What is a Plan Fiduciary

This video explains what a retirement plan fiduciary is, why fiduciary responsibility matters, and the key differences between 3(21) advisors, 3(38) investment managers, and non‑fiduciary advisors. Learn how a 3(38) fiduciary like Fisher\SMB can help reduce liability, provide professional investment oversight, and offer peace of mind for your business and employees.

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Fisher\SMB logo on a white background above the title ‘What is a Plan Fiduciary?’ displayed in a light blue horizontal banner	NA
Medium close up of a person speaking indoors, with natural light and greenery visible through a window behind them.	When it comes to managing a company’s retirement plan, one word matters the most: fiduciary.
Interview shot of a person speaking indoors. To the right, a blue panel displays the heading ‘What is a Fiduciary?’ and a bullet point reading ‘Legally obligated to act in participants’ best interests.’	What is a fiduciary? A retirement plan fiduciary is legally responsible for acting in the best interest of plan participants.
A person speaks indoors on the left side of the screen. On the right, a blue panel reads, “What is a Fiduciary?” with bullet points: legally obligated to act in participants’ best interests, makes prudent investment decisions, and ensures compliance with ERISA regulations	The includes making prudent investment decisions and ensuring the plan complies with ERISA regulations.
White background with text reading, “There are several types of retirement plan advisor options.”	There are several types of retirement plan advisor options.
A comparison table shows several types of retirement plan advisor options. Columns include Non Fiduciary Plan Advisor, 3(21) Plan Advisor, Typical 3(38) Investment Manager, and Fisher SMB 3(38) Investment Manager. Check marks indicate that Fisher\SMB covers all listed responsibilities, while other options cover fewer responsibilities	Each with different levels of fiduciary responsibility.
The 3(21) Plan Advisor column is highlighted, a blue checkmark is placed in the “obligated to make recommendations in your best interest” row.	A 3(21) plan advisors acts as a co-fiduciary and provides investment advice, but the plan sponsor retains decision making authority and liability.
The 3(38) Investment Manager column is highlighted, a blue checkmark is placed in the “obligated to make recommendations in your best interest” row, “select plan investment options” row, and the “monitors and updated plan investment options” row.	A 3(38) Investment manager takes full digression over investment decisions and assumes legal responsibility, reducing the sponsor’s liability.
The Non Fiduciary Plan Advisor column is highlighted. No checkmarks appear in this row.	A non-fiduciary advisors offers general education or support but does not take on fiduciary responsibility.
Medium close up of a person speaking indoors, with natural light and greenery visible through a window behind them.	Understanding the difference between a fiduciary versus non-fiduciary advisor is critical.
Medium close up of a person speaking indoors, with natural light and greenery visible through a window behind them.	Fiduciaries are legally bound to act in your employees’ best interest. Non-fiduciaries are not.
White background with text reading, “Why choose a 3(38) fiduciary like Fisher SMB?”	So why choose a 3(38) fiduciary like Fisher\SMB?
Text on a white background reads, “Fisher\SMB offers several advantages,” followed by bullet points listing full investment fiduciary protection, reduced liability for plan sponsors, professional investment oversight, and peace of mind for businesses and employees	Hiring a 3(38) investment manager like Fisher\SMB offers several advantages: full investment fiduciary protection, reduced liability for plan sponsors, professional investment oversight, and peace of mind for your business and your employees.
Medium close up of a person speaking indoors, with natural light and greenery visible through a window behind them.	At Fisher\SMB we specialize in 401(k) fiduciary services tailored for small and mid-sized businesses.
White background with the Fisher SMB logo centered. Below, text reads, “Retirement Plans Built for You” and “FisherSMB.com.” Small text at the bottom reads: “Investing in securities involves the risk of loss. Intended for use by employers considering or sponsoring retirement plans; not for personal use by plan participants. Fisher Retirement Solutions®, Fisher SMB™, FisherSMB™, and all related logos and designs are trademarks of Fisher Retirement Solutions, LLC, which is not connected to Fisher Investments. ©2025 Fisher Retirement Solutions. K072538MC.”	Let us help you navigate your retirement plan advisor options with confidence.