Results for "Fiduciary Corner"

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When it comes to the proposed SEC advice rule, words matter

June 29, 2018

Words matter. As the Securities and Exchange Commission collects comments on its proposal to revamp the standard of conduct for brokerage firms, officially known as Regulation Best Interest, key terms — what they mean, how they are used, and...

Time for SEC to take fiduciary baton from DOL

January 2, 2018

With the core of the DOL fiduciary rule in place and the rest of it delayed for 18 months, can advisers expect all to be quiet on the fiduciary front in 2018? In a word, no. The regulatory baton has been passed from the DOL to the SEC and it's...

These 401(k) lawsuits show the value of investment policy statements

November 22, 2017

An investment policy statement is essentially the business plan for a portfolio. For 401(k) fiduciaries, the IPS serves as a critical governing document, one that should be carefully crafted, periodically reviewed and updated, and diligently...

Mitigating conflicts of interest in compensation

October 25, 2017

Compensation is the most divisive issue in the financial advice industry. It is the subject of intense regulatory scrutiny and is widely used within the field to distinguish (and pit) one group of advisers versus another – those who receive...

The challenge of the longer lifespan

September 1, 2017

"Live long and prosper," Star Trek's Mr. Spock and his fellow Vulcans liked to say as a valedictory blessing. But for most people, living long will pose the greatest threat to their prosperity, cautions "We'll Live to 100 – How Can We Afford...

The fiduciary rule for retirement advice faces an uncertain future

June 26, 2017

As his first major policy initiative, Securities and Exchange Commission Chairman Jay Clayton announced on June 1 that he welcomed an invitation by Labor Secretary Alexander Acosta to, among other things, "engage constructively as the Commission...

Include health savings accounts in fiduciary process

May 4, 2017

It is anyone's guess how the partisan fight in Congress over health care will eventually shake out, but one trend that financial advisers need to pay particularly close attention to is the rise of health savings accounts. HSAs, which are increasingly...

Elected officials held to fiduciary standard

March 7, 2017

Investment advisers and elected officials have something important in common — both are fiduciaries. Just as financial professionals are obligated to fulfill fiduciary duties in formulating advice, elected officials are similarly obligated...

Titles advisers use to play a bigger role in fiduciary regulation

January 6, 2017

Traditionally, regulation has focused on the functional definition of fiduciary. That is, fiduciary status is triggered by what you do, not what you call yourself. While that is largely true of the Department of Labor's conflict-of-interest...

Don't discount public company disclosures in fiduciary process

September 30, 2016

While individual investors rarely read disclosures or give them much thought, advisers should not discount their importance to the fiduciary process. Investment fiduciaries are inherently both producers and consumers of disclosure data. The...

Advisers have a fiduciary duty to put robust business continuity plans in place

September 2, 2016

Last year, the North American Securities Administrators Association — the organization representing state securities regulators — adopted a model rule to require state-registered investment advisers to establish business continuity and succession...

Collective investment trusts rise in popularity as attractive alternatives to mutual funds

July 5, 2016

Collective investment trusts have been capturing lots of attention and assets lately. CITs offer retirement-plan fiduciaries an attractive, generally lower-cost alternative to mutual funds. Assets invested in these vehicles have grown from about...

7 actions to demonstrate compliance following the DOL fiduciary rule

May 3, 2016

Sales and advisory organizations are fundamentally different. That is the premise of the Labor Department's new conflict-of-interest rule. They have different priorities, which shape the culture and practices that exist in each. Consequently,...

Are you applying the standard of care required for your clients?

March 4, 2016

“Managing” is essentially the act of making decisions. Sound decision-making is a process that requires preparation. You must be well-organized before you can start taking effective action. This is particularly true for managing the fiduciary...

Socially-conscious investing gets a boost from the DOL fiduciary rule

January 13, 2016

Proponents of sustainable and responsible investing have reason to celebrate. Long-term investing with careful consideration of environmental, social and governance factors is going mainstream. On the regulatory front, updated guidance from...

The three biggest fiduciary stories of 2015

November 25, 2015

What were the biggest stories for investment advisers in 2015? The ones that had both immediate and lasting significance for the public, advisers and the marketplace? Three stand out to me as particularly momentous and potentially transformational...

12 predictions about what the Labor Department's fiduciary rule will look like when implemented

November 5, 2015

Opponents of the Department of Labor's controversial conflict of interest rule continue to turn up the political heat. On Oct. 27, the House passed legislation sponsored by Rep. Ann Wagner, R-Mo., that would prohibit the DOL from finalizing...

Duty of due care and robo-advisers

October 11, 2015

Investment advisers have a fiduciary duty to act in the clients' best interests. As it applies to the robo-advisers now on the scene, I don't think the technology has advanced to the point that they care enough to reliably serve clients' best...

In times of turmoil, investment policy statement is key

September 13, 2015

Market volatility is back with a vengeance after a multiyear hiatus. Intraday swings of over 1,000 points in the Dow and headlines about a market meltdown have jolted investors from complacency to concern. And given that academics suggest loss...

Prepare clients now for an extended period of abnormally low portfolio returns

July 31, 2015

There are times when expectations don't square well with reality. Today, the expectations many investors have baked into their financial plans for the future are based upon recent or historic returns. But the reality is that we are likely to...

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