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Fred Barstein
By Fred Barstein | 5/29/2013
In an effort to slow the SEC’s effort to create a uniform fiduciary standard for financial advisors authorized but not mandated by Dodd-Frank, Rep. Ann Wagner (R-MO) convened a panel of the Financial Services Committee's Subcommittee on Capital Markets and Government-Sponsored Enterprises to review...
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By Fred Barstein | 5/29/2013
Look for EBSA, the DOL group that enforces ERISA, to be even more assertive based on comments from an EBSA regional director in Philadelphia as well as the agency’s Assistant Secretary herself, Phyllis Borzi. And while the DOL may begin an investigation on one issue, it may expand beyond that if it...
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By Fred Barstein | 5/28/2013
While many advisors focus on client referrals for new accounts, research shows that attorneys, CPAs and other centers of influence (COI) may be more productive sources. According to a study by CEG Worldwide, a consultancy to financial advisor firms, 61% of advisors said that professional COIs were...
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By Fred Barstein | 5/24/2013
It’s not surprising that DB plans — mostly run by professional managers who are not emotionally attached — perform better than DC plans, but the gap in 2011 was the greatest since the mid-90s, according to a recent TowersWatson study. The real questions are why and how DC plans can catch up — the...
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By Fred Barstein | 5/24/2013
As a result of our recently published and widely read posts listing the top DC providers and broker dealers, we received some thoughtful comments. Both lists — DC national record keepers and DC investment only providers — have been updated. Please keep sending updates as changes occur or if you see...
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By Fred Barstein | 5/23/2013
Retail employer plans can be the hardest cases for advisors, with relatively low-paid employees who are not sophisticated about investing or retirement planning. In addition, plan sponsors in the retail sector typically operate on a tight budget. In a case study prepared by the Retirement Advisor...
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By Fred Barstein | 5/23/2013
Looks like another entity may be weighing in on the redefinition of fiduciary issue. FINRA’s CEO Richard Ketchum stated at the group’s annual meeting this week that the SEC should act quickly to create a uniform fiduciary rule and that, in the absence of progress, his group would look to set...
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By Fred Barstein | 5/22/2013
While more than one-third of people surveyed by LIMRA are interested in a guaranteed income for life feature within their plan, only 1.8 million participants are using one — representing $2.2 billion in assets and very low average account balances. In research conducted at the end of 2012 with six...
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By Fred Barstein | 5/22/2013
In today’s strong IPO market, experts predict that more money managers will go public like Artisan (APAM), rather than sell to private equity firms as Victory did. And even with a 29% increase in its stock price since going public May 2, ING — trading as Voya — is not considered a bellwether for...
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By Fred Barstein | 5/21/2013
The $37.8 billion of inflows into long term mutual funds in April were off the pace set in January, which showed record inflows. According to Morningstar, inflows last month were led by taxable bonds at $19.4 billion, followed by international equities at $8.4 billion. Alternative investments...
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By Fred Barstein | 5/21/2013
The Chair and ranking member of the Senate’s HELP Committee has sent a letter to the National Association of Attorneys General (NAAG) requesting documentation to identify people being targeted in so-called pension sales or advances. The senators are concerned that the practice may be illegal due to...
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By Fred Barstein | 5/20/2013
The Washington Post’s Michael Fletcher recently highlighted Pew Charitable Trust research indicating that late Baby Boomers and Gen Xer’s are in the greatest danger of not having enough assets to retire comfortably. Gen Xer’s and Boomers born between 1956 and 1965 were most vulnerable — hit by...
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By Fred Barstein | 5/20/2013
Going independent to get away from the restrictive and sometimes archaic FINRA rules may seem appealing to some advisors, as does the relatively limited enforcement staff of the SEC. But if new SEC Chair Mary Jo White has her way, enforcement at the SEC could increase “substantially” if her 2014...
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By Fred Barstein | 5/17/2013
With so many observers pining about the good old days when everyone had a pension plan, and the anti-401(k) faction looking to turn the DC system into a government-sponsored DB plan, perhaps it’s time for a healthy dose of reality. There are many reasons why the current system of 401(k) plans...
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By Fred Barstein | 5/17/2013
With the possibility of two fiduciary standards for financial advisors looming — one by the DOL, whose rule is pending and was originally expected to come out in July, and another by the SEC, which has issued an RFI — Congress may step in and require the two agencies to coordinate their efforts....
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By Fred Barstein | 5/17/2013
NAPA Net's DC broker dealer list has been moved to our new "Industry Lists" page, here.
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By Fred Barstein | 5/16/2013
Even with the exponential growth and popularity of TDFs — and maybe because of it — columnist Ronald l. Delegge cautions advisors about the dangers in a recent article on AdvisorOne. Delegge’s concerns include:• TDFs make people lazy, with 25% of participants relying on them solely — a 600%...
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By Fred Barstein | 5/16/2013
In case you haven’t been paying close attention, the recent 9th Circuit decision in Tibble v. Edison has major implications — both good and bad — for plan advisors. This is highlighted eloquently in a blog post by ERISA fiduciary expert Fred Reish. The bottom line is that plan advisors and their...
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By Fred Barstein | 5/16/2013
NAPA Net's DC national record keeper list has been moved to our new "Industry Lists" page, here.
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By Fred Barstein | 5/15/2013
TDFs continue to break records, with an estimated $518 billion in AUM, according to a report from Morningstar’s Ibbotson. The $23 billion in Q1 2013 was a 44% increase from the previous record of $16 billion set in Q1 2011, with assets rising 21% year over year. Only 25% of the funds beat their...
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