The abc company offers a profit sharing plan to its employees. abc is in need of a short-term loan and the president of abc, who is the trustee of the plan, asks the investment advisor to liquidate some of the plans assets and use the funds for the short-term loan to the company. as a fiduciary, the investment advisor

A) advise the president that he cannot honor the request since it is not in the best interest of the plan participants

Explanation:

Fiduciary regulations prohibit a plan fiduciary to engage in transactions that constitute a direct or indirect lending of money, or other type of credit extension between the profit sharing plan and a party of interest.

The fiduciary duty requires that the fiduciary (investment advisor) to act in the best interest of all the parties involved, not just one.

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