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Fred Barstein

By Fred Barstein | 9/1/2016
Whether driven by the rash of DC lawsuits, the DOL conflict-of-interest rule or fear of fines and audits, plan sponsors are more concerned about their fiduciary liability.Rarely does a member of the investment committee of a small or mid-size company have adequate knowledge on how to be an ERISA... READ MORE
By Fred Barstein | 8/29/2016
Industry trends like the growing use of no revenue sharing funds, as well as the sweeping changes expected as a result of the DOL’s conflict-of-interest rule, will probably transform the small and mid-size 401(k) and 403(b) markets forever, nothing will have a greater impact than the growing... READ MORE
By Fred Barstein | 8/24/2016
While most of the industry is complaining about the cost and time required to comply with the DOL’s conflict of interest rule, some Elite Plan Advisors see an opportunity. But is this opportunity real?The 50+ broker/dealers and RIAs which have at least one person dedicated to the DC business, as... READ MORE
By Fred Barstein | 8/19/2016
At a recent TPSU event for DC plan sponsors held at the University of Georgia, an ERISA attorney on the panel commented on the recent rash of lawsuits against major universities, noting that one of the allegations is that because the 403(b) plans had too many funds, their buying power was... READ MORE
By Fred Barstein | 8/17/2016
With the recent announcement that Betterment for Business has reached 200 DC plan clients, it might be time for advisors to consider two important questions: (1) are robo-record keepers for real; and (2) are they friend or foe?Robo record keepers are a lot like robo advisors, but there also are... READ MORE
By Fred Barstein | 8/15/2016
The implementation of the DOL conflict of interest rule will be a defining moment for broker-dealers, and the effects will determine which ones will surge ahead or even survive in the DC market.Most BDs have ignored the DC market, with fewer than 40 having even one person focused on supporting... READ MORE
By Fred Barstein | 8/8/2016
Even as assets and revenue are dwindling for DCIOs under pressure from index funds and TDFs, there is more demand for marketing and sales support from broker dealers, advisors and record keepers.And as more money moves into index funds, even those that benefit from those inflows have lower margins... READ MORE
By Fred Barstein | 8/4/2016
At a 2003 wirehouse event for their plan advisor specialists, I was asked on stage which record keeper would be the next to exit the market. Those were days when 10-15 providers exited each year, causing lots of turmoil, opportunity and prurient interest. I foolishly answered that question and,... READ MORE
By Fred Barstein | 8/1/2016
File this under the category of unintended consequences: On the one hand, the DOL conflict-of-interest regulation could create more orphaned plans without an advisor, while at the same time probably making it more difficult for record keepers to assign these plans to an appropriate advisor.The DOL... READ MORE
By Fred Barstein | 7/27/2016
There’s nothing inherently wrong with revenue sharing in DC plans. In fact, revenue sharing has been critical in making DC plans popular, especially for smaller companies that could not or did not want to write a check to pay for administrative and advisory expenses through retail mutual funds in... READ MORE
By Fred Barstein | 7/25/2016
The relationship between advisors and plan sponsors will be forever changed with the DOL conflict-of-interest rule. But there are some basics that will not change and that many advisors overlook.Based on more than 150 TPSU programs with thousands of plan sponsors — mostly HR professionals at... READ MORE
By Fred Barstein | 7/20/2016
In the midst of what many call the second industrial revolution, and in the wake of public demand for retirement plans at work driven by state auto-IRA initiatives, it's little wonder that robo-record keepers are being painted as the winners for small market DC plans. Except that reality sometimes... READ MORE
By Fred Barstein | 7/13/2016
The recent news of Ameritas buying Guardian’s DC record keeping division is a reminder of the DC RK consolidation trend, and the consolidation cycle generally. It’s one that RKs, DCIOs and advisors ignore at their peril.The consolidation curve concept was outlined in a seminal 2002 Harvard Business... READ MORE
By Fred Barstein | 7/8/2016
The great untapped (by advisors) mid and small plan HR or benefits professional market includes more than 100,000 DC plans with $3 million-$250 million. What are they like? What are the challenges for advisors?For HR professionals, benefits are a tactical and necessary part of the job, but it’s the... READ MORE
By Fred Barstein | 7/6/2016
Is referring or recommending an advisor a fiduciary act under the new rule?Referral fees are commonplace, with centers of influence (COIs) the most valuable source of new business for advisors — whether that includes CPAs, TPAs, attorneys, HR consultants or even other advisors who are not ERISA... READ MORE
By Fred Barstein | 6/28/2016
What’s on the mind of mid-market benefits managers? The 2016 Employee Benefits survey from SHRM reveals some interesting trends and insights that illuminate the history and perhaps the future of benefits for smaller and mid-sized companies.The top three benefits noted as very important to job... READ MORE
By Fred Barstein | 6/23/2016
The new DOL rule will not immediately change how plan sponsors, who are already fiduciaries, run their DC plans. But it will dramatically affect their relationship with their advisor and service providers, and it could also affect the relationship between advisors and providers, especially DCIOs,... READ MORE
By Fred Barstein | 6/20/2016
Following my own advice to go to events where I know very few people, this week I am attending the SHRM national conference in DC with more than 14,000 attendees, mostly HR professionals, and hundreds of vendors.Beyond suffering the ignominy of very few people knowing me, what struck me was how few... READ MORE
By Fred Barstein | 6/16/2016
Though proposal activity is high, it seems like advisors and plan sponsors are reluctant to make a change. Could the new DOL conflict of interest rule be the culprit?Anecdotal evidence from providers suggests that record keeper change has been down significantly in the first half of 2016 compared... READ MORE
By Fred Barstein | 6/14/2016
In a sense, the retirement industry is going through a negative zero sum game, which will only get more difficult with the DOL’s conflict-of-interest rule. Who are the winners and losers?In a zero sum game, each party’s gain or loss is exactly balanced by the losses or gains of others, such that if... READ MORE

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