Shifting responsibility of investment decision making to a discretionary manager offers a host of benefits to defined benefit plan and defined contribution plan sponsors, such as cost savings and better returns—benefits that trickle down to participants.
Curcio Webb serves as an independent intermediary helping plan sponsors select and monitor 3(38) advisers and outsourced chief investment officers; the matchmaker firm offers some insight about what makes for a good adviser-sponsor fit.
As one looks at retirement plans that have greater assets, the committee structure is more entrenched, which has slowed the uptake of 3(38) services relative to 3(21) services; Fielding Miller, CEO of CAPTRUST, argues this outlook may be changing.