A “fiduciary advisor” for purposes of this provision is a person who provides investment advice to the participant or beneficiary and is one of the following:
(1) a Registered Investment Advisor (“RIA”) under the Investment Advisers Act of 1940 or state law in which the fiduciary maintains its principal office and place of business;
(2) a bank or similar financial institution, but only if the advice is provided through a trust department that is subject to periodic examination and review by federal or state banking authorities;
(3) an insurance company qualified to do business under the laws of a state;