Results for "retirement plan advisers"

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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...

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...

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...

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...

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...

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...

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...

How plan advisers can ease stress about retirement readiness

September 19, 2017

According to a recent retirement confidence study conducted by the Employee Benefit Research Institute, American workers are stressed about their inability to retire, but few are doing anything about it. For retirement plan advisers, this is...

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,...

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,...

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...

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...

Investment consultants have poor record recommending funds

August 25, 2017

To borrow a joke from the movie "Shrek," money management is like a parfait -- it has a lot of layers. There's the person who recommends investments for you -- a financial adviser, a wealth manager, a pension-fund manager or a private banker....

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...

Retirement plan participation higher than previously thought: ICI

July 26, 2017

More workers than commonly thought participate in retirement plans, according to a study by the Investment Company Institute. But even with the new numbers, there's plenty of room for improvement. The study by the mutual fund industry's trade...

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...

401(k) referrals rare from wealth managers despite DOL fiduciary rule

October 11, 2017

Conventional wisdom is that the Department of Labor's conflict-of-interest rule would result in a flood of referrals from wealth management advisers and other less-specialized retirement plan advisers to retirement-plan specialists. Beware of...

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...

A primer on stable value funds for retirement plan advisers

October 9, 2017

Retirement plan advisers should not set and forget stable value funds. These funds can be an excellent supporting character in a diversified global portfolio for the right defined-contribution-plan clients. But good advisers take nothing for...

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