Persons not normally considered fiduciaries, such as consultants or advisers, may be found to be fiduciaries when their expertise is used in a managerial, administrative, or advisory capacity by the plan.

Question

Persons not normally considered fiduciaries, such as consultants or advisers, may be found to   be fiduciaries when their expertise is used in a managerial, administrative, or advisory  capacity by the plan.

Quizplus · Accepted Answer

Consultants or advisers can be considered fiduciaries if they exercise discretionary authority or control over the management of a plan or its assets, or if they provide investment advice for a fee or other compensation, direct or indirect, as to the value of securities or other property, making them fiduciaries under certain circumstances.

Persons Not Normally Considered Fiduciaries, Such as Consultants or Advisers