Old Slip Capital Expands to Miami and Highlights Critical Role of ERISA Fiduciary Advisors

Old Slip Capital, a leading financial services firm, has announced a strategic expansion with the opening of a new office in Miami, Florida, signaling growth opportunities in the Southeast region. More significantly, the company has issued an advisory stressing the essential role of ERISA Fiduciary Advisors in ensuring effective retirement plan management and reducing legal risks for plan sponsors.

James Lukezic, Managing Director at Old Slip Capital, highlighted the critical difference between standard advisors and ERISA Fiduciary Advisors, who can assume liability on behalf of plan sponsors. This distinction is vital as it offers protection against personal liability for investment committee members, a concern that is increasingly relevant in today's regulatory environment.

The advisory comes at a time when the scrutiny of ERISA plan fiduciaries is intensifying, with plaintiffs' class action lawyers, the Department of Labor, courts, and insurers paying closer attention to the adherence to procedural due process. Old Slip Capital's guidance aims to clarify the roles of various fiduciaries, emphasizing that ERISA Fiduciaries are crucial for the success of retirement plans, acting as the 'glue that holds the Retirement Plan together.'

Furthermore, the advisory addresses the complexities of fiduciary competence, which includes not only subject matter expertise but also the time commitment and the ability to manage conflicts of interest. It critiques the common practice of boards of directors serving as investment committees, pointing out the potential risks involved in such arrangements.

Old Slip Capital's expansion and its focus on ERISA advisory services position the company as a thought leader in the financial services industry. By shedding light on these critical issues, Old Slip Capital provides valuable insights for organizations navigating the complexities of retirement plan management and compliance, offering a roadmap for protecting both companies and their employees' retirement interests in an era of heightened regulatory scrutiny.