Before stepping into plan advising, Questis Advisor Partners President Steve Wilbourne suggests financial advisors decide whether they want to provide fiduciary services or investment planning only. "As an investment fiduciary, we take on the legal responsibility of managing investments for the retirement plan," says the Charleston, S.C.-based Wilbourne, who has picked up more than 15 plans in the past six months and favors investing with the DFA and Vanguard fund families. "We offer conservative and aggressive models that range from 20% equity to 100% equity, which are a globally diversified portfolio of institutional asset-class funds that include domestic and international broad market funds, such as small cap, value funds, emerging markets, real estate and commodities-tracking funds."
Although certification is not required to provide investment planning services to plan sponsors, designation to provide fiduciary services can be obtained through ASPPA, www.Fi360.com or www.Dalbar.com. Fi360 offers the "Accredited Investment Fiduciary" designation, while Dalbar offers the "Registered Fiduciary" certification to prepare candidates for the regulatory requirements of acting as a fiduciary under current laws. "For financial advisors," Rosenbaum says, "it's an opportunity to get new business and offer services that were not previously available."