I am an INVESTMENT ADVISOR who provides a plan sponsor with a menu of investment alternatives. Am I an investment advice fiduciary?
No, you’re probably not a fiduciary. See below.
Selection and Monitoring Assistance. Certain investment selection and monitoring activities are carved out as non-recommendations. Identifying investment alternatives that meet objective criteria specified by the plan fiduciary, provided that the person identifying the investment alternatives discloses in writing whether the person has a financial interest in any of the identified alternatives (and if so, details the interest) is exempted. Providing objective financial data and comparisons with independent benchmarks to the plan fiduciary is also deemed not to be a recommendation. Finally, in response to an RFI, RFP or similar request on behalf of a plan, identifying a limited or sample set of investment alternatives based on only the size of the employer or plan, the current investment alternatives designated under the plan (or both), is not a recommendation provided that the response is in writing and discloses whether the person has a financial interest in any of the identified alternatives (and if so, details the interest).