Thanks to the 401khelpcenter.com for the pointer to this article--"Crossing the Line: Managing Fiduciary Responsibilities of Financial Advisors and Avoiding Prohibited Transactions." The article from GoldK provides some good information for brokers and financial advisors on the topic of how they can inadvertently become ERISA fiduciaries when they advise 401(k) plans regarding investments. The article notes that "few financial advisors have understood their potential status as plan fiduciaries, and the risks they run as a result."
Posted by B. Janell Grenier at July 3, 2004 05:01 PM