Updated Monday, July 28, 2014 as of 6:38 PM ET
Practice - Regulatory/Compliance
The Uncooperative Client
Tuesday, November 1, 2011

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

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