Products May 20, 2009

Woodbury Revamps Web Site, Offers New Tools for Reps

Woodbury Financial Services, Inc., recently launched a Web site to offer tools and support for its registered representatives to reach their business objectives.
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According to a release from the broker/dealer, features of the revamped Web site include:

  • easier access to Woodbury tools and commonly used applications;
  • streamlined navigation and search capabilities, allowing reps to find what they need more quickly;
  • enhanced calendar features with more events and training opportunities;
  • support and contact information on every page;
  • more content, resources, and partnerships to help reps manage, market, and build their practices.

Through several additional phases, Woodbury said it will continue to enhance the Website including:

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  • improving the content management platform to ensure delivery of complete, accurate, and timely content;
  • providing a centralized rep dashboard with key client and practice statistics with integration capabilities to core tools for additional information;
  • implementing enhancements based upon rep feedback.

Woodbury said it based its updates on feedback from reps. The new site went live on May 10.

Woodbury, a broker/dealer with more than 1,750 independent representatives nationwide, is a subsidiary of The Hartford Financial Services Group, Inc.

Compliance May 19, 2009

RadioShack Plaintiffs Seek Class Action

Lawyers representing plaintiffs alleging a fiduciary breach in the operation of the RadioShack 401(k) have asked a federal judge to certify the suit as a class action.
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The suit would potentially represent as many as 13,000 current and former employees.

The suit against the electronics retailer alleges the company used Putnam mutual funds as investment options even though “those funds were overpriced and underperforming and were selected to reduce defendants’ expenses rather than for their merit,” the class action request stated.

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Plaintiffs alleged the company violated the Employee Retirement Income Security Act (ERISA), and named corporate officials and the 401(k) administrative committee members as defendants (see “RadioShack Slapped with Co. Stock Fiduciary Breach Lawsuit’)

The proposed class would be made up of current or former employees who participated in the plan and invested in a Putnam fund since May 2001.

The plaintiffs’ document requests that U.S. District Judge Terry R. Means of the U.S. District Court for the Northern District of Texas appoint three law firms as co-class counsel representing the plaintiff-participants.

The class action request is available here.

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