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Guide

Working with a fiduciary: what to understand first

An educational overview of how fiduciary advice can relate to a workplace plan, and questions readers often bring to any adviser they choose.

What fiduciary means

A fiduciary adviser is generally required to act in the client's best interest when giving the advice covered by that relationship. The scope of that duty depends on the agreement and applicable law, so it is worth reading the written terms.

Advice inside a workplace plan

Some plans allow a participant to receive advice or account management without leaving the plan, sometimes through a brokerage window. Availability depends on plan rules and provider features.

Costs and conflicts

Advisory fees, fund expenses and plan fees can stack. Readers often ask for a full picture of all costs and any potential conflicts of interest before agreeing to a service.

Prepare

Questions to ask any adviser

These apply whichever professional a reader decides to talk with.

  1. 01Is the adviser acting as a fiduciary for all of the advice provided, and is that stated in writing?
  2. 02How is the adviser paid, and are there any fees that depend on the products chosen?
  3. 03Can advice be provided inside the existing workplace plan, or does it require moving money?
  4. 04Which plan features, such as a brokerage window, would the service rely on?
  5. 05How often is the account reviewed, and what triggers a change?
  6. 06Where can the adviser's registration and disclosure documents be checked?

Read the detailed guide

The full guide covers fiduciary standards, plan-level options and official sources.

Fiduciary 401(k) management guide

Seven workplace-plan questions

Not sure where to begin?

A short quiz that shows where to start. ZIP, seven answers and your contact details are required before results. No account numbers are requested.

Take the quiz Optional review