A fiduciary is someone who stand in a special relationship of trust, confidence, and/or legal responsibility. A plan must have at least
one person or entity named as a fiduciary in the written plan. A plan’s fiduciaries will ordinarily include the trustee, any individuals
exercising discretion in the administration of the plan and, in certain situations, an investment advisor. All fiduciaries have
potential liability for their own actions and those of their co-fiduciaries.
A fiduciary must act prudently and solely in the best interest of plan participants. Following the plan documents, diversifying
investments, and maintaining reasonable plan fees is only part of this requirement. Prudence requires expertise and a documented
process for making fiduciary decisions.
We work with you to craft and maintain a written model of ongoing procedures, service, and documentation to have and maintain a
compliant 401(k) and help you abide by the rules set forth by the DOL and IRS.
Securities and investment advisory services offered through:
Woodbury Financial Services, Inc. (WFS), member FINRA/SIPC. WFS is separately owned and other entities and/or marketing names,products, or services referenced here are independent of WFS.