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  • Writer's pictureSam Fiduciary

What Does a Certified Plan Fiduciary Advisor Do?


What Does a Certified Plan Fiduciary Advisor Do?
What Does a Certified Plan Fiduciary Advisor Do?


What Does a Certified Plan Fiduciary Advisor Do?


A CPFA is a Certified Plan Fiduciary Advisor who has undergone all necessary training to develop a thorough understanding of the Employee Retirement Income Security Act or ERISA fiduciary guidelines. A CPFA will ensure that your actions on behalf of your company’s employee retirement plan are compliant with all legal guidelines.


Under ERISA, there are six core duties for fiduciaries of company retirement plans. These responsibilities are the duties to act prudently, diversify the assets of the company plan, comply with the plan provisions, “act” loyally, only pay reasonable plan expenses, and not engage in prohibited transactions.


A good CPFA will act not only as an advisor on your company’s plan but will also ensure that you fulfill all of these duties as a fiduciary for that plan. Competent CPFAs can determine whether your actions would be considered a fiduciary breach, and accordingly, walk you through the best practices to avoid liability. Think of them as the quarterback for your plan. Essentially, a CPFA is a key player that will ensure you execute all your decisions smoothly within ERISA guidelines.


When you overlook hiring a CPFA, you are subjecting yourself to unnecessary business + personal liability, and putting the plan investment at risk of stagnation. You want to avoid getting sued for violating ERISA guidelines as a plan fiduciary and ensure that the employees who have entrusted their retirement savings to the company plan are getting the highest possible return on their investment.

 

If you are a fiduciary for your company’s employee retirement plan and are concerned about your current investment options, I can help. My specialty is reviewing and adding 99% value to employee retirement plans. Contact me today if you’re ready to get the most value from your company’s retirement plan and protect yourself from personal liability as a fiduciary.


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