All advisors and consultants are not Investment Managers!
ERISA Section 3(38) defines the term investment manager.
The term "investment manager" means any fiduciary (other than a trustee or named fiduciary, as defined in Section 402(a)(2)) -
- who has the power to manage, acquire, or dispose of any asset of a plan;
- who is (i) registered as an investment adviser under the Investment Advisers Act of 1940; (ii) is a bank, as defined in that Act; or (iii) is an insurance company qualified to perform services described in subparagraph (A) under the laws of more than one State; and
- has acknowledged in writing that he is a fiduciary with respect to the plan .
Do not confuse an Investment Manager with an Investment Advisor or Investment Consultant. Investment Manager is a precise legal term used within ERISA statutes to describe the ONLY entities that can provide relief from the fiduciary liability to manage plan assets as an expert.
Even though a Plan's advisor, consultant, or broker may be deemed to be a fiduciary, they may not meet the qualifications for appointment as an Investment Manager or be willing to acknowledge in writing their fiduciary status.