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Viewing posts in the Fiduciary Excellence category.


The June 9 Fiduciary Deadline and Key Issues for Broker-Dealers

Posted by Fred Reish on May 09, 2017 in Fiduciary Basics Fiduciary Excellence In the News Regulatory Update

The new—and very broad—definition of fiduciary advice will apply on June 9. That means that investment recommendations to ERISA plans, participants or IRAs will be fiduciary advice. Broker-dealers and their advisors will, in essence, be co-fiduciaries for providing that advice. As a result, broker-dealers need to develop internal policies, procedures, training and supervision as quickly as possible in order to be in compliance by June 9. The areas of focus should be: Fiduciary education for home office management, supervisory, and sales and marketing personnel. As explained below, some of the fiduciary responsibilities will need to be satisfied by...

The June 9 Fiduciary Deadline and Key Issues for Broker-Dealers

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Q&A on the DOL's Fiduciary Rule: BICE & PTEs

Posted by Duane Thompson on May 10, 2016 in Fiduciary Excellence Fiduciary Q&A In the News Regulatory Update Spotlight on Practices

A few weeks ago, we presented webinars covering the DOL’s recently released fiduciary rule. A recording of that webinar is now available. During that webinar we received over 80 questions. We were not able to answer all of those during the one hour session, but we have compiled and answered them here. The questions are categorized, and we will do separate blog posts to address all of the questions within a given category. These questions are not comprehensive of the rule, they only address the questions that were submitted. Think of them as an addendum to the webinar. For...

Q&A on the DOL's Fiduciary Rule: BICE & PTEs

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Q&A on the DOL Rule: Compensation

Posted by Duane Thompson on May 06, 2016 in Fiduciary Excellence Fiduciary Q&A Regulatory Update

Two weeks ago, we presented webinars covering the DOL’s recently released fiduciary rule. A recording of that webinar is now available. During that webinar we received over 80 questions. We were not able to answer all of those during the one hour session, but we have compiled and answered them here. The questions are categorized, and we will do separate blog posts to address all of the questions within a given category. These questions are not comprehensive of the rule, they only address the questions that were submitted. Think of them as an addendum to the webinar. For a...

Q&A on the DOL Rule: Compensation

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Follow up Q&A from our DOL rule webinars: Plan Sponsor Responsibilities

Posted by Duane Thompson on April 29, 2016 in Fiduciary Excellence Regulatory Update

Two weeks ago, we presented webinars covering the DOL’s recently released fiduciary rule. A recording of that webinar is now available. During that webinar we received over 80 questions. We were not able to answer all of those during the one hour session, but we have compiled and answered them here. The questions are categorized, and we will do separate blog posts to address all of the questions within a given category. These questions are not comprehensive of the rule, they only address the questions that were submitted. Think of them as an addendum to the webinar. For a...

Follow up Q&A from our DOL rule webinars: Plan Sponsor Responsibilities

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Follow up Q&A from our DOL rule webinars: Rollovers and IRAs

Posted by Duane Thompson on April 25, 2016 in Fiduciary Excellence In the News Regulatory Update

Two weeks ago, we presented two webinars on consecutive days covering the DOL’s recently released fiduciary rule. A recording of that webinar is now available. During that webinar we received over 80 questions. We were not able to answer all of those during the one hour session, but we have compiled and answered them here. The questions are categorized, and we will do separate blog posts during the week to address all of the questions within a given category. These questions are not comprehensive of the rule, they only address the questions that were submitted. Think of...

Follow up Q&A from our DOL rule webinars: Rollovers and IRAs

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An Update to Reg D could be Opportunity for Advisors Willing to Take on Additional Due Diligence

Posted by Bennett Aikin on March 25, 2015 in Fiduciary Excellence Regulatory Update

Regulation D is an SEC rule designed to help small businesses raise capital by offering the sale of unregistered securities to investors deemed qualified to step into the private-placement market. Since the rule was created in 1982, the threshold for becoming an accredited investor had entirely to do with the size of the investor’s bank account, rather than any financial acumen. The rule is due for a required review this year and it appears as if expanding the definition to include investors who meet a sophistication test is on the table. If that were to happen, it could be...

An Update to Reg D could be Opportunity for Advisors Willing to Take on Additional Due Diligence

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How Long Should An IPS Be?

Posted by Norman M Boone, MBA, CFP® on February 24, 2015 in Fiduciary Excellence

There is no one right way to write an IPS.  There is no prescribed set of topics that need to be included.  The length of an IPS can be whatever is right for the advisor and the client. For that reason, the appropriate length of an IPS rests with what needs to be said and how detailed the discussion of the selected topics need to be. THE "FOR DUMMIES” version OR just the facts?   For example, if you want to include "Risk Tolerance" as a topic in your IPS, your entire discussion of that might just...

How Long Should An IPS Be?

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Seven qualitative factors for evaluating investments

Posted by Mike Limbacher on February 11, 2015 in Fiduciary Excellence Fund Analysis Putting Process into Practice

Due diligence is the heart and soul of investment selection. A good due diligence process objectively whittles down the universe of available funds to just those that meet your high standards for inclusion in an investment portfolio. Investment due diligence typically begins on the quantitative side by evaluating funds against set benchmarks and in relation to peers.  The fi360 Fiduciary Score®, for example, is calculated using nine quantitative factors that we consider to be the minimum due diligence criteria that you should use when evaluating an investment.  But in addition to quantitative analysis,...

Seven qualitative factors for evaluating investments

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Why you need to take target date fund due diligence seriously

Posted by Bennett Aikin on July 31, 2014 in Fiduciary Excellence In the News

Ever since the Pension Protection Act in 2006 brought about the qualified default investment alternative, the popularity of target date funds has exploded. Just take a look at these stats compiled by Paladin Registry and Target Date Solutions: $800 Billion in TDFs 100,000 plans offering TDFs 20,000,000 participants in TDFs And why not? They are a better default option than cash for participants who don’t provide direction, and they seemingly solve many of the problems that have traditionally faced both plan participants and plan advisers. Everybody wins, right? Not exactly. Despite being a great concept, or maybe because they are so great...

Why you need to take target date fund due diligence seriously

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QLACs Offer New Retirement Planning Options, Advisors Must do their Due Diligence

Posted by Duane Thompson on July 23, 2014 in Fiduciary Excellence In the News Regulatory Update

Recent regulations issued by the Department of Treasury, four years in the making, offer an intriguing new retirement planning option for pension and retail advisers by easing required minimum distribution rules to encourage the purchase of deferred-income annuities.  The new rules went into effect July 2. The new regulations generally allow participants in defined contribution plans, as well as IRA account holders, to purchase what Treasury calls a Qualifying Longevity Annuity Contract, or QLAC, exempt from mandatory distribution rules at age 70½.  The latest guidance is part of the Administration’s broader effort to “bolster retirement...

QLACs Offer New Retirement Planning Options, Advisors Must do their Due Diligence

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Fiduciary Links: Mary Jo White’s Honeymoon Short-lived?

Posted by Duane Thompson on May 20, 2013 in Fiduciary Excellence Fiduciary Links

>>>>New SEC Chairman Mary Jo White’s honeymoon with Congress may be rapidly drawing to a close. Not that it was expected to last forever.  Last week the former Wall Street lawyer, in office for only a month, testified before the House Committee on Financial Services about the need for more resources to examine investment advisers. The SEC’s fiscal year 2014 budget would add 325 IA examiners, or nearly half of all new staff hires at the Commission. About 250 of the examiners would inspect traditional advisers with the remainder focused...

Fiduciary Links: Mary Jo White’s Honeymoon Short-lived?

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Financial Planners as Fiduciaries

Posted by Kathy Stewart on May 08, 2013 in Fiduciary Excellence Putting Process into Practice

>>>>We know that investors often assume that their financial advisor is a fiduciary.  That might be accurate or not depending on the circumstances.  Trying to simplify the explanations is perhaps a bit cumbersome.  Those who offer financial planning services, in situations unrelated to ERISA’s realm, like other financial advisors, may or may not have a fiduciary duty to their clients depending on the specifics of the engagement.  Financial planners, much like other functional fiduciaries, are deemed to have fiduciary responsibility when their activities fall under the definitions found in applicable...

Financial Planners as Fiduciaries

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Fiduciary Links: Fiduciary of the Year and Article Competition Winners Announced

Posted by fi360 Team on April 22, 2013 in fi360 Conference Fiduciary Excellence Fiduciary Links What's new at fi360?

>>>>Last week's fi360 Conference was the occasion for the announcement of two awards of distinction for investment management fiduciaries: The Committee for the Fiduciary Standard's Fiduciary of the Year and the winner of the fi360-AdvisorOne Article Competition.     Eugene F. Maloney, Executive Vice President and Corporate Counsel of Federated Investors, Inc., was named Fiduciary of the Year by the Committee for the Fiduciary Standard.  Mr. Maloney is widely known in the financial services industry as an advocate for fiduciary responsibility and as a resource for fiduciaries and investment advisors nationally.  ...

Fiduciary Links: Fiduciary of the Year and Article Competition Winners Announced

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The Next Step to a Uniform Fiduciary Standard—What Can You Do?

Posted by on March 05, 2013 in Advocacy Fiduciary Excellence In the News

On Wednesday, we discussed on the blog the anticipated SEC issuance of a formal request for information on the costs and benefits of imposing a uniform standard of conduct for investment advisers and broker-dealers. Two days later, the SEC made that blog timely by issuing its new release, “Duties of Brokers, Dealers, and Investment Advisers.” Let’s consider some things that small-firm investment fiduciaries can do to contribute to the process.

The Next Step to a Uniform Fiduciary Standard—What Can You Do?

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