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Fred Barstein
By Fred Barstein | 11/18/2015
The independent broker dealer world seems to be in turmoil. The latest sign: AIG’s announcement that it is evaluating the possibility of selling its Advisor Group IBD. The news comes on the heels of reports that Cetera’s troubled parent RCS Capital is contemplating a similar move. Cetera has nearly...
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By Fred Barstein | 11/17/2015
Remember when DC record keepers used to offer employers a “free” or no-cost retirement plan? While those days are mostly over, with more sophisticated employers and experienced plan advisors, aided by enhanced fee disclosure, there still seems to be something of a “hangover effect,” with some plan...
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By Fred Barstein | 11/17/2015
It’s obvious why CFOs tend to care more about a DB plan than a DC plan — funded status and contribution draws can not only increase a company’s liability, they can seriously erode its viability.The question is how we get a bottom-line centric CFO to care about their DC plan with the same ardor....
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By Fred Barstein | 11/11/2015
While many broker dealers exited the DC record keeping market almost 10 years ago to avoid the appearance of conflicts of interest, Merrill Lynch retained their record keeping for mid-size and larger plans. It did, however, sell its small market record keeping business to Ascensus a while back,...
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By Fred Barstein | 11/9/2015
The world’s largest robo advisor has bought itself a brick-and-mortar presence, with last week’s announcement by Financial Engines that it will purchase the Mutual Fund Store for $560 million. The combined entity will retain FE’s name. It will have almost $115 billion in AUM, with Financial Engines...
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By Fred Barstein | 11/9/2015
Opportunities and trends in the DC market differ depending on the level of experience of the advisor. So broker dealers that have the resources have to treat each group differently.Some are predicting that BDs that only dabble in the DC market will force all advisors into a formulaic model the BD...
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By Fred Barstein | 11/4/2015
An educated, engaged and motivated plan fiduciary is arguably the most important factor in determining a plan’s success. Yet it’s shocking how ill prepared most plan fiduciaries are to run their DC plans. This observation is not a condemnation of the HR and benefits professionals tasked with...
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By Fred Barstein | 11/2/2015
California Senate President pro tempore Kevin de León recently announced the state’s Digital Nudge Initiative, a collaboration with UCLA Anderson professor Shlomo Benartzi. The initiative follows the lead of the United Kingdom, which has used behavioral insights to nudge people to pay their taxes....
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By Fred Barstein | 10/30/2015
The median size of plans conducting advisor RFPs recently is $35 million, according to research by Inhub, an online advisor RFP service. Fielding Miller recently said that his group is filling out an RFP every day, some of which are under $10 million.Though many advisors seem ambivalent about...
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By Fred Barstein | 10/28/2015
Kelly Michel, head of AIG’s 6,000-rep retirement group, comes to the broker dealer world with a rich history at record keepers, most recently Transamerica. That experience gives her unique insights that many of her peers lack, which is likely why she is so adamant about working only with record...
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By Fred Barstein | 10/26/2015
Though TDFs still have a long runway, everyone knows that eventually we should be able to use readily available participant data and technology to create customized managed investments. To that end, Schwab is doubling down on customized managed accounts as well as financial advisors.Schwab is...
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By Fred Barstein | 10/26/2015
Quietly and thoughtfully, Alerus Retirement Solutions, an affiliate of Alerus Financial Corp., a North Dakota based bank, has become a national DC record keeper, boosting its assets to $23 billion with the recently announced acquisition of the ABG group in Minnesota, which has $6.3 billion. The...
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By Fred Barstein | 10/21/2015
The unfunded pension liabilities in California will cost almost $1 trillion, or $75,000 for each household in the Golden State as of 2013, according to Pensiontracker.org, a new website developed by Stanford professor Joe Nation. That’s likely a sobering number for a state that was thought to have...
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By Fred Barstein | 10/20/2015
After stunning the independent BD world with a series of lightning-quick acquisitions that made Cetera the second largest indie BD overnight, Bloomberg broke the news that their parent, RSC Capital, is said to be exploring a deal. The article indicated that Lazard has been retained and the sale is...
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By Fred Barstein | 10/16/2015
Most industry experts agree that it’s going to be tough for solo advisors to make it on their own in the DC business. The obvious choices are either to join a specialist firm or a BD with scale and resources, sometimes both. According to Pat Rieck, head of Corporate Retirement at Morgan Stanley, “...
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By Fred Barstein | 10/15/2015
At a recent TRAU Practice Management Institute (TPMI) program at the University of Pennsylvania, experienced plan advisors were asked whether their plan sponsors clients were concerned or even cared about the DOL’s pending conflict of interest rule. While a few answered affirmatively, the general...
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By Fred Barstein | 10/13/2015
An increasing number of DC plan advisors are recommending TDFs that are not managed by the incumbent record keeper, according to Cogent’s just-published “Retirement Plan Advisor Trends” report.Overall, 47% of advisors surveyed recommended non-proprietary TDFs, up from 32% two years ago; 59% of...
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By Fred Barstein | 10/9/2015
While there are a number of trends that could significantly affect DC plan advisors, none is bigger that the DOL’s proposed conflict of interest rule, says CAPTRUST founder and CEO Fielding Miller. The market forces causing plan advisor consolidation have been brewing for a while, but the rule...
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By Fred Barstein | 10/7/2015
BlackRock is doubling down on the DC market with the appointment of Sean Murray as head of DCIO sales. Murray will report to Managing Director Ralph Haberli. Though Murray's position was reported as a new one, Dick Darian had fulfilled that role previously. Darian will now focus on top aggregators...
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By Fred Barstein | 10/2/2015
The advisor sold DC world is changing fast and those that don’t adapt will be left behind, according to Troy Hammond, founder and CEO of Pensionmark. “Plan advisors used to be able to get away with using 3rd party investment reports and other tools, but fee compression as well as demand from more...
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