The Principal Financial Group is expanding its investment fiduciary support to include ERISA 3(21) and 3(38) fiduciary services provided by Wilshire Associates Inc. The new services will enhance the company's current support by providing a level of fiduciary protection for selection and monitoring of investment options for retirement plans.
All financial professionals will have the option of making these Wilshire-supplied services available to their clients, including RIAs, who may wish to supplement their current services to clients.
"With almost 40 years of experience providing investment consulting services and analytics, Wilshire brings highly respected objectivity and expertise in their ERISA 3(21) and 3(38) fiduciary services," said Tim Minard, senior vice president of distribution at The Principal. "We are very pleased to make their impressive services available to retirement plan clients of The Principal. By providing access to these services from Wilshire, The Principal is making available flexible and comprehensive investment fiduciary support to our retirement plan clients."
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The 3(21) and 3(38) fiduciary services available through Wilshire extend enhanced support to plan sponsors that:
- Includes coverage across multiple plan types.
- Complements the due diligence process already in place for hiring and monitoring managers of Sub-Advised Investment Options available through The Principal.
- Is flexible, allowing the fiduciary to choose from services which address the following areas of concern:
- Broad Range Requirement under 404(c)
- Qualified Default Investment Alternatives
- Prudent monitoring on an investment-by-investment basis
"We are pleased to offer our 3(21) and 3(38) fiduciary services to retirement plan clients of The Principal and their financial professionals," said Jamie Ohl, president of Wilshire Funds Management, a business unit of Wilshire. "We believe the rigor of our selection and monitoring process will serve as a great complement to the platform, investment fiduciary support, and manager due diligence process currently provided to retirement plan clients of The Principal."
The Principal Financial Group is a global investment management company that offers retirement services, insurance solutions and asset management. Wilshire Associates Inc., a global, independent investment consulting and services firm, provides consulting services, analytics solutions and customized investment products to plan sponsors, investment managers and financial intermediaries.
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