OpenArc moves into recordkeeper searches as an independent fiduciary

OpenArc Corporate Advisory now runs recordkeeper searches for plan sponsors, adding independent RFP and RFI work to its institutional consulting platform. The independent RIA will handle provider searches for 401(k) plans, nonqualified deferred compensation, equity compensation, and HSAs. OpenArc says the service extends its existing 3(38) and 3(21) fiduciary practice to the selection stage that precedes ongoing investment oversight.

OpenArc says it manages no investment products, administers no plans, and takes no revenue-sharing compensation from providers. That stance matters in a search business where credibility rests on independence. OpenArc's model is built around being the neutral fiduciary in the room, a posture that also feeds its monitoring and governance work once a provider is chosen.

Chad Pigg Fife, principal partner for institutional consulting and corporate business development, said plan sponsors are increasingly being asked to evaluate providers and advice across every corner of their benefits programs. OpenArc's role, he said, is to serve as the independent fiduciary partner helping sponsors navigate provider complexity and meet their responsibilities. The search likely serves as an entry point: win the search, and the ongoing fiduciary relationship can follow.

The expansion lands in a busy stretch for fiduciary consulting. Retirement Capital Daily reported Monday that Mesirow agreed to buy flexPATH's plan-level 3(38) book, folding it into a $164 billion platform. OpenArc's build-versus-buy move is smaller but heads in the same direction: sponsors want objective fiduciary guidance, and firms are positioning to own more of the relationship.