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401(k) advisers, is your value proposition even valuable?

June 6, 2018

If you talk to any marketing consultant, one of the top things they bring up is having a value proposition. This is commonly known as your "elevator pitch." Basically, if you're at a cocktail party, how do you describe what you do to people?...

Allianz and Vestwell partner on 401(k) distribution

June 5, 2018

Allianz Life Insurance Co. of North America has forged a sales partnership with Vestwell designed to distribute the 401(k) robo-adviser's services through thousands of independent retirement-plan advisers. Allianz, which offers insurance products...

Invesco sued for 'indiscriminately' loading 401(k) plan with in-house funds

June 4, 2018

Invesco has been sued for allegedly stacking its 401(k) plan with proprietary investments, joining the ranks of more than 20 asset managers who have had to defend against similar claims of mismanagement by employees seeking to claw back lost...

Advisers can learn a lesson from Costco

May 31, 2018

Financial advisers — and plan sponsors — could help investors the most by taking a page from Costco: Offer fewer choices at lower cost. The takeaway: Providing lots of options isn't in the best interests of most investors, according to a...

Legg Mason hopes to reverse TDF fortunes with MassMutual deal

May 30, 2018

Legg Mason is making another attempt at breaking into the target-fund market through a partnership with Massachusetts Mutual Life Insurance Co., a move that hints at the challenges asset managers have faced in 401(k) distribution and emerging...

Northwestern University beats Jerry Schlichter 403(b) lawsuit

May 29, 2018

Northwestern University has become the second college to beat back allegations of retirement-plan mismanagement, prevailing in a lawsuit brought by prominent plaintiffs' attorney Jerry Schlichter. The lawsuit, Divane et al v. Northwestern University...

Retirement plan sponsors tread lightly with capital preservation

May 29, 2018

In providing capital preservation options for investment menus, some defined contribution plan executives have wound up in the crosshairs of participants' lawsuits alleging fiduciary breaches of the Employee Retirement Income Security Act. Some...

$14 billion hybrid Sheridan Road staying with LPL, launching own RIA

May 25, 2018

Sheridan Road Financial, an advisory firm overseeing roughly $14 billion, has decided to leave Independent Financial Partners, a mega hybrid registered investment adviser, to start up its own RIA. At the same time, Sheridan Road, which has a...

In a first, University of Chicago settles 403(b) lawsuit for $6.5 million

May 24, 2018

The University of Chicago has agreed to settle a retirement-plan lawsuit for $6.5 million, becoming the first of about 20 prominent universities facing allegations over 403(b)-plan mismanagement to take such a step. Plaintiffs filed the lawsuit,...

How 401(k) advisers can increase their fees

May 23, 2018

It seems that the race to the bottom for 401(k) and 403(b) advisory fees will not slow down anytime soon. But some plan advisers have found a way not only to halt the trend, but actually increase fees. The first step advisers can take to maintain...

Supreme Court decision likely to prevent brokers from filing class-action lawsuits

May 22, 2018

A Supreme Court decision handed down yesterday will likely curb brokers' ability to band together in lawsuits against broker-dealers to fight perceived wrongdoing in the workplace. In a 5-4 decision, the Supreme Court on Monday ruled that companies...

Oregon auto-IRA success shows national program would 'work well,' advocate says

May 16, 2018

Oregon's auto-IRA program has only been around a few months, but its early success demonstrates a similar framework could work at the national level, a proponent said at a congressional hearing Wednesday. Oregon launched a pilot phase of its...

Wells Fargo struggles to attract 401(k) business in wake of banking scandals

May 15, 2018

Wells Fargo & Co.'s retirement plan business has suffered following a string of negative stories related to operations within some units of the broader company, according to 401(k) advisers who use Wells Fargo products and who have had conversations...

Philips North America reaches $17 million settlement in 401(k) lawsuit

May 15, 2018

Philips North America has agreed to pay $17 million to settle a lawsuit alleging that the company breached its fiduciary duty in connection with the management of its 401(k) plan. The settlement, which also included nonmonetary provisions, still...

LPL closing Worksite Financial Solutions 401(k) platform

May 14, 2018

LPL Financial announced that it is closing Worksite Financial Solutions, a program that helps 401(k) participants and advisers with rollovers from retirement plans, at the end of September. Andy Kalbaugh, managing director and divisional president...

Divorce 2019: How to use IRAs and 401(k)s to ease future alimony planning

May 11, 2018

Under The Tax Cuts and Jobs Act, alimony will not be tax-deductible when paid under divorce and separation agreements executed in 2019 and later. And alimony will be tax-free to recipients. This turnaround from the current treatment of alimony,...

Bill Kline out as head of Gallagher's $55 billion retirement-plan aggregator

May 9, 2018

Bill Kline, the head of Arthur J. Gallagher & Co.'s retirement plan consulting unit — which has more than 60 advisers overseeing $55 billion in defined-contribution-plan assets — has left amid a reorganization of his group. Mr. Kline, 53,...

What are the business priorities of elite 401(k) advisers in 2018?

May 9, 2018

The 401(k) advisory business is maturing. Many elite plan advisers with $250 million or more in defined-contribution assets under management have enjoyed great success since the 2008-09 market collapse, as more plan sponsors have focused on...

3 insights on the Financial Engines-Edelman combination and how it might affect you

May 3, 2018

On Monday, Financial Engines announced that it was being taken private by the respected private equity firm Hellman & Friedman for $3 billion in cash, a 30% premium over the pre-announcement closing price. Financial Engines will merge with Edelman...

Pension plans take lead on finding missing participants

April 30, 2018

While the defined contribution plan industry awaits more formal guidance from Washington on how to combat the issue of missing, terminated participants in active retirement plans, some sponsors and service providers already are working to refine...

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