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Recent Posts
- Is the DOL/EBSA Trying to Serve Two Masters? ERISA Section 404(a)’s Independent Investigation and Evaluation Requirements and the DOL/EBSA Proposed Rule on Alternative Investments
- Much Ado About Nothing?: The DOL’s New Alternative Investment Rule vs. the Administrative Procedure Act
- Reasserting ERISA’s Private Enforcement Design: A Rebuttal to EBSA’s “Frivolous Litigation” Narrative
- When Income Is Not Enough: Why the Continued Inclusion of In-Plan Annuities May Breach ERISA Duties When Compared to Capital-Preserving Income Alternatives and Strategies
- The Active Management Value Ratio as a Cost-Benefit Framework: Integrating AI into Fiduciary Prudence Analysis
The Prudent Investment Adviser Rules
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Category Archives: fiduciary compliance
A Fiduciary Blueprint: The Restatement of Trusts, the Prudent Investor Rule and the DOL’s New Fiduciary Rule
A [fiduciary] is held to something stricter than the morals of the market place. Not honesty alone, but the punctilio of an honor the most sensitive, is the standard of behavior…. Meinhard v. Salmon, 249 N.Y. 458, 464 (1928) Ever … Continue reading
Posted in 401k, 401k compliance, 401k investments, 404c, 404c compliance, Annuities, BICE, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, investment advisers, investments, IRAs, pension plans, retirement plans, RIA, RIA Compliance, securities compliance, wealth management, wealth preservation
Tagged 401k, 401k compliance, 404c, 404c compliance, Active Management Value Ratio, AMVR, Annuities, best interests, BICE, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary standard, investment advisers, investment analysis tools, pension plans, retirement plans, RIA, suitability, wealth management, wealth preservation
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What Mr. Schlichter Understands…and Plan Sponsors and Investment Fiduciaries Need to Understand As Well
This week attorney Jerome Schlichter, already known for his actions against 401(k)s and plan sponsors for alleged breaches of their fiduciary duties, added a new category of defendants to his practice, 403(b) plans of private colleges and universities. By my … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, 404c, 404c compliance, DOL fiduciary standard, ERISA, evidence based investing, fiduciary compliance, fiduciary law, investment advisers, investments, pension plans, retirement plans, RIA, RIA Compliance, wealth management, wealth preservation
Tagged 401k, 401k compliance, 404c compliance, Active Management Value Ratio, AMVR, compliance, ERISA, evidence based investing, fiduciary, fiduciary investing, fiduciary law, fiduciary standard, investment advisers, investment analysis tools, pension plans, retirement plans, RIA, RIA compliance, RIA risk management, risk management, suitability, wealth management, wealth preservation
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“Tipping Off” Potential ERISA Fiduciary Violations – Part 2
The recent actions filed by Jerome Schlichter against seven private colleges and universities raised a number of new issues that I have encountered in the course of performing forensic analyses of 401(k), 403(b), and 457(b) plans. In many cases, I … Continue reading
Posted in fiduciary compliance
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“Tipping Off” Potential ERISA Fiduciary Violations – Part 1
As a former catcher, I always enjoyed watching a pitcher to see if he was “tipping off” his pitches so our team could gain an advantage. As an ERISA attorney, one of the services I provide to ERISA consulting clients … Continue reading
Posted in 403b, Annuities, compliance, DOL fiduciary standard, ERISA, evidence based investing, fiduciary compliance, fiduciary law, pension plans, retirement plans, wealth management, wealth preservation
Tagged 401k, 401k compliance, 403b, Active Management Value Ratio, Annuities, best interests, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary standard, pension plans, retirement plans, suitability, wealth management, wealth preservation
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ERISA and Modern Portfolio Theory – Prudence Per Footnote 8
As an ERISA attorney and compliance consultant, I often hear plan sponsors and service providers attempt to justify an imprudent investment option by claiming that they are simply complying with the DOL’s and the courts’ adoption of Modern Portfolio Theory … Continue reading
Posted in 401k, 401k compliance, 401k investments, 404c, 404c compliance, compliance, DOL fiduciary standard, evidence based investing, fiduciary compliance, fiduciary law, investment advisers, investments, pension plans, retirement plans, wealth management
Tagged 401k, 401k compliance, 404c, 404c compliance, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, modern portfolio theory, pension plans, retirement plans, RIA risk management, securities compliance, wealth management
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401(k) Alert: Protecting Plan Sponsors and Plan Participants Under the BICE Exemption
Most of the litigation against 401(k) plans has focused on excessive fees and/or the poor quality of investment options within a plan. With the effective date of DOL’s new fiduciary standard and the Best Interests Contract exemption (BICE) coming in … Continue reading
Posted in 401k, 401k compliance, 401k investments, 404c, 404c compliance, BICE, compliance, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, investment advisers, investments, IRAs, pension plans, retirement plans, wealth management, wealth preservation
Tagged 401k compliance, 404c, 404c compliance, best interests, BICE, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary standard, investment advisers, pension plans, retirement plans, suitability, wealth management, wealth preservation
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The Two Minute ERISA Fiduciary Liability Risk Management Challenge
I love fiduciary law. In a world with so many legal uncertainties, indecision and “weasel words,” fiduciary law is demanding and direct. The Restatement (Third) of Trusts, specifically Section 90, the Prudent Investor Rule, sets out the basic fiduciary requirements. … Continue reading
Posted in 401k, 401k compliance, 401k investments, 404c, 404c compliance, compliance, ERISA, evidence based investing, fiduciary compliance, fiduciary law, investment advisers, investments, pension plans, retirement plans, RIA, RIA Compliance, securities compliance, wealth management
Tagged 401k, 401k compliance, 404c, 404c compliance, Active Management Value Ratio, compliance, ERISA, evidence based investing, fiduciary, fiduciary investing, fiduciary law, investment advisers, investment analysis tools, pension plans, retirement plans, RIA, RIA compliance, RIA risk management, securities compliance, wealth management
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The Liability Needle in the RIA Haystack
I have always enjoyed working with registered investment advisers (RIAs) and their representatives (IARs). I first got into the investment industry in 1995, shortly after the NASD issued Notice to Members 94-44. NTM 94-44 clearly stated that BDs had a … Continue reading
A Little More Knowledge on Reducing 401(k) Plan Sponsor Liability
As I have mentioned several times, I believe that the current environment presents investment advisors with a perfect opportunity to enter the 401(k) arena and prove the value added proposition that they can provide. The DOL’s recently announced fiduciary standard … Continue reading
Posted in 401k, 401k compliance, 401k investments, 404c, 404c compliance, compliance, ERISA, fiduciary compliance, fiduciary law, investments, pension plans, retirement plans, wealth management, wealth preservation
Tagged 401k, 401k compliance, 404c, 404c compliance, Active Management Value Ratio, AMVR, ERISA, fiduciary, fiduciary law, investment advisers, investment analysis tools, pension plans, retirement plans, wealth management, wealth preservation
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To BICE Or Not To BICE, That Is the Question.
I read an interesting article today on LinkedIn Pulse entitled “401(k) Opportunity, Is That You ?” by Rebecca Hourihan. https://www.linkedin.com/pulse/401k-fiduciary-opportunity-you-rebecca-hourihan-aif-ppc-?trk=mp-reader-card Ms. Hourihan addressed the same question that several of my plan sponsor fiduciary clients have asked me – what are the potential … Continue reading
Posted in 401k, 401k compliance, 404c, 404c compliance, compliance, ERISA, fiduciary compliance, fiduciary law, investments, pension plans, retirement plans, wealth preservation
Tagged 401k, 401k compliance, 404c, 404c compliance, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, investment advisers, pension plans, retirement plans, RIA risk management, risk management, securities compliance, wealth preservation
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The Prudent Investment Fiduciary Rules 
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