Results for "retirement plan advisers"

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DOL fiduciary rule limiting DCIO support to plan advisers in unexpected ways

November 21, 2017

The Department of Labor fiduciary rule is pushing more 401(k) plan advisers to a fee-based model, but that shift is leading to an unexpected consequence: dark data. Asset managers, also known as defined contribution investment-only providers,...

Wells Fargo sued, again, for using in-house funds in 401(k) plan

November 21, 2017

Just as Wells Fargo & Co. escaped from the jaws of one 401(k) lawsuit over in-house funds, it's now ensnared in another. In a rare move, a federal judge dismissed a lawsuit against the company in May alleging breach of fiduciary duty for self-dealing,...

Wells Fargo sees big TDF outflows from mutual funds

November 20, 2017

Target-date funds are on track for a near-record year, but Wells Fargo & Co. doesn't seem to be participating in the boom. TDFs have catapulted to popularity over the past decade as 401(k) plan sponsors' preferred default investment, and flows...

403(b) advisers disappointed with TIAA, but say other providers are 'way worse'

November 20, 2017

Financial advisers were surprised to learn of TIAA's alleged shady dealings with retirement savers, but say its practices pale in comparison to some of its peers. Recent reports in The New York Times detailed conflicts of interest in TIAA's...

Tax reform: Retirement industry dodges bullet as Senate and House bills advance

November 17, 2017

The retirement industry can breathe a collective sigh of relief today as the House and Senate tax bills advance in their respective chambers. Despite all the doomsday talk relative to setting strict limits on pre-tax 401(k) contributions and...

Wells Fargo requires advisers to use level fees for new 401(k) business

November 14, 2017

Wells Fargo Advisors is requiring that financial advisers servicing 401(k) plans do so in a level-fee arrangement for new business, as have other large brokerage firms, in response to the Department of Labor's fiduciary rule. "We have moved...

Head of Merrill Lynch's adviser-sold 401(k) sales to depart

November 10, 2017

Joe Mrozek, head of small- and middle-market 401(k) sales at Merrill Lynch, is leaving the firm, a spokeswoman has confirmed. Mr. Mrozek, whose official title is head of small-mid market business development and adviser programs, has taken a...

TIAA subpoenaed over sales practices

November 10, 2017

The New York attorney general has subpoenaed insurance and pension giant TIAA, seeking information on its sales practices in the wake of a recent story in the New York Times. The TIAA practices drawing scrutiny also are the subject of a whistleblower...

Smart data can improve behavior, outcomes for retirement savers

November 9, 2017

We have all heard of big data, which the defined contribution industry has not leveraged sufficiently and has gotten a black eye for it. At a recent industry conference, I heard Tina Wilson, senior vice president at MassMutual, mention a new...

Merrill Lynch swells ranks of fiduciary 401(k) advisers by over 3,000

November 8, 2017

Merrill Lynch Wealth Management is charging into the fiduciary fray with lightning speed. Since March, when the wirehouse brokerage announced plans to transition its defined-contribution-plan business to a fiduciary model in response to the...

Retirement plan advisers, providers hit 'pause' on DOL fiduciary rule compliance

November 7, 2017

The likelihood of a delay to elements of the Department of Labor fiduciary rule has caused some retirement plan advisers and providers to re-evaluate some of the steps they'd taken or had planned to take to comply with the regulation, a panel...

Tax reform: How the House bill changes rules for retirement savings

November 3, 2017

The headline news for retirement plan advisers Thursday upon the unveiling of the House tax bill was that a reduction in the pre-tax 401(k) savings limit is off the table, for now. But there are plenty of other details in the tax-reform legislation,...

Trump administration seeks to give boost to 401(k) annuities

October 31, 2017

The Trump administration wants to give a shot in the arm to annuities in 401(k) plans by encouraging rules to make it more palatable for plan sponsors to offer such products. The Treasury Department issued a report calling for the Labor Department...

Ted Benna, father of the 401(k), thinks tax reform that favors Roths is 'pretty stupid'

October 30, 2017

Ted Benna, widely known as the father of the 401(k) plan, believes an idea being debated in Washington to lessen the pre-tax contributions workers can make to a retirement plan is "pretty stupid." Mr. Benna was a pioneer of the 401(k) plan,...

401(k) advisers under pressure to keep up with due diligence of investment products

October 24, 2017

Regulation and market forces are driving rapid evolution of investment products. Costs are coming down, conflicts are coming under closer scrutiny, and competitive pressures – along with shifting investor objectives – are reshaping new product...

Do advisory boards create perceived conflicts for DC plan advisers?

October 24, 2017

Many defined contribution plan advisers join the advisory boards of record keepers and asset-manager providers they use. But do these board memberships create perceived conflicts in the eyes of the Department of Labor and 401(k) or 403(b) plan...

Xerox wins lawsuit alleging 'kickback' scheme with Financial Engines

October 23, 2017

Xerox HR Solutions has won a lawsuit alleging it engaged in a pay-to-play scheme with the robo-adviser Financial Engines, marking the third defeat this year for plaintiffs bringing such charges against 401(k) record keepers. Xerox's defined...

Shift to Roth 401(k)s 'highly likely' part of tax reform: former Treasury official Mark Iwry

October 19, 2017

Optimism from past weeks regarding the fate of 401(k) tax benefits under tax reform is beginning to wane, with some signaling that employees would have to pay taxes upfront on at least a portion of their retirement savings. Mark Iwry, a non-resident...

Prudential wins appeal of 401(k) fee lawsuit

October 12, 2017

Prudential Financial Inc. has again won a lawsuit alleging it breached its fiduciary duties by receiving revenue-sharing payments from investment options in a client's 401(k) plan. The lawsuit, Rosen v. Prudential Retirement Insurance and Annuity...

What can Tabasco sauce teach advisers about 401(k) loans?

October 11, 2017

As plan advisers, our guidance might help increase a plan's overall participation and average deferral rate, but there is little we can do to help people when they're confronted with a large, unanticipated expense. For some, this means dipping...

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