Delegating is all about shifting responsibilities to someone else to handle something that we don’t want to do or can’t do. That could be something as simple as taking out food from a restaurant or hiring an electrician. When it comes to serving as a retirement plan sponsor, you can delegate some of your responsibilities by hiring a third party administrator (TPA) or a financial advisor, but the responsibility you have as a plan sponsor typically can’t be delegated unless you hire someone who will assume some or all of the fiduciary responsibility in running this plan. So this article is about the value of hiring a financial advisor who will serve as an ERISA fiduciary for your plan.
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