Columbus, Ohio (July 10, 2003) -- The majority of small business owners can’t accurately answer basic questions about their retirement plan responsibilities, yet more than four in five say they’re comfortable they are meeting them, according to a survey sponsored by Nationwide Financial.
Many owners reported critical lapses in at least one aspect of fiduciary knowledge, Nationwide reported. A large percentage incorrectly identified the plan investment provider, the financial advisor, or employees as holding primary fiduciary responsibility, according to the survey, “Financial Advice Today: A Small Business Perspective.” The survey polled 501 owners/operators of businesses with a maximum of 50 employees, that were at least two-years-old, and produced more than $100,000 in revenue.
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