The primary challenge facing advisors today is the lack of time and budget available for ongoing business development. To differentiate their practice, advisors are beginning to market expanded fiduciary roles. While new trends provide opportunities, the skills applicable to investment counseling and investment management are very different. There are at least 3 different types of 3(38) managers serving 401(k) plans, but some do not believe 3(38) was intended to apply to investment advisors. Those who become managers without the necessary experience and corresponding change in support services could be increasing their litigation risk. At the same time, E&O insurance may actually exclude coverage for a 3(38) role.