How does one go about assessing a third-party fiduciary for your bank’s retirement plan? When it comes to fiduciary duties and their retirement plan, many banks tend to focus on the participants and the investments and rely on outside professionals such as a 3(38) investment fiduciary and a recordkeeper to support their plan, but there’s a missing piece. An independent 3(16) administrative fiduciary can provide an extra set of eyes on your plan. However, there are certain things to bear in mind when it comes to 3(16) fiduciary service providers.