Products

Redhawk Brings ERISA Fiduciary Services to IRA Space

The FiduciaryShield toolset launched by Redhawk aims to help advisers meet fiduciary responsibilities on behalf of IRA holders.

By Javier Simon editors@strategic-i.com | June 21, 2017

As the Department of Labor's (DOL) fiduciary rule undergoes its first days of implementation, virtually every stakeholder providing retirement investment advice has become an Employee Retirement Income Security Act (ERISA) fiduciary. 

To help advisers adapt to this evolving regulatory environment, Redhawk Wealth Advisors has launched FiduciaryShield, a set of tools designed to help advisers meet their fiduciary responsibilities on behalf of individual retirement account (IRA) holders. Redhawk says the package’s development was influenced by the firm’s experience as an ERISA 3(38) fiduciary investment manager servicing qualified retirement plans throughout the United Sates.

“It was a natural for Redhawk to port over the comprehensive fiduciary process we developed for ERISA plans to the wealth management space,” says Redhawk CEO Dan Hunt. “We’ve been serving as an ERISA investment fiduciary for so many years and now advisers can leverage this proven process for their individual IRA clients.”

Marcia Wagner of The Wagner Law Group adds, “As a result of the application of the DOL fiduciary rule, virtually all firms and their advisers will be deemed to be fiduciary investment advisers when advising retirement clients. The use of Redhawk’s fiduciary process may enable investment adviser representatives and registered representatives to provide investment advice to IRA owners without exposing themselves to fiduciary risk.”

Redhawk’s FiduciaryShield is among the wave of fiduciary-focused products which has poured into the industry in response to the DOL’s fiduciary rule. Other providers with recent product launches include Principal Financial Group, Nationwide and PCS.