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Category Archives: compliance
The Often Overlooked Fiduciary “Gotcha”: The Fiduciary Duty (and Challenge) of Cost-Consciousness
The vast majority of active managers are unable to produce excess returns that cover their costs.1 I recently posted an article discussing a brilliant complaint that was filed in connection with a new 401(k) excessive fees/breach of fiduciary duties action. … Continue reading
Posted in 401k, 401k compliance, 403b, 404c, 404c compliance, closet index funds, compliance, cost consciousness, DOL fiduciary rule, DOL fiduciary standard, ERISA, evidence based investing, fiduciary compliance, fiduciary law, Fiduciary prudence, fiduciary standard, Impartial Conduct Standards, investment advisers, investments, IRA, IRAs, pension plans, prudence, retirement plans, RIA, RIA Compliance, wealth management, wealth preservation
Tagged 401k, 401k compliance, 403b, 404c, 404c compliance, Active Management Value Ratio, AMVR, best interests, BICE, compliance, cost consciousness, ERISA, evidence based investing, fiduciary, fiduciary investing, fiduciary law, Fiduciary prudence, fiduciary standard, investment advisers, pension plans, retirement plans, suitability, wealth management, wealth preservation
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“Upon Further Review: Do We Already Have a Universal Fiduciary Standard?” Redux
Back in 2013 I posted an article dealing with the controversy over the DOL’s proposed fiduciary standard. In that article, I suggested that a universal fiduciary standard was already in place that applied to stockbrokers, investment advisers and anyone else … Continue reading
Posted in BICE, compliance, DOL fiduciary rule, DOL fiduciary standard, fiduciary compliance, fiduciary law, Fiduciary prudence, fiduciary standard, financial planning, Impartial Conduct Standards, investment advisers, investments, RIA, RIA Compliance, securities compliance
Tagged best interests, BICE, compliance, Compliance Gauntlet, fiduciary, fiduciary investing, fiduciary law, Fiduciary prudence, fiduciary standard, FINRA, investment advisers, RIA, RIA compliance, securities compliance, suitability
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A Better Mousetrap?: A New Format for Plaintiffs’ Complaints in ERISA Fiduciary Breach/Excessive Fee Cases?
My two most recent posts on this blog have dealt with recent decisions involving ERISA fiduciary breach cases alleging excessive fees in 401(k) plans. To avoid a possible false sense of security within the investment industry, the posts also discussed … Continue reading
Posted in 401k investments, BICE, closet index funds, compliance, DOL fiduciary rule, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, Fiduciary prudence, fiduciary standard, Impartial Conduct Standards, investment advisers, investments, IRA, IRAs, pension plans, prudence, retirement plans, RIA, RIA Compliance, wealth management, wealth preservation
Tagged 401k, 401k compliance, Active Management Value Ratio, AMVR, best interests, BICE, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, Fiduciary prudence, fiduciary standard, investment advisers, IRA, pension plans, prudence, retirement plans, RIA compliance, suitability
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“Apples to Apples” and Other Investment Return Issues
I just finished reading Judge Doty’s decision dismissing the Wells Fargo 401(k) excessive fees action and the complaint filed in the new Capital Group/American Funds 401(k) breach of fiduciary duties action. Just seems to be further evidence that we have … Continue reading
Posted in 401k, 401k compliance, 404c compliance, closet index funds, compliance, DOL fiduciary rule, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, Fiduciary prudence, fiduciary standard, Impartial Conduct Standards, investment advisers, investments, pension plans, retirement plans, RIA
Tagged 401k, 401k compliance, 404c, 404c compliance, Active Management Value Ratio, AMVR, best interests, BICE, closet index funds, compliance, DOL rule, ERISA, fiduciary, fiduciary investing, fiduciary law, Fiduciary prudence, fiduciary standard, investment advisers, pension plans, retirement plans, securities compliance, wealth management
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Quantifying the Impartial Conduct Standards Under the DOL’s New Fiduciary Rule
With a portion of the DOL’s new fiduciary rule scheduled to go into effect at midnight tonight, there are still some unanswered questions with regard to how some key terms will be interpreted. The key terms in question are primarily … Continue reading
Posted in 401k, 401k compliance, 401k investments, 404c compliance, Annuities, BICE, compliance, DOL fiduciary rule, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, Fiduciary prudence, fiduciary standard, Impartial Conduct Standards, investment advisers, pension plans, retirement plans, RIA, wealth management, wealth preservation
Tagged 401k, 401k compliance, 404c, 404c compliance, Active Management Value Ratio, AMVR, Annuities, best interests, BICE, compliance, DOL fiduciary rule, ERISA, fiduciary, fiduciary law, fiduciary standard, Impartial Conduct Standards, investment advisers, investment analysis tools, pension plans, retirement plans, RIA, risk management, wealth management, wealth preservation
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RIA Liability for Use of Third-Party Advertising
Recently I have made some comments on social media in connection with some posts made by American Funds with regard to the performance of some of their funds. As a securities/ERISA attorney, RIA compliance consultant and former compliance manager, the … Continue reading
Posted in compliance, RIA, RIA Compliance, securities compliance
Tagged compliance, RIA, RIA compliance, RIA risk management, securities compliance
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Emerging Asset Allocation “Trap?”
As both a securities/ERISA attorney and a CFP® professional, I realize that I often see things from a different perspective that other in those professions. Some would say that is an advantage, others say it’s a disadvantage. I have definitely … Continue reading
Posted in 401k compliance, 404c compliance, compliance, DOL fiduciary standard, elder law, elderly investment fraud, fiduciary compliance, fiduciary law, fiduciary standard, financial planning, investment advisers, investments, IRAs, pension plans, RIA Compliance, securities, special needs advice, wealth management, wealth preservation
Tagged 401k, 401k compliance, asset allocation, compliance, fiduciary, fiduciary investing, fiduciary law, fiduciary standard, financial planning, investment advisers, investment analysis tools, modern portfolio theory, portfolio optimization, retirement plans, RIA compliance, RIA risk management, risk management, securities compliance, suitability, wealth management, wealth preservation
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2017: Brave New World
2016 will be remembered by most financial advisers as the year of the fiduciary standard, the year everything changed forever. Some would challenge this statement, claiming that the Trump administration will make sure the DOL’s new fiduciary rule is reversed. … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, 404c, 404c compliance, compliance, DOL fiduciary standard, ERISA, evidence based investing, fiduciary compliance, fiduciary law, fiduciary standard, investment advisers, investments, pension plans, retirement plans, RIA, RIA Compliance, securities compliance, Trust marketing, trust realtionships
Tagged 401k, 401k compliance, 404c, 404c compliance, Active Management Value Ratio, asset allocation, client trust, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary standard, financial planning, financial plans, FINRA, investment advisers, investment analysis tools, pension plans, retirement plans, RIA, RIA compliance, securities compliance, suitability
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The Fiduciary Standard is Dead? Long Live the Fiduciary Standard!
A lot of people have asked me about the impact of the recent election on the future of the fiduciary standard. My answer is always in two parts – one based on existing legal precedent, the other on the DOL’s … Continue reading
Posted in BICE, compliance, DOL fiduciary standard, ERISA, fiduciary law, fiduciary standard, investment advisers, pension plans, RIA, RIA Compliance, securities compliance
Tagged BICE, fiduciary, fiduciary law, fiduciary standard, investment advisers, pension plans, RIA compliance, risk management, securities compliance
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Point to Ponder: A Reverse BICE Cause of Action?
In talking with some of my colleagues on both the legal and financial planing sides, an interesting question has come up with regard to potential liability under the new BICE provision of the DOL’s new fiduciary standard. I’m writing this … Continue reading
Posted in 401k, 401k compliance, 401k investments, 404c, BICE, compliance, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, investment advisers, investments, IRAs, pension plans, retirement plans, RIA, RIA Compliance
Tagged 401k, 401k compliance, 404c, 404c compliance, BICE, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary standard, investment advisers, pension plans, retirement plans, RIA, RIA compliance, suitability
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The Prudent Investment Fiduciary Rules 
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