CPFA Practice Questions - Certified Plan Fiduciary Advisor Exam

A 3(21) investment fiduciary differs from a 3(38) investment manager primarily because the 3(21) fiduciary:

Takes full discretionary control and shifts investment liability away from the plan sponsor Handles only Form 5500 filings Provides recommendations that the plan sponsor must approve or reject Cannot be compensated for advice

Correct Answer:

Provides recommendations that the plan sponsor must approve or reject

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