Posts in “Fiduciary”

If At First You Don’t Succeed…
The DOL has finalized new rules defining who is an investment fiduciary under ERISA; this marks the DOL’s latest effort to replace rules issued in 1975.

DOL Tries (Again) to Redefine ERISA Investment Fiduciary
DOL takes another swing at redefining investment fiduciaries

DOL Delivers Lump of Coal to ESG Funds
The U.S. Department of Labor has issued new proposed regulations that provide guidance on the process that plan fiduciaries should use in selecting ESG investments. In issuing the proposed regulations the DOL targets ESG funds and creates new requirements–and hurdles-to the use of such funds.

Fee Compression: Fiduciaries Take Note
A number of long-term market trends are creating significant pressure on bundled recordkeepers’ revenues. The recordkeepers are responding to these revenue pressures through a variety of ways that impose additional costs on plans and participants.

Dancing on the Head of a Pin
The battle over the appropriate standard of conduct for financial advisers rages on. One of the most important distinctions in this battle is the difference between the responsibilities of an investment adviser and a broker. And yet, the current focus on the differences between advisers and brokers is missing a huge gap – consumers do not understand the niceties of this broker vs adviser difference and the confusion created by these rules is costing consumers billions of dollars per year.

Et Tu, Wells Fargo?
A recent article in the Wall Street Journal reported that Wells Fargo bank was under investigation for practices in the bank’s retirement division. According to the article the investigation focuses on practices intended to move clients into more expensive individual retirement accounts when they retire or leave their jobs. The article also noted that the […]

Nature Abhors a Vacuum - and So Should Fiduciaries
The recent decision by the U.S. Court of Appeals for the 5th Circuit to invalidate the DOL’s fiduciary rules creates further confusion in an area that had already suffered from an excess of …confusion. A few things to note in considering this state of affairs: • The 5th Circuit’s opinion goes to the core of key […]

Court of Appeals Strikes Down Fiduciary Rule
On March 15 the U.S. Court of Appeals for the Fifth Circuit struck down the DOL’s new fiduciary rule. This adds yet more uncertainty and confusion to a regulatory, legal and political tale that already has more than its share of … uncertainty and confusion. This blog post tries to make some sense of what […]

Fiduciary Lawsuits: A New Chapter Opening?
A new chapter may be opening in the ongoing saga of litigation against plan fiduciaries. This new chapter could lead plan sponsors and advisors to rethink – and expand – their view of the scope of their fiduciary responsibility. On January 10, the plaintiffs in the lawsuit against New York University’s plans filed an amended […]