As a plan sponsor, you are fiduciary to your plan participants. This means that legally you are held to the standard of an investment professional and are obligated to follow a prudent process when selecting and monitoring the investment options in your plan. ERISA allows you to claim that you are not a professional and delegate that responsibility to an independent firm. Most plan sponsors are unaware of this option and unfortunately most service providers are not willing to serve in this fiduciary capacity.
When you hire BST Wealth Management, we transfer that liability away from you and assume the role of serving as a fiduciary and doing everything in your participants’ best interests.