up from 12,639 in 2010. It is a Piedmont Triad community. Lewisville incorporated on August 13, 1991. Lewisville is located in western Forsyth County. U. S. Route 421 passes through the southern part of the town.
The Problem
Many medical practices assume their provider has fiduciary responsibility, but in reality, it belongs to the practice owners. - Principal 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 Principal 401(k) fiduciary risk review for your medical practice.
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Location
Lewisville, 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 those of its peers.
+Does the Principal act as a fiduciary?
No. The principal provides record-keeping services, but fiduciary oversight is the responsibility of the plan sponsor. Some practices hire a 3(38) fiduciary, but sponsors still maintain oversight duties.