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Viewing posts in the In the News 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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Fi360 Fiduciary Talk 46: Fiduciary duties of elected officials

Posted by Fi360 on March 08, 2017 in In the News

Fi360 Fiduciary Talk 46: Fiduciary duties of elected officials

Fi360 Fiduciary Talk 46: Fiduciary duties of elected officials

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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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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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What’s the difference between “sole” interests and “best” interests?

Posted by Bennett Aikin on May 13, 2015 in Fiduciary Corner In the News Regulatory Update

If you’re like me, you’re probably guilty of using the terms interchangeably at least on occasion. So what is the difference between “sole” interest and “best” interest? And why does it matter? In his most recent Fiduciary Corner column for InvestmentNews, fi360 CEO Blaine Aikin looks at this distinction and asks whether some conflicts are what’s “best” for investors.  Sole Interests   The sole interest standard is the more rigid standard, requiring that conflicts of interest in a fiduciary relationship be avoided entirely. Strictly speaking, a sole...

What’s the difference between “sole” interests and “best” interests?

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Your Primer on the DOL's Fiduciary Rule Proposal

Posted by Bennett Aikin on April 15, 2015 in In the News Regulatory Update

The Department of Labor’s anticipated rule on conflicts of interest (aka, the Fiduciary Rule), is now available. For your convenience, we’ve prepared an executive summary covering the basics of the rule. We’ll have much more information about the rule in the coming days and throughout the comment period. But, for now, here’s your quick guide to the just released rule proposal.  What is it? Yesterday’s release is a new rule proposal under ERISA from the Department of Labor. It seeks to expand what constitutes retirement advice and therefore subject...

Your Primer on the DOL's Fiduciary Rule Proposal

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Tibble v. Edison: Why investment monitoring is as important as investment selection

Posted by Roger L. Levy, LLM, AIFA® on March 03, 2015 in Designee Posting In the News Legal

The ultimate decision of the Supreme Court in this ERISA fee litigation case will have a lasting impact on how we understand the fiduciary duty to monitor. In this guest post from AIFA designee Roger Levy, read why fi360's Prudent Practices say the standard for monitoring an investment is as stringent as the standard used to select an investment.

Tibble v. Edison: Why investment monitoring is as important as investment selection

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White House Stirs Up Fiduciary Debate

Posted by Bennett Aikin on February 23, 2015 in In the News Regulatory Update

The White House came out strong today in support of raising the standard of care for anyone providing advice on retirement accounts. Speaking at AARP, President Obama aimed his comments to investors, explaining how small differences in fees can have a big effect on account balances and making the case for a “best interests” standard for advisors. This came in coordination with the release of a report by the White House Council of Economic Advisers on the economic effects of conflicts of interests by advisors, as well as new PR efforts on the White House website. As we...

White House Stirs Up Fiduciary Debate

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Santomenno court case a window into debate over DOL fiduciary rulemaking

Posted by Duane Thompson on February 13, 2015 in In the News Regulatory Update

As the industry waits for the DOL to re-propose its fiduciary rule, a case at the appellate level last year provides an interesting preview of the upcoming debate. Last September, the U.S. Court of Appeals for the Third Circuit decided that a retirement plan provider was not a functional fiduciary by virtue of its role selecting and monitoring a “Big Menu” of funds for its clients to select from. This was not a surprising result, as it merely reinforced settled law from previous court decisions. What makes this case so interesting is how the plaintiffs, defendants, and...

Santomenno court case a window into debate over DOL fiduciary rulemaking

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A fiduciary approach to fund due diligence and what to do with Pimco funds

Posted by Bennett Aikin on December 10, 2014 in Fiduciary Basics In the News

As outflows continue to soar, how can investors, stewards, and advisors decide what to do with Pimco funds in their portfolios? What lessons can Pimco teach us about the qualitative side of due diligence?

A fiduciary approach to fund due diligence and what to do with Pimco funds

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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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Wall Street Litigation Opens Window on Product Sales Conflicts

Posted by Duane Thompson on June 13, 2014 in Great Sources of Information In the News Legal

>>>The attempted defection by most of Deutsche Bank Securities’ private client group to an advisory firm last month offers a new twist to the old-fashioned tale of broker-poaching on Wall Street. In what may be a sign of the times, Wall Street executives are now encountering a new fiduciary culture emerging within its ranks, not merely brokers jumping ship for greener pastures. According to court documents in two lawsuits filed with the New York Supreme Court in Manhattan last month, Deutsche Bank Trust Company Americas v. HPM Partners and Pace v. Deutsche Bank Securities Inc.,...

Wall Street Litigation Opens Window on Product Sales Conflicts

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Fiduciary Links: SEC Should Fix Longstanding ‘Mismatch’ in Broker-Advisor Data to Advance Fiduciary Rule

Posted by Duane Thompson on May 19, 2014 in Fiduciary Links In the News Interviews

>>>>>For far too long the Securities and Exchange Commission has failed to calibrate examination and enforcement data comparing inspection cycles and resulting enforcement violations between brokers and investment advisors. The mismatch in data collection and analysis can and should be fixed as critics of a fiduciary standard, in search of another trope, continue their calls for delaying or ending the SEC’s consideration of a fiduciary rule. In recent statements by SEC Commissioner Daniel Gallagher, who has become increasingly outspoken on a variety of topics, the paucity of information on advisors compared to what...

Fiduciary Links: SEC Should Fix Longstanding ‘Mismatch’ in Broker-Advisor Data to Advance Fiduciary Rule

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Alternative Investments: Are you conducting adequate due diligence?

Posted by Rich Lynch on February 26, 2014 in In the News

>>>Last month the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued Risk Alert 2014-14 on the due diligence processes that investment advisors use when they recommend or place clients’ assets in alternative investments (alternatives) such as hedge funds, private equity funds, or funds of private funds.  Fiduciaries who invest in alternatives or complex strategies involving derivatives must possess and apply special analytical skills to fulfill their obligation of care because these investments are generally not regulated, transparent, easily valued, or marketable. In addition, fiduciaries who represent that certain due diligence activities are...

Alternative Investments: Are you conducting adequate due diligence?

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Is the Fiduciary Standard at a Crossroads?

Posted by Duane Thompson on February 12, 2014 in In the News

>>>Financial advisors, typically those who are fiduciaries, counsel their clients to ignore the cacophony of market noise surrounding them on a daily basis.  Better to concentrate on the importance of staying the course for the long-term.  These same advisors would be well-advised to take the same sort of medicine with regard to the long-term outlook for the much-maligned but enduring fiduciary standard. At a recent TD Ameritrade Conference, as well as in other commentary in the trade press, some in the ‘purist’ camp of the fiduciary movement now argue that the SEC&rsquo...

Is the Fiduciary Standard at a Crossroads?

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Fiduciary Links: Odds Raised Slightly SEC Will Knock on Your Door This Year

Posted by Duane Thompson on January 21, 2014 in Fiduciary Links In the News

>>>>According to an article in Investment News last week, the SEC’s examination arm – the Office of Compliance Inspections and Examinations – is ramping up its review of those registered investment advisory firms that have not been inspected in the last three or more years. The agency has recently estimated some 40 percent of its 11,000 RIA firms have never been the subject of a compliance audit. In past years OCIE has typically focused on higher risk RIAs – those with custody or the larger complexes that pose more risk to the markets. The vast majority...

Fiduciary Links: Odds Raised Slightly SEC Will Knock on Your Door This Year

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Fiduciary Links: Florida Court Rejects SEC Position on Broker’s ‘Solely Incidental’ Investment Advice Based on Lunar Cycles

Posted by Duane Thompson on December 16, 2013 in Fiduciary Links In the News

>>>That’s right. The headline you just read is not a typo. On December 10th, a federal court in Florida denied summary judgment in the SEC’s claim that a former dually registered broker/adviser rep violated the antifraud provisions of the Investment Advisers Act of 1940 (’40 Act) by allegedly perpetrating a Ponzi scheme on 14 or more investors who suffered approximately $915,000 in losses, more than 90% of the funds raised in the scheme.  The losses came from a private equity fund registered in the state of Florida as White Elephant, LLC, which Gurudeo Sukul &ldquo...

Fiduciary Links: Florida Court Rejects SEC Position on Broker’s ‘Solely Incidental’ Investment Advice Based on Lunar Cycles

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Fiduciary Links: Being an Advisor Isn’t For You

Posted by Sharon Pivirotto on November 11, 2013 in In the News

Maybe some of you recently read a blog post that’s gone viral this last week with over 24 million views titled “Marriage Isn’t For You.” (at www.sethadamsmith.com) It starts out like this: “Having been married only a year and a half, I’ve recently come to the conclusion that marriage isn’t for me.” Seth Adam Smith is the author of this article and had just had an argument with his wife, and was reflecting on some words of wisdom his father had told him before he was married. ...

Fiduciary Links: Being an Advisor Isn’t For You

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Anatomy of a Fiduciary Vote

Posted by Duane Thompson on November 06, 2013 in In the News Regulatory Update

Editor's Note: We typically publish on the second and fourth Wednesdays of each month. Due to the upcoming holiday season, we will instead be publishing on the first and third Wednesdays of November and December.   * * * * * Something unusual happened along the way to a House vote on the ERISA fiduciary standard. The “Retail Investor Protection Act,” a bill strongly supported by House Republicans to delay the Labor Department’s pending fiduciary rule, was sailing toward passage on the House floor with bipartisan support. Although never expected to pass the Democratic-controlled Senate, the bill was intended...

Anatomy of a Fiduciary Vote

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Fiduciary Links: Other People's Money

Posted by fi360 Team on November 04, 2013 in Fiduciary Links In the News

>>>Last week, the Consumer Financial Protection Bureau released a series of documents called "Managing Someone Else's Money." These guides are geared for those who find themselves in a fiduciary role as caretaker to the assets of a loved one, such as an aging parent or the like. The guides are meant to inform these "amateur" fiduciaries that they have real responsibilities and expectations that come with the job. CFPB's guides are based on the basic fiduciary principles of acting in the best interests of the person you are caring for, the duty of care, separate...

Fiduciary Links: Other People's Money

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Fiduciary Links: Utopian and dystopian outlooks for the future of financial services

Posted by fi360 Team on October 21, 2013 in Fiduciary Links In the News

>>>In a column for WealthManagement.com, Matt Lynch of Tiburon Strategic Advisors shares some of his firm’s research on trends in financial services. This includes looks at the fiduciary issue, increased diversity in client base and of advisors, the wealth gap, technology, and products. He then offers two scenarios for how financial services might look in 2030. In Scenario 1, we are in a financial services utopia in which advisors have embraced the changing face of their potential client base, technology, compensation expectations, and more. They have become more specialized and client-focused so that outcomes become the...

Fiduciary Links: Utopian and dystopian outlooks for the future of financial services

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Fiduciary Links: Plan Sponsor Considerations in Changes in Retirement Plan Income Options

Posted by Kathy Stewart on October 14, 2013 in Fiduciary Links In the News Putting Process into Practice

>>>Plan participant risk can be quantifiable or behavioral, each having separate characteristics but both vital to understand.  A recent report, published by the Society of Actuaries (SOA) and the Stanford Center on Longevity, notes that while quantifiable risks such as outliving retirement savings, market declines, inflation, and fees and expenses pose serious challenges, behavioral risk, including poor understanding, judgment, and decision-making, can be just as problematic.  See “The Next Evolution in Defined Contribution Retirement Plans – A Guide for DC Plan Sponsors To Implementing Retirement Income Programs.”  The report analyzes information on...

Fiduciary Links: Plan Sponsor Considerations in Changes in Retirement Plan Income Options

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Fiduciary Links: When clients set their own priorities, they are more likely to act

Posted by fi360 Team on October 07, 2013 in Fiduciary Links In the News

>>>Michael Kitces has a great post out this morning about helping your clients set priorities as a method for actually getting them to act. The idea comes from the behavioral issues of clients being overwhelmed by choices and ignoring recommendations that come from the advisor. Kitces points to research and suggests a process that engages the client in self-prioritizing, physically writing out steps themselves, and taking ownership of their “to-do” list as a method of incrementally working through the totality of the necessary action items. In short, if the reality is that clients either can...

Fiduciary Links: When clients set their own priorities, they are more likely to act

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Fiduciary Links: As Reg D Advertising Begins, FINRA Cautions Investors

Posted by Bennett Aikin on September 23, 2013 in Fiduciary Links In the News Spotlight on Designations

>>>On the same week that private placement advertising restrictions were lifted and public marketing began, FINRA took the opportunity to alert investors to the risks inherent to Regulation D investments. The alert explained how the investments differ from traditional investments and warned investors that the special risks involved must be evaluated carefully before installing the investments into a portfolio. Among the regulator's recommendations for evaluating private placements are: Learn about the company's business, the ease of access to investment information, and liquidity concerns. Expect your broker to be knowledgeable about the investment. Make sure the...

Fiduciary Links: As Reg D Advertising Begins, FINRA Cautions Investors

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Trustworthy Advice & Individual Investors–What Do Advisors Have to Say About the Fiduciary Standard?

Posted by Kathleen McBride on August 28, 2013 in In the News

This week we have a guest post from Kathleen M. McBride, AIFA®, founder of FiduciaryPath,LLC, a company that offers consulting services to assess a firm's conformance to the Global Fiduciary Standard of Excellence.  She was previously a Director at the Institute for Private Investors, Wealth Editor in Chief at AdvisorOne.com and Senior Editor at Investment Advisor.  >>>>Advisors had a chance to speak out about the fiduciary standard in the 2013 fi360-ThinkAdvisor Fiduciary Survey. What stands out in the findings, just released, reveals a wide gap between executives...

Trustworthy Advice & Individual Investors–What Do Advisors Have to Say About the Fiduciary Standard?

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Fiduciary Links: How to address clients who are withholding information

Posted by Bennett Aikin on August 26, 2013 in Fiduciary Links In the News

>>>A new survey from Securian Financial Group highlights the bad investor habit of withholding information from their advisors. According to the survey results, 29% of investors are withholding information that is relevant to their financial situation. Health concerns, other investments, marital problems, debts, and loans given to friends or family are among the most prevalent topics cited as being withheld. The reasons cited for withholding information are what you’d expect: feeling the information is too personal, not relevant, embarrassing, or just haven’t had the time yet. This is a big problem for a couple...

Fiduciary Links: How to address clients who are withholding information

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SEC Crackdown on Advisers a Reminder of Best Execution Duties

Posted by Duane Thompson on August 14, 2013 in In the News Legal

>>>>In late July the Securities and Exchange Commission sanctioned two investment advisers for failing to seek best execution with their affiliated broker-dealers. A.R. Schmeidler & Co., Inc. (ARS), a dually registered New York bank subsidiary, agreed to pay more than $1 million in fines and disgorgement fees to clients. Indianapolis-based Goelzer Investment Management, Inc. (GIM), and its principal, Gregory W. Goelzer, agreed to pay nearly $500,000 to settle charges. The latest enforcement actions by the SEC serve as a practical reminder of an adviser’s fiduciary duty of best execution. When acting in the capacity of...

SEC Crackdown on Advisers a Reminder of Best Execution Duties

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Fiduciary Links: New studies highlight the impact of bad investor behavior

Posted by fi360 Team on August 05, 2013 in Fiduciary Links In the News

>>>> “What are the forces that will shape the future of the investment management industry over the next decade?” That’s the question used to introduce a new report from State Street that posits it is the investor who will be most influential in setting the tone going forward. For good or for bad, investors have greater access to information than ever before and, coupled with provocative headlines and chronic instability of the financial systems, that is resulting in their decision to take action. For advisors, this means a number of things. For one,...

Fiduciary Links: New studies highlight the impact of bad investor behavior

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Fiduciary Links: Survey Paints Unflattering Portrait of Financial Services Leadership

Posted by fi360 Team on July 29, 2013 in Advocacy Great Sources of Information In the News

>>>>“No matter what commercial crisis we examine, there are, almost without exception, three factors that form a perfect storm: greed, weak leadership and fear.” Those are the words used by law firm Labaton Sucharow LLP to summarize the findings of their second annual financial services industry survey. In his latest Fiduciary Corner column for InvestmentNews, Blaine Aikin takes a look at how investors are completely justified in questioning the trustworthiness of those in financial services. Among the findings are that roughly a quarter of all advisors surveyed had firsthand knowledge of wrongdoing, feel incentivized...

Fiduciary Links: Survey Paints Unflattering Portrait of Financial Services Leadership

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The Value in Participant Education

Posted by Kathy Stewart on July 25, 2013 in In the News

>>>>The focus on excess retirement plan fees continues to make headlines. Most recently, we learned of 6,000 or so letters sent by a Yale professor to plan sponsors indicating that the fees they are paying are excessive compared to those in other retirement plans.  While the professor has been taken to task for the accuracy of his data and the manner in which he acted, the reaction shouldn’t divert attention from the fact that unnecessary fees do hinder retirement plan account growth. The DOL stresses the importance of reviewing fees by illustrating the impact...

The Value in Participant Education

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Fiduciary Comment Day Arrives

Posted by Byron Bowman on July 10, 2013 in Great Sources of Information In the News Legal

>>>>>Friday, July 5, was the second day of a four-day weekend for many people; but for those interested in the SEC’s consideration of the fiduciary standard and the harmonization of investment adviser and broker-dealer regulation, it was “Comment Day.”  That marked the end of the period to respond to the SEC’s request for information (“RFI”) regarding the effects of the imposition of a fiduciary standard on broker-dealers that provide retail investment advice and the effects of harmonization.  Almost 30 comments were filed on Friday (with an additional...

Fiduciary Comment Day Arrives

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Fiduciary Links: ERISA 3(38) Investment Management Agreement Webinar Announced

Posted by fi360 Team on July 01, 2013 in Fiduciary Links Great Sources of Information In the News

>>>>On Thursday, July 11th, fi360 and Pioneer Investments will be hosting a webinar, ERISA 3(38) Investment Management Agreement, at 4:15 p.m. ET. The session will be led by ERISA attorney Fred Reish from Drinker Biddle & Reath LLP law firm.     Some of the topics that will be covered include the role of a 3(38) discretionary investment manager for 401(k) plans, and the protections afforded to plan sponsors and fiduciaries. The decisions that need to be made in the development of a 3(38) investment manager relationship and the unique provisions of a 3(38)...

Fiduciary Links: ERISA 3(38) Investment Management Agreement Webinar Announced

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Good Insurance Decisions Require Appropriate Information

Posted by Brian Fechtel on June 26, 2013 in In the News Putting Process into Practice

This week we have a guest post from Brian Fechtel, CFA, founder of BreadwinnersInsurance.com. He was one of the contributing authors to the NAIC’s White Paper on the State of Life Insurance Industry, having written a section advocating the importance of drastically improved policy disclosures. Last September the Journal of Financial Planning published his article, “Bringing Real Clarity and Understanding of Cash-Value Life Insurance to the Marketplace.” The comments below very briefly summarize for fi360’s fiduciaries some of the practical implications of Fechtel’s ideas. >>>...

Good Insurance Decisions Require Appropriate Information

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How the SEC and FINRA Can Strengthen the Fiduciary Standard Now

Posted by Duane Thompson on June 12, 2013 in Advocacy In the News Legal

>>>>The Securities and Exchange Commission is awaiting public comment on its March 1 request for data involving the costs and benefits of adopting a uniform fiduciary standard for brokers and advisors.  Whether it eventually adopts a rule, after receiving clear authority from Congress three years ago to do so, remains open to question.     In the meantime, the Commission could utilize its longstanding amicus program to bring important issues involving brokers and advisers before the courts now, similar to the Department of Labor’s active amicus program.  Unfortunately, the SEC has a poor...

How the SEC and FINRA Can Strengthen the Fiduciary Standard Now

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Fiduciary Links: What can we read into the SEC's assumptions regarding fiduciary rule making?

Posted by fi360 Team on April 29, 2013 in Fiduciary Links In the News

>>>>The Institute for the Fiduciary Standard, an advocacy group that promotes the fiduciary standard, issued a paper that takes issue with a number of the assumptions made in the SEC’s request for data to inform potential fiduciary rulemaking.  The paper notes that the assumptions suggested in the request would indicate a severe change in how the fiduciary standard is understood. This would include increased reliance on disclosures as a means of managing conflicts of interest while also weakening the forms and methods of disclosure, allowing fiduciary duty to be waived, redefines the duty...

Fiduciary Links: What can we read into the SEC's assumptions regarding fiduciary rule making?

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Fiduciary Links: SEC Taking Closer Look at Custody Issues Due to Early Findings

Posted by fi360 Team on March 11, 2013 in Fiduciary Links In the News Regulatory Update

>>>The SEC issued a risk alert last week that highlights a number of deficiencies under the Advisers Act custody rule that have been encountered as part of recent adviser examinations (see the InvestmentNews summary). These include a number of scenarios where the adviser doesn’t realize that it has custody, failing to file for an annual surprise audit of custody practices, client notification problems, commingling problems, problems with audit procedures, and other problems. From an investor protection standpoint, the SEC is mostly concerned with stopping any new Madoffs from happening by keeping a closer eye on...

Fiduciary Links: SEC Taking Closer Look at Custody Issues Due to Early Findings

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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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