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Portal Conductor, Columnist: Nevin E. Adams, JD
Nevin is the former Chief Content Officer and Head of Retirement Research for the American Retirement Association. One of the retirement industry’s most prolific writers, these days he’s “retired,” which means he writes less, but continues to keep his eye on developments in, and threats to, the nation’s private retirement system.
In addition to helping guide the agenda development for the NAPA 401(k) Summit, he’s also the “Nevin” in the Nevin & Fred podcast (along with renowned ERISA attorney Fred Reish), offering irreverent, but relevant perspectives on the critical issues confronting plan sponsors, advisors, and retirement industry professionals.
Article Index
By Nevin E. Adams, JD 8/7/2015
Advisors who want to cultivate the business of the newest generation of workers would be well-advised to pick up the phone, according to a new research report.In research just completed by Spectrem Group, it was found that the biggest reason Millennials with less than $1 million changed advisors...
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By Nevin E. Adams, JD 8/7/2015
Most of the respondents to this week’s NAPA Net reader poll have fired clients — though not for the same reason(s), and not in the same way(s).Respondents this week were a seasoned bunch — just under 80% had 15 years or more of workplace retirement plan experience under their belts. With that much...
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By Nevin E. Adams, JD 8/5/2015
In a finding that illustrates the importance of procedure, as well as prudence, plan fiduciaries were found to have breached their fiduciary duties, but paid no damages.On remand, the district court in Tussey v. ABB ruled on the issues remanded from the 8th Circuit’s mixed 2014 decision. In the...
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By Nevin E. Adams, JD 8/4/2015
A new survey shows that a growing number of plan sponsors are making moves to manage risk and mitigate their funded status volatility.The Mercer/CFO Research 2015 Risk Survey finds that nearly two thirds (59%) of sponsors surveyed have already offered some type of one-time lump sum payment to...
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By Nevin E. Adams, JD 8/4/2015
While the comment letters opposing the Labor Department’s fiduciary proposal tend to be more “provocative” (particularly those submitted by “anonymous”), a fair number of the more than 900 comments received are strongly supportive of the measure in its current form — and then some.Here’s a sampling...
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By Nevin E. Adams, JD 8/3/2015
Advisors spend so much time and energy acquiring — and keeping — clients, it can be hard to see one leave, much less to let one go.And yet, there are times where, for a variety of reasons, it may be beneficial, even necessary, to fire a client. This week, I’d like to know — have you ever had the...
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By Nevin E. Adams, JD 8/3/2015
A new report suggests that the plan investment menu is of growing importance in motivating and determining provider changes by plan sponsors.The report, published by Market Strategies, International, notes that an item moving up in importance is reevaluating the investment menu, for which 45% of...
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By Nevin E. Adams, JD 8/3/2015
By most industry estimates, approximately 10% of plans change providers every year. Of course, far more consider making a change (without actually acting on it), and many changes are thrust upon plan sponsors, a consequence of poor service, or provider consolidation.Regardless of the motivation...
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By Nevin E. Adams, JD 8/3/2015
Bouncing back from a dip in June, average 401(k) balances were back up in July.The average account balance of younger, less-tenured (age 25-34, 1-4 years of tenure) workers fared best, gaining 3.5% in July. The average balance of older workers, notably those with 20-29 years of tenure, aged 55-64,...
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By Nevin E. Adams, JD 7/31/2015
Think you’ve had a bad week? It could have been worse. Check out what happened to these guys…
In Rockingham, Vermont, Erik Polite, 35, and Leeshawn Baker, 34, found out the hard way that you can have two separate people charged with DUI in the same car. Aren’t you curious?
In Indiana,...
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By Nevin E. Adams, JD 7/31/2015
A recent survey says that we are experiencing the demise of the “9 to 5” work day, particularly in the financial services sector — a sentiment found among the vast majority of NAPA Net reader-respondents!Among this week’s respondents, 7 a.m. and 8 a.m. were the most common start times, with...
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By Nevin E. Adams, JD 7/28/2015
Over the years, I’ve seen some convoluted ways to rationalize undermining the tax preferences of workplace retirement plans and substituting government tax credits — but a new one just may take the cake.“A Behavioral Contract Theory Perspective on Retirement Savings,” authored by Ryan Bubb and...
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By Nevin E. Adams, JD 7/28/2015
Among the more than 800 comment letters filed on the Labor Department’s fiduciary proposal is one from a fellow federal agency that claims that it fails to adequately estimate the cost or the number of firms affected by it.The filing by the Small Business Administration’s Office of Advocacy claims...
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By Nevin E. Adams, JD 7/27/2015
A recent survey says that we are experiencing the demise of the “9-to-5” workday, particularly in the financial services sector. Now while I’m not sure that ever applied to this business, this week I’d like to know, when does your workday typically start — and end?And how many hours are you putting...
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By Nevin E. Adams, JD 7/24/2015
Think you’ve had a bad week? It could have been worse. Check out what happened to these guys…
In Yellowstone Park, Wyoming, an unnamed woman thought it would be cool to take a “selfie” with a bison near a trail there. A bison that apparently didn’t get the point. But she did.
In Dallas, Texas, an...
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By Nevin E. Adams, JD 7/24/2015
We got a great and interesting response to this week’s reader poll — apparently designations do matter… to some.It’s not surprising. Ours is a complex and ever-changing industry, and getting — and staying — on top of the latest developments (not to mention understanding the fundamentals) is an...
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By Nevin E. Adams, JD 7/21/2015
When I’m out on the road speaking to various groups, I’m often asked to try and explain what’s going on in Washington.Even after nearly four years living and working here, I still feel ill-equipped to do so, though being here all the time you do pick up on certain patterns and personalities that...
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By Nevin E. Adams, JD 7/20/2015
As most NAPA Net readers know (or should), earlier this year we launched a new certification, the Certified Plan Fiduciary Advisor (CPFA). Ours is a complex and ever-changing industry. Getting — and staying — on top of the latest developments (not to mention understanding the fundamentals) is an...
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By Nevin E. Adams, JD 7/17/2015
Think you’ve had a bad week? It could have been worse. Check out what happened to these guys…In Omaha, Nebraska, an unnamed would-be carjacker flashed a gun at a female driver here, pulled her out of her car, and climbed in behind the wheel, or rather, he tried to. You’ll never guess what...
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By Nevin E. Adams, JD 7/17/2015
Democratic presidential aspirant Hillary Clinton has rolled out a plan designed to encourage more businesses to adopt profit-sharing plans.Under Clinton’s “Rising Incomes, Sharing Profits” proposal, companies would get a 15% tax credit on profit-sharing contributions, capped at 10% of employees’...
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