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In his latest blog post on the fiduciary regulation, Fred Reish examines the components of a “best interest” process.The first step of a best interest, or prudent process, is to determine the information that is “relevant” to making a decision that is “informed.” In other words, Reish explains,... READ MORE
What type of car do you drive? Is it a Nissan Versa?[1. Car and Driver magazine named the Nissan Versa 2017's Cheapest Car.] If it’s not a Versa, then you appreciate value. You could have purchased any car, from the top of the line to the least expensive, and you chose [insert your car type].Well,... READ MORE
Another investment manager has been sued by participants of its own 401(k) plan for what they said were “conflicted, disloyal, imprudent, and self-interested decisions.”This suit, brought by D’Ann Patterson against Capital Group (on behalf of herself and the 7,000+ participants and beneficiaries of... READ MORE
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The vast majority of DC plan participants continued making contributions to their plans in 2016 and most “stayed the course” with their asset allocations, according to the latest findings of the Investment Company Institute’s recordkeeper survey.Consistent with activity in prior years, the... READ MORE
The ERISA consultants at the Learning Center Resource Desk, which is available through Columbia Threadneedle Investments, regularly receive calls from financial advisors on a broad array of technical topics related to IRAs and qualified retirement plans. A recent call with an advisor in New Jersey... READ MORE
An excessive fee lawsuit that harkens back to the first wave of litigation more than a decade ago has finally been settled.The settlement (Waldbuesser v. Northrop Grumman Corp., C.D. Cal., No. 2:06-cv-06213-AB-JC, motion for settlement approval filed 6/12/17), agreed to by the parties, but still... READ MORE
Several years back the concept of “wellness” crept into benefits planning. More recently, HR’s affinity for that wellness concept has been expanded upon by the concept of financial wellness. But as appealing as the notion is, a number of key questions linger.With regard to wellness generally, the... READ MORE
Concerns about retirement and health care loom large for American workers and the U.S. Senate is reportedly close to its version of a health care reform bill. We need your help ASAP to tell Congress to make it easier for workers to manage their health and retirement savings.What’s the Issue?The tax... READ MORE
Apparently participants aren’t the only ones struggling with behavioral biases, according to a new report.The paper, authored by H. Kent Baker (American University Kogod School of Business), Greg Filbeck (Pennsylvania State University) and Victor Ricciardi (Goucher College Department of Business... READ MORE
Another institution of higher learning – this one having been selected by the Commission on Presidential Debates to host more presidential and vice-presidential debates than any other institution in history – now finds itself sued for the practices of its 403(b) plan.The suit (Davis v. Wash. Univ.... READ MORE
The continued growth in participants’ adoption of professionally managed allocations is leading to dramatic improvements in diversification of investment portfolios, Vanguard says in a newly released report, How America Saves 2017.Professionally managed investment options have the potential to... READ MORE
Morgan Stanley has launched a sustainable investing e-learning education program directly to the desktops of each of its approximately 16,000 financial advisors.Morgan Stanley offers individual and institutional clients sustainable and impact investing solutions through its proprietary Investing... READ MORE
In a June 8 letter to Rob Choi, director of the Office of Employee Plans in the IRS Tax-Exempt & Government Entities Division, the American Retirement Association offered comments on the guidance contained in IRS Notice 2016-16 concerning mid-year amendments to safe harbor 401(k) and 403(b)... READ MORE
A new survey finds that a third of workers won’t be taking a vacation this year, and nearly as many say they stay connected with work during vacation. So, what plans do you have for vacation – and (how) will you be checking in?Actually, considering my vacation history, I’m surprised those numbers... READ MORE
OregonSaves, the state-run auto-IRA program for private-sector workers, is not quite launched yet, but the pieces are falling into place.OregonSaves will begin operation in July 2017. The Oregon Retirement Savings Board has provided a report on preliminary work that is being done in preparation for... READ MORE
Having lost its attempt to dismiss the charges, the broker-dealer has struck a settlement.The settlement in Fernandez v. Merrill Lynch, Pierce, Fenner & Smith, Inc. (S.D. Fla., No. 1:15-cv-22782-MGC, motion for preliminary approval of class settlement filed 6/8/17) was reached after two years... READ MORE
Plans that set specific goals around the retirement preparedness of their 401(k) plan participants and have metrics in place to measure their progress are more likely to achieve their goals, according to a recent report.Conducted in the fall of 2016 with HR executives at 401(k) plan sponsors with $... READ MORE
Years in the making, and after months of anticipation, the (delayed) applicability date of the fiduciary regulation arrives today. But for the vast majority of respondents to this week’s NAPA Net reader poll, it’s been “business as usual.”Back in November, a slim plurality (32%) of NAPA Net reader... READ MORE
The House of Representatives approved broad-based financial overhaul legislation on June 8 that seeks to repeal major provisions of the Dodd-Frank Act, as well as the Department of Labor’s now-effective fiduciary rule.Congressional Republicans have taken aim at repealing the Dodd-Frank Act since it... READ MORE
Employers are increasingly determining that financial wellness programs can help provide better financial outcomes for employees, promote higher utilization of employer-sponsored retirement programs, and lead to productivity gains from reduced financial stress, Charles Schwab says in a new report.... READ MORE
The Department of Labor recently issued a set of FAQs on the fiduciary rule. In his most recent blog post, Fred Reish says that one of those “raises some significant issues” for broker-dealers and RIAs.As a general rule, Reish explains, the Best Interest Contract Exemption (BICE) requires only that... READ MORE
The Labor Department has taken its first step in the review of the fiduciary regulation ordered by President Trump earlier this year.That step was marked by the delivery of a request for information (RFI) on the fiduciary rule to the White House Office of Management and Budget, according to the... READ MORE
Mergers and acquisitions of registered investment advisor firms realized a record start during the first quarter of 2017, with 44 transactions executed, according to research conducted by DeVoe & Company.That represents a 29% increase from the first quarter of 2016, when 34 deals were... READ MORE
Cetera Financial Group has announced the upcoming launch of Decipher, new facial recognition software solution to help Cetera-affiliated financial advisors gain far deeper insights into client emotions and behavior patterns regarding financial goals, decisions and concerns.According to a press... READ MORE

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