Investment Management Services for Retirement Plans
Investment management for retirement plans is a fiduciary-governed, documented process of selecting, monitoring, and defending your 401(k) fund lineup under ERISA's standards of care. PointOak delivers named fiduciary investment management backed by a proprietary 10-point scoring system evaluating over $120 billion in assets every quarter.
$120B in plan assets evaluated quarterly
Proprietary 10-point pass/fail scoring system
Named fiduciary: 3(21) or 3(38) from day one
10,000+ benchmarks per year
How Investment Management Works
A prudent process starts with an Investment Policy Statement defining asset allocation targets, risk tolerance thresholds, and watchlist triggers for your investment portfolios. Each fund is then measured quarterly across asset classes including mutual funds, exchange traded funds, fixed income, and private equity alternatives, using benchmarks for portfolio performance, fund managers' tenure, and expense ratios. That sequence turns portfolio management into a documentable record a DOL auditor can follow.
PointOak's proprietary 10-point pass/fail system evaluates fund valuations, risk-adjusted returns, and share class suitability against IPS criteria every quarter. In 2024, 65% of active large-cap U.S. equity investment managers failed to achieve above-average fund performance relative to the S&P 500 per SPIVA, which is why disciplined criteria matter more than chasing returns.
Benefits of Investment Management
Lower Fee Exposure
In 2024, the asset-weighted average expense ratio for equity mutual funds was 0.40% per the Investment Company Institute. Share class mismatches within the same fund family can push your plan above that benchmark without improving participant outcomes. PointOak's fee and share class review uncovers those inefficiencies and creates leverage to negotiate a reasonable price.
Documented Prudence for Audit Defense
DOL guidance states that plan fiduciaries retain responsibility for selecting and monitoring plan investments even when participants direct their own assets. A documented process with committee minutes, IPS records, and quarterly monitoring reports demonstrates procedural prudence. PointOak maintains that record inside your Virtual 401(k) Fiduciary File.
Evidence-Based Fund Selection
With over 40,000 investment companies offering funds across the financial world, selecting a lineup without a scoring rubric invites inconsistency. PointOak's scoring system gives your committee clear, defensible criteria tied to your plan's financial goals. That consistency protects your employees' financial future and their long-term outcomes.
Virtual 401(k) Fiduciary File
Every quarterly review, committee meeting, and fund change is documented in your Virtual 401(k) Fiduciary File — a living audit trail that demonstrates procedural prudence. If the DOL or FINRA triggers a review, your governance record is organized and ready.
Our Investment Management Services
Investment Policy Statement Development
We draft an IPS aligned with your plan's financial assets, risk tolerance, and portfolio strategy. The IPS defines selection criteria and watchlist triggers your committee applies consistently. Ideal for plans building a new governance foundation or resetting a stale process.
Initial Investment Lineup Evaluation
We conduct a full assessment of your existing investment options, evaluating portfolio performance, expense ratios, share class suitability, and style consistency across client portfolios. The output is a prioritized remediation plan.
Quarterly Investment Monitoring
Using institutional measurement techniques applied to over $120 billion in plan assets each quarter, we evaluate your fund lineup against IPS benchmarks and review legislative and regulatory constraints affecting your options. Each cycle produces documented results your committee acts on.
Investment Fee and Share Class Review
We examine share classes available on your platform and compare expense ratios against current market benchmarks. For clients managing significant financial assets, a lower-cost share class on your existing platform reduces fee exposure without requiring a fund change.
TDF Consulting and QDIA Evaluation
We evaluate target date fund glide paths, underlying asset classes, and fees using DOL-aligned diligence guidelines. In 2022, TDFs represented 38% of 401(k) plan assets per ICI, making this one of the highest-stakes investment decisions your plan fiduciaries make.
3(38) vs. 3(21): Which Structure Fits Your Plan?
Both are ERISA-recognized investment management structures. The right choice depends on your governance capacity and how much decision authority your management teams want to retain.
| Factor | 3(38) Discretionary Manager | 3(21) Co-Fiduciary Advisor |
|---|---|---|
| Decision Authority | Manager selects and changes funds directly | Sponsor retains final approval |
| Committee Workload | Lower for fund decisions | Higher; committee reviews each change |
| Residual Sponsor Duty | Must prudently select and monitor manager | Retains accountability for fund changes |
| Eligibility | Bank, insurance company, or registered investment adviser | Broader eligibility under ERISA |
| Documentation | Manager documents fund decisions | Both parties document per IPS |
Choose 3(38) when your committee wants lower governance workload and clearer accountability lines. Choose 3(21) when leadership wants final approval on every change. Either way, DOL guidance requires prudent selection and monitoring of your investment adviser. PointOak serves as a named fiduciary under both structures.
Who Needs Investment Management?
No Documented Monitoring Process
Your plan has no IPS, no scoring criteria, and no written committee record. That is exactly the gap that draws DOL attention during an audit.
TDF Used as QDIA Without Recent Review
Target date funds require ongoing evaluation of glide paths and fees per DOL guidance. A fund chosen once and never revisited is not a prudent process.
Governance Fatigue
Your committee feels unequipped to evaluate fund-specific data. A 3(38) structure with quarterly monitoring reduces that burden while maintaining the governance record DOL requires.
When It May Not Be the Right Fit
If your organization already employs internal investment staff who maintain a documented IPS and run quarterly reviews, a provider and fee benchmarking study may be more appropriate.
What To Expect: Our Process
IPS Development
We draft an Investment Policy Statement aligned with your plan's financial assets, risk tolerance, and portfolio strategy.
Lineup Evaluation
We conduct a full assessment of your existing investment options — performance, expense ratios, share class suitability, and style consistency.
Quarterly Monitoring
Using our proprietary 10-point scoring system, we evaluate your fund lineup against IPS benchmarks and regulatory constraints every quarter.
Fee & Share Class Review
We examine share classes on your platform and compare expense ratios against current market benchmarks to reduce fee exposure.
Committee Reporting
We facilitate your annual committee meeting, presenting monitoring results with documented attendance, decisions, and supporting data.
Why Choose PointOak for Investment Management?
PointOak manages over $1 billion in client assets with a team of three partners bringing more than 50 years of collective experience. Our background in institutional retirement plan consulting gives us unique insight into portfolio construction, risk management, and investment discipline — expertise that translates directly into better outcomes for individual investors. As a fee-only, independent fiduciary firm, we build portfolios without proprietary products or hidden conflicts. With fewer than 100 clients per partner, every portfolio receives the personalized attention and ongoing monitoring it deserves.
About PointOak Retirement Advisors
PointOak Retirement Advisors is an independent, fee-only wealth advisory firm headquartered in McLean, Virginia, specializing in retirement planning and wealth management for high-net-worth individuals and families. The firm has operated as a full-scope fiduciary since inception, managing over $1 billion in assets with a team of three partners bringing more than 50 years of collective experience. PointOak also serves corporate plan sponsors through its retirement plan consulting practice.
Frequently Asked Questions
A 3(21) co-fiduciary advises your committee while you retain final fund approval; a 3(38) investment manager assumes full discretionary responsibility for selecting and monitoring your plan's investments. Under 3(21), PointOak provides recommendations and your committee approves each fund change; under 3(38), PointOak makes those decisions directly. DOL guidance requires sponsors to prudently select and monitor the investment adviser under either arrangement. PointOak offers both structures.
No. Hiring a 3(38) reduces exposure for individual fund decisions but does not eliminate your obligation to prudently select and monitor the manager. DOL guidance states that even when you delegate investment decisions to a qualified investment adviser, you retain the duty to monitor. That means documenting selection criteria, reviewing credentials through FINRA BrokerCheck, and maintaining a fiduciary file with evidence of ongoing oversight. PointOak's Virtual 401(k) Fiduciary File supports that residual obligation directly.
Yes. DOL guidance covers TDF selection and monitoring, including glide path evaluation, underlying asset class review, and expense ratio benchmarking. In 2022, TDFs represented 38% of 401(k) plan assets per ICI, making QDIA oversight consequential for most sponsors. PointOak's TDF consulting follows DOL guidelines and documents every evaluation in your fiduciary file.
Use FINRA BrokerCheck and the SEC's Investment Adviser Public Disclosure database to verify registration, credentials, disciplinary history, and disclosed conflicts of interest. FINRA makes BrokerCheck free and publicly accessible. For registered investment advisers, SEC IAPD includes Form ADV filings with fee disclosures and client service standards.
In 2024, the asset-weighted average equity fund expense ratio was 0.40% per ICI; share class and fee differences are directly linked to long-term participant outcomes. Fee drag compounds over time and is one of the clearest places to demonstrate fiduciary prudence. PointOak's share class review and Live Bid benchmarking assist clients in identifying overcharges directly linked to participants' financial future.
Investment advisory services offered through PointOak Retirement Advisors, LLC. This site is published for residents of the United States only. Not all of the products and services referenced on this site are available in every state and through every representative or advisor listed. PointOak Retirement Advisors, LLC does not provide tax or legal advice.
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What To Expect
Our initial consultation typically lasts 30–45 minutes. We'll discuss your goals, current situation, and how we might work together. Come prepared with questions.