In this episode of "The Wise Fiduciary," we take a deep dive into ERISA (Employee Retirement Income Security Act), breaking down the complex law into four essential basics. We start with the Studebaker Corporation's financial crisis in the late 1950s, a key moment that led to the creation of ERISA in 1974. ERISA's core mission is to protect employees and their retirement benefits, emphasizing the "E" for "EMPLOYEE."

We also explore ERISA sections 404(a)(1)(A) and (B) and reference the Donovan vs. Bierwirth case to highlight the highest standards of care for plan participants. The "Golden Rule of ERISA" is to focus exclusively on participants and apply these standards. We then delve into the role of the Common Law of Trusts and the Restatement of the Law Third of Trusts.

Understanding ERISA basics and practicing these high standards can set service providers apart, ensuring participant protection and success. Tune in to learn how to become meaningfully different in the world of fiduciary responsibility.

Helpful Links: [https://www.asppa.org/news/browse-topics/real-life-example ] [https://www.ici.org/statistical-report/ret_22_q4] [https://casetext.com/case/donovan-v-bierwirth-3] fiduciarywise.com/scheduling

In Episode 2 of "The Wise Fiduciary," host Don Jones is joined by Marta Hurst, BCF™, QKA, the newest partner at Fiduciary Wise. Marta, previously the VP of Development for a successful TPA firm, shares her remarkable journey from having little knowledge of fiduciary governance to becoming a prominent figure in the field, managing approximately 120 plan sponsors who delegate their plan Named Fiduciary to Fiduciary Wise.

Don kicks off the episode with an engaging discussion about the band "They Might Be Giants" and how it symbolizes Marta's vision of the boundless possibilities in the realm of fiduciary services. Marta's journey from a novice to an industry giant is highlighted, emphasizing her determination and ambition, qualities admired in the field of fiduciary governance.

In this inaugural episode of "The Wise Fiduciary" podcast, hosted by Don Jones, BCF, an ERISA 402(A) Named Fiduciary at Fiduciary Wise, listeners are treated to a deep dive into a critical topic for anyone involved in retirement planning. Don introduces the 2022 final rule published by the Department of Labor (DOL), which has now become law, affecting the selection of investments within ERISA plans. Don outlines two main goals for this episode: to review and understand the 2022 final rule and to discuss how it will impact service providers and their clients.

Mark your calendars for September 13th because something big is coming your way! The Wise Fiduciary podcast, hosted by Don Jones, BCF, is gearing up to unveil a wealth of insights, expertise, and the latest updates on all things fiduciary, ERISA, retirement plans, and more. Whether you're a seasoned expert or just dipping your toes into the world of retirement plans, this podcast promises to be your ultimate guide. Join us on September 13th for the premiere episode, where we'll kickstart this enlightening journey. Get ready to unlock the secrets of fiduciary wisdom and navigate the ever-changing landscape of retirement planning. You won't want to miss it!