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Setting up our first small business 401k! Should we be an ERISA 3(38) advisor? What are the pros and cons?

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Ask TD, they’ll tell you who you can use. Mesirow, TreeHouse, Morningstar, Wilshire, etc. If you take on 3(21)/3(38) yourself, additional liability and responsibilities. Not worth the added cost for you to be in unless you have deep pockets behind you. If you are the 3(38), you’re on the hook for everything if the investments are fund to be unsuitable. Don’t think it can happen (as it hardly does), check with LBro’s and their bond fund exposure to sub-prime...

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Which platform are you using? I would recommend going 3(21) if it’s your first. Widdle the list from the 3(21) approved list down to a TDF option and about 10-20 other options. This will keep the client engaged and give you and opportunity to help them understand. 3(38) can be excessive: you tell them what the options without input from the client, costs more than the 3(21) and there is additional required documentation to support your recommendations.

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Who do they let you use for 3(21)/3(38) - if not you?

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We will be using the TD Ameritrade platform.

@fa1, don't know... That's why I'm asking here 😁

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