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The IRS is focusing on top hat plans at nonprofit 501(c) organizations, a recent “compliance check” questionnaire from the agency’s Employee Plans Compliance Unit reveals. Plans include sending letters and questionnaires to nonprofits seeking a range of information, according to Linda Segal Blinn...
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In last week’s Question of the Week we asked, "What percentage of 401(k) plan sponsors are 'very satisfied' with the overall service they receive from their plan advisor?" Here are the results of the voting, expressed in percentages:50%: 30%60%: 45%80%: 13%90%: 8%Other: 5%Looks like poll...
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At this week’s Financial Services Institute meeting in Washington, EBSA chief Phyllis Borzi stated that the redefinition rule will not be forthcoming in October as originally planned and that the delay could be several months. Given the heightened attention on the rule, Borzi wants to make sure...
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When is the best time for a financial advisor to retire? According to FP Transitions, which has valued 1,000 firms with an average value of $1.4 -$1.5 million, the best age is 59, when advisors are not working so hard. Peak growth for advisors comes between the ages of 45 and 55, so advisors should...
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The ERISA consultants at the Columbia Management Retirement Learning Center Resource Desk regularly receive calls from financial advisors on a broad array of technical topics related to IRAs and qualified retirement plans. A recent call with a financial advisor in California is representative of a...
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As IRA assets have grown larger than those in 401(k)s, it seems only natural that the same debates about fees, oversight and the roles of fiduciaries that have arisen for ERISA plans will emerge for IRAs as well, claims a story by CNBC. Investors are likely to pay higher fees in IRAs without the...
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Last week’s top five most-read posts on NAPA Net reflected keen interest in a study asserting that the DB-to-DC plan switch has caused increased retirement wealth inequality, the increasing popularity of online advice, the formula for DC investment success, a big score for an advisor who used...
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During a recent conference call at an industry meeting, Jeffrey Turner, EBSA’s deputy director charged with enforcing the rules affecting DC plans, took credit for lower fees, quality and greater transparency in 401(k) plans. There’s no doubt that DOL’s 2012 rules requiring greater disclosure of...
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Growing up, I remember late night TV programs being punctuated by commercials touting a series of interesting products — everything from a rod-and-reel contraption that would fit in your pocket to a special set of knives that would, apparently, slice through any substance in the known universe...
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While the tone and tenor of the “love letters” from Yale Law School Prof. Ian Ayres caused the retirement industry to question the letters’ effectiveness and Ayres’ intent, Kathleen McBride of FiduciaryPath tackles the question of why there is such disparity in the fees paid by similarly situated...
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The tri-fold mission of NAPA Net when it launched on Oct. 1, 2012 was to keep advisors up to speed on important industry developments, especially in Washington; provide an online forum for advisors to connect with each other; and be a portal to industry resources. As a way to deliver on our third...
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Congress is poised to return to Washington D.C. this week to debate the weighty issues of war and peace amid a jam-packed legislative calendar and a limited timeframe on which to act on pressing fiscal issues. There are only nine legislative days scheduled for the month of September, the end of...
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Of all the retirement “no-brainer” decisions facing participants, taking advantage of an employer match is probably the biggest — a guaranteed 100% or 50% return on investment. But what about participants who have maxed out their employer match, or those in a plan that doesn’t provide one? How do...
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The Economic Policy Institute (EPI), a think tank focused on the economic condition of low- and middle-income workers, recently released a study purporting to show that the switch from DB plans to DC plans has increased retirement wealth inequality. While the study acknowledged that assets in IRAs...
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We always hear about ways advisors use social media and why it makes sense, but rarely do we hear actual success stories. ThinkAdvisor profiled a Morgan Stanley advisor who netted a $70 million client — in three weeks!The advisor, who works with owners of privately held mid-market companies,...
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How do fund companies love advisors? Cogent actually counted the ways, outlining the seven most popular means of contact. So if advisors feel like they’re being overwhelmed by investment managers who want their business, perhaps they’re right. Here are the most popular means of contact in order of...
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Compliance TPAs working with larger record keepers can be a valuable resource for advisors looking to improve their business in quantifiable ways. As the most popular service model for plans under $5 million, working with TPAs makes sense in a number of ways:• Improved close ratios• Referrals•...
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Is online advice about to catch on with 401(k) participants and investors, especially those about to retire? As waves of Baby Boomers begin to retire and roll assets out of DC plans, some online providers are betting that they will need and want advice and will be willing to pay for it. Do these...
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Though there’s consensus that the DOL’s proposal to express DC participants' account balance as a stream of income on their statements is a good idea, there’s widespread disparity on how to make the calculations. The first question is whether to use the current or projected balance and then how to...
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In last week’s Question of the Week we asked, “How many hours per day does the average plan advisor work in a normal work week?” The votes are in. Here are the responses, expressed as percentages:6 hours per day: 17%8 hours per day: 19%10 hours per day: 48%12 hours per day: 15%14 hours per day: 0So...
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Though the DCIO market continues to grow at a healthy pace, active money managers that don’t own a record keeping platform or manage TDFs may be left out in the cold. According to research by Strategic Insight, proprietary assets accounted for 46% of all DC assets as of 2012. Fueled by QDIAs, TDFs...
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The ERISA consultants at the Columbia Management Retirement Learning Center Resource Desk regularly receive calls from financial advisors on a broad array of technical topics related to IRAs and qualified retirement plans. A recent call with a financial advisor in Minnesota is representative of a...
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