FWM is an SEC registered investment adviser under the Investment Advisers Act of 1940. In performing Fiduciary Services, it is acting as a fiduciary of the Plan under the Employee Retirement Income Security Act (“ERISA”) for purposes of providing discretionary investment advice.
- Provide discretionary investment advice to the Plan Sponsor about asset classes and investment alternatives in accordance with the Plan’s investment policies and objectives. In practice, each Plan Sponsor is informed of all recommendations prior to execution of any transaction.
- Assist the Plan Sponsor with the selection of a broad range of investment options consistent with ERISA section 404(c) and the regulations thereunder.
- Assist the Plan Sponsor in the development of an Investment Policy Statement (“IPS”). The IPS establishes the investment policies and objectives of the Plan. FWM and the Plan Sponsor shall work together to establish such policies and objectives and to adopt and amend the IPS.
- Provide an annual review of Plan assets that documents investment performance, consistency of fund management and conformance to the guidelines set forth in the IPS and make recommendations to maintain or remove and replace investment options.
- Meet with Plan Sponsor on a periodic basis to discuss investment recommendations.
- Where applicable, provide investment advice to the Plan Sponsor with respect to the selection of a qualified default investment alternative (“QDIA”) for participants who are automatically enrolled in the Plan or who otherwise fail to make an investment election. The Plan Sponsor retains the sole responsibility to provide all notices to participants required under ERISA section 404(c)(5).16