Plan sponsors looking to offload fiduciary risk, while hopefully cutting costs at the same time, have seen solution possibilities enter the market over the last several months as several providers have turned their attention to the small- and midsize plan market.
Earlier this year, LPL Financial broke out a 3(38) fiduciary service capability for advisors to the small plan market; Lincoln Financial expanded its small business retirement plan program; and Capital One, Fidelity and Betterment haven't been sitting idly by in producing or expanding offerings, some including or composed entirely of robo-advisor components.
And now Mercer has entered the fray, with Mercer Wise 401(k), which includes those small- to midsize businesses that may have limited resources or expertise in defined contribution plan management.
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