With only a couple of weeks left in 2016, this week we asked NAPA Net readers to pick the trend/event that has had the biggest impact on our industry.
Perhaps not surprisingly, the fiduciary rule topped the list – and by quite a margin – as the event that had the biggest impact in 2016.
Second-most cited was last year’s most disruptive industry event – a regulatory obsession with fees.
“Excessive fee litigation” was third-most cited (we’ll leave it to you to decide if it “excessive fee” litigation or “excessive” fee litigation, while fourth-most cited was the man who (and whose firm) brought the topic of excessive fee litigation to the forefront of fiduciary concerns, Jerome Schlichter.
Coming in at number five was Employee Benefits Security Administration head Phyllis Borzi, who was obviously the force behind the fiduciary rule that topped this year’s list.
And while arguably the top five contain both positive and negative aspects, the sixth item on this year’s list was in a whole other category – a focus on financial wellness.
As for some of the things that weren’t deemed to have as much impact this year (though they have in years past), they included:
- fee disclosure;
- industry consolidation;
- MyRAs;
- 403(b) university lawsuits and
- The Trump election – but just wait till next year!
Thanks to everyone who participated in our weekly NAPA Net reader poll!
