While there are 17.5 million men and women who have the legal responsibility for managing $26.6 trillion in assets held in pension plans, foundations, endowments and personal trusts, many of these so-called "lay fiduciaries" often don’t understand what they are supposed to do.
That’s a key finding of a survey conducted by the Center for Board Certified Fiduciaries, a Stonington, Connecticut-based group that will be awarding a new designation, Board Certified Fiduciary, aimed at educating lay people who take on a fiduciary responsibility.
“The CBCF will be affiliating with a leading university to provide a graduate-level certificate in fiduciary leadership, stewardship and governance,” the group said in a release, adding that, over time, it will develop curricula for the first graduate-level programs with a concentration in fiduciary responsibility.
According to the report, close to 3 million lay fiduciaries manage about $20 trillion in assets in retirement plans, while almost 13 million managed about $6 trillion in foundations and endowments, and about 1.6 million oversee more than $172 billion in private trusts.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
