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Recent Posts
- Upon Further Review; The 3 X 3 Analysis That Shows Why Prudent Plan Sponsors Will Never Offer Annuities Within Their Plan
- The DOL’s Pizarro v. Home Depot Amicus Brief: Borzi and Gomez Don’t Live Here @ EBSA Anymore
- DOL’s Betrayal of American Workers Sends a Clear Message to American Workers: We Really Don’t Give a Damn About You!
- Implications of Section 78(3) of the Restatement (Third) of Trusts and the Expanding “Knew or Should Have Known” Liability Standard in the Era of AI
- Closing Argument: Humble Arithmetic, Common Sense, and Fiduciary Liability vs. In-Plan Annuities
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Category Archives: RIA Compliance
Unintended Consequences: Financial Advisers and Potential Liability Issues Under State Fiduciary Laws
With the investment industry driving and celebrating the continuous efforts of the DOL and Congress to emasculate the DOL’s fiduciary rule, I have received emails from stockbrokers and RIAs/IARs as to what the practical meaning of these actions, from a … Continue reading
Posted in BICE, compliance, cost consciousness, DOL fiduciary rule, DOL fiduciary standard, ERISA, fiduciary compliance, Fiduciary prudence, fiduciary standard, Impartial Conduct Standards, pension plans, prudence, retirement plans, RIA, RIA Compliance
Tagged 404c compliance, best interests, BICE, compliance, DOL fiduciary rule, elder investment fraud, ERISA, fiduciary, fiduciary law, fiduciary standard, FINRA, investment advisers, investment analysis tools, pension plans, retirement plans, suitability, wealth management
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Transparency Is the Best Sunlight: Four Due Diligence Questions Plan Sponsors and Plan Participants Should Ask
Sunlight is the best disinfectant. – Justice Brandeis The ongoing attempts by the Department of Labor (DOL) and Congress to delay or completely reverse the DOL’s fiduciary rule sends a clear message to pension plan sponsors and plan participants – … Continue reading
Posted in 401k, 401k compliance, 401k investments, 404c, 404c compliance, BICE, 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, investments, IRA, IRAs, prudence, retirement plans, RIA, RIA Compliance, securities compliance, wealth management, wealth preservation
Tagged 401k, 401k compliance, 403b, 404c, 404c compliance, Active Management Value Ratio, AMVR, best interests, BICE, compliance, DOL fiduciary rule, ERISA, evidence based investing, fiduciary, fiduciary investing, fiduciary law, Fiduciary prudence, fiduciary standard, investment advisers, investment analysis tools, pension plans, retirement plans, RIA, RIA compliance, RIA risk management, risk management, securities compliance, suitability, wealth management, wealth preservation
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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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Eyes Wide Shut: Why the Current SEC Will Not, and Cannot, Adopt a Fiduciary Standard
Living is easy with eyes closed, misunderstanding all you see. – “Strawberry Fields Forever” In recent appearances on Capitol Hill, SEC Chairman Jay Clayton and DOL Secretary Alexander Acosta pledged to work together on a fiduciary rule applying to stockbrokers … Continue reading
Posted in 404c, Annuities, closet index funds, DOL fiduciary rule, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, Fiduciary prudence, fiduciary standard, Impartial Conduct Standards, investments, pension plans, prudence, retirement plans, RIA, RIA Compliance, securities compliance
Tagged 401k, 401k compliance, 404c, 404c compliance, Active Management Value Ratio, AMVR, Annuities, best interests, BICE, compliance, ERISA, fiduciary, fiduciary investing, Fiduciary prudence, fiduciary standard, pension plans, retirement plans, securities compliance, wealth management
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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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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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Fiduciary Standard vs. Suitability Standard: The “Gotcha” That Won’t Go Away
There is currently a lot of speculation on how and if the new Trump administration will attempt to undo the DOL’s new fiduciary rule. Opinions range from an attempt to delay the effective date of the new rule to a … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, 404c, 404c compliance, fiduciary compliance, fiduciary law, fiduciary standard, investment advisers, investments, pension plans, retirement plans, RIA, RIA Compliance, securities, securities compliance, wealth management
Tagged 401k compliance, 403b, 404c, 404c compliance, Active Management Value Ratio, AMVR, best interests, compliance, ERISA, evidence based investing, fiduciary, fiduciary investing, fiduciary law, fiduciary standard, FINRA, investment advisers, pension plans, retirement plans, RIA, RIA compliance, risk management, securities compliance, suitability, wealth management
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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 Prudent Investment Fiduciary Rules 
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