With either the 3(21) or 3(38) approach, you retain the position of the expert and key business contact for the plan sponsor. Mesirow acts as the back office and will never have direct contact with the plan sponsor unless requested.
Mesirow’s 3(21) Fiduciary Partnership Service provides you with the Elite List – a broad menu of approved funds across many asset classes on a provider’s platform for which Mesirow takes fiduciary responsibility.
Under the 3(38) Fiduciary Partnership Service, Mesirow takes full discretion for selecting, monitoring and, if necessary, replacing investment options within the plan lineup. These Discretionary Investment Option Lineups are built by Mesirow to match a wide range of plan demographics.
Your clients, as fiduciaries, have important responsibilities and are subject to specific standards of conduct because they provide their employees with a retirement plan. These responsibilities include carrying out their duties prudently and diversifying plan investments. The duty to act prudently is one of a fiduciary's central responsibilities under ERISA. It requires expertise in a variety of areas, including investment selection, monitoring and due diligence. With that in mind, Mesirow Financial offers you a number of tools and best practices to help you build your Fiduciary Vault. Access Tools
Mesirow defends all claims within the scope of its fiduciary duty. Indemnification for plan sponsors and advisors is not subject to a liability cap.
Our easy-to-qualify 3(21) solution helps plan sponsors meet their 404(c) diversification requirements. Our 3(38) solution allows plan sponsors to choose a defined lineup or develop a customized lineup.
Mesirow is a pioneer of third-party fiduciary solutions leveraging more than 16 years of average industry experience within our team. By utilizing our PrecisionAlpha® process, a proprietary manager selection methodology, we can more accurately account for a manager’s true potential for success and active level of risk.
A dedicated key account manager works closely with you to build a successful partnership. We offer customized training programs that include presentations on our fiduciary solutions, as well as relevant industry topics.