I own a small RIA firm and mostly manage the portfolios of individuals. One of my clients owns a small company and several months back asked if I could help him set up a simple IRA for his company/employees. I gave him the necessary forms for the employee participants to complete and when I didn't hear back from him I reminded him about it and he said he'd forgotten about it. Recently, I was contacted by a representative of the owner who was complaining that I hadn't done anything about setting up the IRA and claiming that, as a fiduciary, I should have taken care of this. While the owner of the company never signed any agreement with me regarding the IRA, do I still have some fiduciary responsibilities concerning the plan?
— R.M., San Diego
All On Wall Street articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.