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Mesirow Financial
To help you establish and maintain a successful retirement-savings plan, we engaged Mesirow Financial to offer the Fiduciary Partnership Program. Under the program, advisors and plan sponsors may select from two fiduciary service options: limited scope ERISA Section 3(21) co-fiduciary service, or full scope ERISA Section 3(38) investment manager service.*
3(21) Limited Scope Option Under the 3(21) co-fiduciary service, advisors and plan sponsors employ a menu-driven approach to select from multiple investment line-ups within the Mesirow Financial Elite Lists. These lists cover a range of asset classes designed for long-term retirement investing.
3(38) Full Scope Option* With the 3(38) investment manager service, Mesirow Financial develops Guidelines and acts as the discretionary investment manager to the plan. This gives the advisor more autonomy to advise the plan’s participants. This also is an effective solution for broker-dealers concerned with their advisors taking on fiduciary status with regard to investment selection and monitoring for the plan.
Through these options, Mesirow Financial serves as an investment advisor and fiduciary to your plan, undertaking specific responsibilities with respect to your plan’s investment portfolio. As a co-fiduciary to your plan, Mesirow Financial will perform and defend their duties and obligations in compliance with ERISA.
Services provided by Mesirow Financial include:
- Selection of funds included on Mesirow Financial Elite Lists
- Quarterly fund due diligence reports on all Elite List investments
- Quarterly watch list reports to monitor funds
- Ongoing recommendations to remove or replace Elite List funds as appropriate
*A separate agreement is required for services from Mesirow Financial. Additional fees may apply.