Wire Houses Navigate the ERISA Fiduciary Landscape

There always seem to be certain events or cycles where some experts say that wire houses will not be able to compete against RIAs and independent advisors because of their more restrictive model. That conversation arose after the imposition of 408(b)(2), which requires advisors to disclose in writing whether or not they are acting as a fiduciary for the services they are rendering and the associated fees.   Read More

Borzi Declines to Reveal Release of Fiduciary Definition Rule

While calling it her office’s “highest priority” and saying it was near completion, Assistant U.S. Secretary of Labor Phyllis Borzi declined to say on Tuesday exactly when her agency will submit a long-awaited proposal for revising the definition of fiduciary, a rule that could restrict the kinds of advice plan advisors can give to their clients.   Read More

PIMCO Hires New Global Head of Equities

PIMCO announced Oct. 30 that it has hired Virginie Maisonneuve as its new global head of equities, replacing Neel Kashkari, who left the company at the beginning of the year to pursue a political career. Maisonneuve was formerly head of global and international equities at London-based global asset management company Schroders PLC.   Read More

Sooner or Later

It’s easy, in the normal press of life, to put off thinking about retirement, much less thinking about saving for a period of life many can scarcely imagine. Here are six reasons that can help those you work with focus on saving for retirement now.   Read More

Last Week’s Top 5 Posts on NAPA Net

Last week’s top five most read posts on NAPA Net reflect keen interest in studies revealing that financial education has little impact on behavior, how the redefinition of fiduciary could affect commissioned advisors, six reasons to get into the retirement plan business, guidelines for the use of share class funds and the decline of wire house recruiting bonuses.   Read More

Senator Calls for SEC to Strengthen FINRA Rules on Expunging Broker Records

In a letter to the SEC, the lawmaker who helped create broker-check called for tightening of rules on expunging broker records and payment of arbitration awards. Sen. Edward Markey (D-MA) asked SEC Chair Mary Jo White to look at strengthening rules promulgated 20 years ago to make it more difficult for brokers to expunge their records and to ensure that arbitration awards are paid.   Read More

Top 25 DC ‘Power Hitters’

The cover story of the inaugural issue of NAPA Net — The Magazine profiles the five people in Washington who are most likely to affect the four major public policy issues affecting plan advisors — tax reform, separate rulemaking efforts at the DOL and the SEC affecting plan fiduciaries and regulation of IRAs. Like the defined contribution market, it all comes down to people. It’s important for plan advisors to understand not just the issues, but also the people driving them, to get a sense of the directions they may take. That’s why we created our list of the 25 most influential government officials affecting retirement plans.
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