SURVEY |

2025
3(38) Investment Manager Survey

Reported by PLANSPONSOR | Art by Cara Wang
Use of 3(38) Services
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Use of 3(38) Services

Use a 3(38) Investment Manager Fiduciary

  • Yes
  • No
  • Not Sure

Considered Hiring a 3(38) Fiduciary

  • Yes
  • No

Primary Reasons for Not Seeking 3(38) Fiduciary

Cost
29.0%
Unsure how to find one
0.0%
Lack of internal support
3.2%
Loss of control over investments
61.3%
Lack of trust in third-party providers
22.6%
Uncertainty about benefits of 3(38)
19.4%
Use a 3(21) investment adviser
51.6%
Other
19.4%

Primary Reasons for Engaging 3(38) Fiduciary

Ensuring compliance with ERISA
59.0%
Improving investment performance
55.7%
Freeing up existing staff, internal resources
39.3%
Lack of sufficient staff, internal resources
31.1%
Reducing corporate fiduciary liability
73.8%
Reducing investment costs
36.1%
Other
8.2%