The year’s most disruptive industry event/person wasn’t the fiduciary proposal, the emergence of state-run retirement programs, or revenue-sharing litigation — though all made the top 10, according to NAPA Net readers.
No, by a solid margin, the event deemed most disruptive was… (drumroll):
The regulatory obsession with fees.
Not that the furor over the DOL’s fiduciary proposal wasn’t a factor. In fact, the second most-cited event was the “turmoil over who, what, where and why is a fiduciary,” while “resistance to the DOL's fiduciary proposal” was deemed third-most disruptive.
State Hows?
While arguably these haven’t had much opportunity to have a disruptive impact yet, the Labor Department’s sanction of open MEPs for state-run retirement programs and state-run retirement plans (generally) were the fourth and fifth most-cited events.
At that point, things got “personal”: Jerry Schlichter (of Schlicter, Bogard & Denton, who has initiated most of the major revenue-sharing litigation cases to date) and revenue sharing litigation was ranked sixth, while none other than Assistant Secretary of Labor Phyllis Borzi was the seventh most-cited factor.
At that point, things took a more positive note (remember that disruption can be a positive force). Rounding out the top 10 were:
Focus on retirement outcomes
Fee disclosure
The potential of MEPs
Finally, rounding out the top 15:
SEC’s change on money market funds
Senator Hatch’s MEP proposals
Emergence of robo-advisors
Sen. Elizabeth Warren
Emergence of 3(16) fiduciary offerings
Thanks to everyone who participated in our weekly reader poll!
Got a question you’d like to pose to our readers? Something you’d like to know more about? Post it in the comments below, or email me at [email protected].
