ERISA Fiduciaries
Empowering financial advisors and firms to
conquer the legal challenges of the RIA universe.
Empowering financial advisors and firms to
conquer the legal challenges of the RIA universe.
By definition, an Employee Retirement Income Security Act (ERISA) fiduciary is anyone who exercises discretionary authority or control over a defined benefit or defined contribution plan or its assets, or who gives investment advice to a plan or its participants.
There are certain transactions prohibited by law that involve self-dealing or conflicts of interest harmful to the plan. However, there are also a number of exemptions under the law, and the Department of Labor (DOL) grants some of these additional exemptions as long as protections for the plan are in place. But with professional ERISA fiduciary legal services from My RIA Lawyer, we can help ensure you remain compliant with all applicable laws and regulations.
As plan sponsors, you will need to navigate the numerous rules, regulations, and standards of ERISA to meet your fiduciary obligations. We will guide you through the complexities of ERISA and DOL requirements, fidelity bonding, creating Investment Policy Statements and spelling out the differences between prudently carrying out your responsibilities either as a 3(21) advisor or a 3(38) advisor.
The DOL, through regulation, defines the term “investment advice” for purposes of determining what activities are fiduciary for purposes of ERISA and the Internal Revenue Code (IRC). The impact of changes to this definition are significant as financial institutions, which meet the new definition, will become subject to the prohibited transaction rules when serving employer-sponsored plans and IRAs, among other types of “retirement investors.” And that’s just the start of it. Give My RIA Lawyer a call today to speak with an ERISA fiduciary legal services specialist who can walk you through our complete process.
With our ERISA fiduciary legal services, we aim to explain this and other regulations in plain English terms, discuss the steps being taken by financial institutions to comply with the changing requirements, and provide you with actionable takeaways to help shape your strategies.
Making the jump to start your own firm is a big decision. Its stressful, hard work, and you have to learn a ton. This why I decided to hire a professional team to help establish my RIA the right way the first time. My RIA Lawyer’s team is absolutely amazing. They have demonstrated expert knowledge, personable staff, and they have shown us how much they genuinely care about setting us up for success by giving us the tools we need to help others. Thank you Leila and Liz for all of your hard work!
The initial consultation was extremely valuable. I definitely recommend speaking with them. I had very custom needs, and they rose to the task!
I worked with Leila as I was getting my new RIA firm up and running. Leila provided expert legal advice as a complement to the national compliance firm who was assisting me with my registration. I was introduced to Leila after I had already begun the process and not sure how I would have made it through without her. She was an invaluable resource and I look forward to working together again in the future!
I have used My RIA Lawyer for filing my Annual Amendments in the past and was very happy with their services and professionalism. Leila Shaver is very responsive, communicative, and extremely knowledgeable. I highly recommend their services!
Leila is an expert with compliance but she also offers a wealth of knowledge as a business owner. We discussed everything including compliance, marketing, business partnerships, and more. Even though my firm is not yet at a point to work with her, she has sent me multiple emails offering assistance with the things we spoke about during our meeting.
The attorneys at MyRIALawyer are always extremely attentive, responsive and competent. We look forward to expanding our relationship, as we continue to grow.
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“It’s important that you look at your legal provider and who it is you have invested in to protect your business, so there are a few things you should be asking your lawyer. First, do they know what the heck you’re doing? Do they know the services you provide? The fees you’re charging? Do they understand securities? One of the problems I see when there is a legal action or when there’s an enforcement action, is that so many of you are going to attorneys that have ZERO securities experience! You’re going to, God forbid, a general practitioner!! That’s not the kind of lawyer you want, you want a securities attorney! You want them to understand your business.“
— Leila Shaver Founder
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