Deals & People March 22, 2012

Commonwealth Partners with Fiduciary Benchmarks

Commonwealth Financial Network selected Fiduciary Benchmarks to address ERISA’s 408(b)2 fee disclosure regulations.
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The partnership will provide a technology solution that Commonwealth’s financial advisers can use to disclose all fees, services and fiduciary status to plan sponsors, in accordance with the regulations that become effective July 1, 2012 (see “DoL Issues Final Rule on 401(k) Fee Disclosure”).

“We are incredibly pleased to partner with Commonwealth on this important Department of Labor requirement,” said Tom Kmak, CEO of Fiduciary Benchmarks. “Commonwealth has a clear desire to make sure that not only are all fees completely disclosed to their clients, but also easy to understand.”

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As a strategic partner, Commonwealth will have the opportunity to access other tools through Fiduciary Benchmarks, including the Plan Optimization Service and a new prospecting tool called Plan Profile. These tools provide a holistic operating infrastructure for advisers and plan sponsors to measure and manage workplace benefits programs.

Diversions March 22, 2012

Narcissists Have More Facebook Friends

If you update your Facebook status hourly and have thousands of friends, beware: You may be a narcissist.
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Western Illinois University conducted a study, published in the Journal “Personality and Individual Differences,” that shows a link between the number of Facebook friends you have/your activity level on the site and the likelihood of being a “socially disruptive narcissist.”

Individuals who have more Facebook friends, tag themselves in photos and update their status often were more likely to be narcissistic.

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The study was conducted among 300 participants, who took a Narcissistic Personality Inventory questionnaire.

According to the study’s author, people who self-promote on Facebook show signs of two narcissistic behaviors: grandiose exhibition, which refers to people who love to be the center of attention; entitlement/exploitativeness, which indicates how far people will go to get respect and attention they think they deserve.

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