NC Pension System May Move from Sole Trustee Amid Allegations

Reacting to a forensic investigation initiated by state employees, North Carolina’s $87 billion state pension system may be moving from a sole trustee to a board soon. As reported in P&I, a panel convened by State Treasurer Janet Cowell is recommending the change amid allegations set forth in a forensic investigation commissioned by the State Employees’ Association of North Carolina.   Read More

WMSI Launches Small Business Plan Calculator

Wealth Management Systems Inc. (WMSI) announced today that it has launched the Small Business Retirement Plan Comparison Calculator within Pershing’s NetX360 Retirement Resource Center. This new tool helps advisors to support small business owners in evaluating retirement plan options, choosing a plan to meet their needs and calculating the owner’s maximum contribution toward retirement.   Read More

What Effect Do Advisors Have on DC Plans?

Do advisors add value to their DC plan clients? That’s the big debate in Washington and in the industry today. But focusing on fees without measuring value makes the discussion almost meaningless. In their annual DC survey, PlanSponsor magazine compared the performance metrics of more than 3,000 plans that have an advisor to more than 2,000 that don’t.   Read More

Last Week’s Top 5 Posts on NAPA Net

Last week’s top five most-read posts on NAPA Net reflected keen interest in the high number of acquisitions in the DC industry over the last year, Jerry Bramlett’s take on valuation-aware portfolios, FINRA’s proposed rule on reporting recruiting bonuses, the top dozen compliance errors in DC plans, and Vanguard’s online advisory service.   Read More

Brokerages Considering New Compensation Models

As the economy evolves and new generations start entering the workforce, will financial service firms adjust to the barriers to making the advisory field a career choice? Brokerages are certainly having a harder time attracting new advisors. Now at least one wire house, Wells Fargo Advisors, is considering changing its compensation formula, putting more emphasis on salary versus variable compensation.   Read More

RCAP Poses First Real IBD Competition for LPL

Is the Nicholas Schorsch-led RCAP a serious competitor to LPL in the IBD world? In a far-reaching article by Investment News’ Bruce Kelley, the comparisons between the two firms are compelling — although Schorsch claims, “We’re not trying to be a better version of LPL. We’re trying to be a different business.”    Read More

LinkedIn Spearheads Partnership to Help Supervise Advisors

Social media remains a mostly untapped opportunity for highly regulated financial advisors and their supervising organizations. LinkedIn has become the dominant professional business networking site. In partnership with various industry software vendors, the firm has announced a program to help BDs and RIAs supervise their reps to ensure that they are complying with SEC and FINRA rules.   Read More

Don’t Be Afraid, Be Ready

A DOL investigation can be time consuming, expensive and potentially damaging to your reputation if the DOL concludes that you have violated an ERISA requirement. But it doesn’t have to be about fear at all, notes David N. Levine, a principal with the Groom Law Group, Chartered, in Washington, DC. You just need to be prepared.   Read More

EBRI Research Shows Fewer Americans Saving For Retirement

With all the press about the retirement savings crisis, you would think more people over the past 10 years would be saving for retirement. While older workers have gotten the message, other generations have not. According to EBRI’s Retirement Confidence Survey, 4% fewer workers in 2014 are saving for retirement than in 2004. Here’s the demographic breakdown:   Read More