Find 3(21) Investment Advisors

Secure expert co-fiduciary support for your retirement plan. Compare top-rated ERISA 3(21) investment advisors who provide professional guidance and investment monitoring while allowing you to retain control over final decisions.

Browse 507 providers in this category.

Provider ranking

  1. Morgan Stanley

    Plan Advisor • Pro Score 2.9

    New York, NY

    Stats: 8,000 clients • $9.3T under management

    Company: Est. 1935 • 75,000 employees

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  3. UBS Financial Services

    Plan Advisor • Pro Score 3.7

    Weehawken, NJ

    Stats: 7,000 clients • $3.8T under management

    Company: Est. 1862 • 105,132 employees

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  6. Raymond James Financial

    Plan Advisor • Pro Score 3.2

    St. Petersburg, FL

    Stats: 4,500 clients • $1.8T under management

    Company: Est. 1962 • 14,000 employees

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  9. J.P. Morgan

    Plan Advisor • Pro Score 2.1

    Los Angeles, CA

    Credentials: RIA - Registered Investment Advisor • Other

    Stats: $1.2T under management

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  10. Captrust

    Plan Advisor • Pro Score 3.3

    Raleigh, NC

    Stats: 3,500 clients • $1.0T under management

    Company: Est. 1997 • 1,500 employees

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  12. Creative Planning

    Plan Advisor • Pro Score 4.2

    Overland Park, KS

    Credentials: CFP® - Certified Financial Planner • Other • State Bar Member • +1 more

    Stats: 10,000 clients • $700.0B under management

    Company: Est. 1983 • 1,500 employees

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  17. Merrill Lynch

    Plan Advisor • Pro Score 1.8

    New York, NY

    Stats: 40,000 clients • $350.0B under management

    Company: Est. 1914 • 30,000 employees

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  20. Goldman Sachs

    Plan Advisor

    New York, NY

    Stats: 8,000 clients • $280.0B under management • 3.5M participants

    Company: Est. 1869 • 45,000 employees

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  21. Sageview Advisory Group

    Plan Advisor • Pro Score 3.2

    Newport Beach, CA

    Credentials: Other

    Stats: 1,800 clients • $250.0B under management

    Company: Est. 1989 • 278 employees

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Partner with Top ERISA 3(21) Investment Advisors

Managing a corporate retirement plan requires navigating a complex landscape of investment choices, regulatory obligations, and fiduciary liabilities. For plan sponsors who want to retain final authority over their plan's investment menu but require professional expertise to make informed decisions, hiring an ERISA 3(21) investment advisor is the ideal strategy. These professionals act as "co-fiduciaries," working alongside you to ensure your plan remains competitive, compliant, and beneficial for your employees.

What is a 3(21) Fiduciary Advisor?

Under ERISA Section 3(21), an advisor is defined as a fiduciary if they render investment advice for a fee. Unlike a 3(38) manager who takes full discretion, a 3(21) advisor serves as a strategic partner. They provide the research, due diligence, and recommendations, but the plan sponsor (typically the investment committee) retains the final say on which funds to add, keep, or remove. This "help me do it" model is perfect for organizations that want to stay involved in the process without shouldering the burden of investment analysis alone.

Key services provided by qualified 3(21) advisors include:

  • Investment Screening: Rigorous analysis of mutual funds and ETFs to ensure they meet performance and cost benchmarks.
  • Quarterly Monitoring: Ongoing review of the investment lineup to identify underperforming funds or style drift.
  • Fiduciary Training: Educating your investment committee on their responsibilities to minimize personal liability.
  • Fee Benchmarking: helping you evaluate costs against industry standards, often coordinating with retirement plan providers to negotiate better rates.

The Difference Between 3(21) and 3(38) Advisors

Choosing between a 3(21) and a 3(38) advisor comes down to how much control—and liability—you wish to delegate. While a 3(21) advisor shares the fiduciary risk with you, a 3(38) investment manager assumes the bulk of the liability for investment selection. Many of the firms listed in our Plan Advisors directory offer both levels of service, allowing you to scale your engagement as your company's needs evolve.

Mitigating Risk and Ensuring Compliance

One of the primary reasons to engage a 3(21) advisor is risk mitigation. The Department of Labor focuses heavily on procedural prudence—not just investment results. A 3(21) advisor helps you document your decision-making process, creating a paper trail that is vital during regulatory reviews. They often collaborate with other professionals, such as ERISA attorneys and auditors, to ensure that your plan's governance structure is legally sound.

Explore our comprehensive list of ERISA 3(21) investment advisors to find a partner who aligns with your fiduciary goals and helps you build a retirement plan that empowers your workforce.