The Traditional Role of Advisors/Insurance Agents

By definition, advisors who perform a fiduciary function on behalf of an employer-sponsored retirement plan are considered to be fiduciaries to the plan, regardless of whether or not they acknowledge their fiduciary status.  Many financial salespeople are compensated by commissions and 12b-1 fees of the mutual fund options in the plans.  Have you had a conversation about fiduciary responsibility with your current plan advisor?  

There are some common fiduciary services that advisors provide.  The financial advisor will usually select and monitor investments.  They also provide employee investment education programs to help employees in enrolling in the plan.