ERISA 3(21)(A)(ii) Fiduciary Participant Advice

[Guest RJ20]

Most of the providers in this category solely provide retirement/investment advice only and don't provide advice for all other financial concerns of participants such as spending plans, debt management, educational savings planning, insurance planning, and any other goals-based planning important to them.

That said, would anyone think that if such a solution truly covered all these topics and serviced participant questions with Certified Financial Planners, rather than TPAs taking these calls, that participant utilization of the service would skyrocket over the dismal industry average of just 2% - 2.5% annually?

Moreover, since all financial topics could be covered by this service, wouldn't it stand to reason that this service would significantly contribute to the financial wellness of the participant, consequently reducing the corporate time participants spend on their own financial problems, thereby improving the sponsor's bottom line with increased efficiency?

We are interested in your opinions as this is what we do and are passionate about. Thank you in advance for your interest and taking the time to respond.