Blueprint for a Universal Fiduciary Standard of Care in the U.S. Financial Services Industry
When financial professionals (“advisors”) sell products and services to investors, what duty of care do the advisors owe to the investors? Are the advisors simply salespeople, able to sell whatever products they can to whomever will buy—as most...
DOL Considers Changes To Fiduciary Rules
Yesterday, the DOL issued a Request for Information about its Conflict of Interest rules (“COI rules”), and the nature of the questions appears to suggest that the Department is open to significant changes. Read full article...
The Retirement System Diaries, Chapter 2: Paying for Socialism
This is the second in a series of three articles designed to encourage clear thinking and a bit of apoplexy. The ongoing theme is that the United States has a strong social insurance portfolio, and we like it that way, but we need to figure out how...
The Retirement System Diaries, Chapter 1: The So-Called Retirement Crisis
This is the first in a series of three articles designed to encourage thoughtful action. There is a real retirement crisis in the United States, but there is also a fake one. This article attempts to bring some levity and perspective as to which...
How Trump’s Win Could Affect the National Retirement System
Set aside your feelings about the election for a moment, good or bad, and focus on what the results might mean for the national retirement system. Read full article...
Game Changer, Revisited: The Final Conflict of Interest Rules
It’s finally here, and the financial industry may never be the same. The final rules contain significant changes from the 2015 proposal, but the overarching theme remains the same: in the brave new world of retirement plan and IRA investment...
New Life for Socially Responsible Investing: New DOL Guidance May Help the Growth of SRI in Retirement Plans
On October 22, 2015, the Department of Labor (DOL) published Interpretive Bulletin 2015-01, overriding 2008 guidance that effectively prohibited the use of social, environmental, religious, or moral considerations in retirement plan investing. The...
Reports of the Death of MEPs Are Greatly Exaggerated
Multiple employer plans (MEPs) were all the rage for the past few years, until the DOL released Advisory Opinion 2012-04A, in which it clarified its stance that “open” MEPs (those open to any adopting employer rather than closed to a select...
Game Changer Part II: The Four Fiduciary Standards of Care
The Department of Labor’s Conflict of Interest Proposal creates a new fiduciary standard of care applicable only when advisors take advantage of certain prohibited transaction exemptions. If made effective, the “Best Interest Contract” standard...