Products May 30, 2013

fi360 Updates Handbook Series

The Prudent Practices and Prudent Practices for Investment Fiduciaries handbook series were updated by fi360 to keep current on fiduciary guidance for investment professionals.  
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The Prudent Practices handbooks serve as guides for investment fiduciaries and service providers to meet their legal and ethical obligations to investors. Registered investment advisers use the handbooks’ framework and structure to guide and develop their investment process. The updates were made after an extensive review process with legal and subject matter experts.

Since their publication in 2003, the handbooks have been periodically reviewed and updated to reflect any developments in law and regulation, as well as the input of practitioners and subject matter experts. The previous major update was made in 2006.

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The updates include new and expansive discussions of:

  • Investment Advisers Act of 1940;
  • ERISA rules and guidance to reflect recent DOL activities;
  • Dodd-Frank Act provisions addressing fiduciary duties;
  • Increased due diligence and review of custodial arrangements in light of Madoff and other Ponzi schemes; and
  • Managing conflicts when switching hats to non-fiduciary services.

“The Prudent Practices represent a standard that demonstrates investment decisions are being made as the result of a deliberate process that meets the core fiduciary duties of loyalty and care,” said Blaine Aikin, chief executive of fi360. “Investors and those entrusted to help manage their assets each benefit from higher standards of conduct.”

The handbooks are well regarded within the industry and were introduced in testimony in the influential Tussey v. ABB Inc. court case.

fi360 is the organization for fiduciary education, investment analytics, support services and industry insights for financial professionals.

More details about the updates can be found on fi360’s website.

 

Deals & People May 30, 2013

Mutual of Omaha Names 401(k) Sales Director

Patrick J. Bello was named 401(k) national sales director of Mutual of Omaha Retirement Services.
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Bello leads a sales management team overseeing a national network of 401(k) wholesalers who provide a full range of retirement product solutions. His team works with regional and national broker-dealers and third-party administrators to develop product distribution strategies on behalf of Mutual of Omaha Retirement Services.

Bello has 24 years of experience in retirement plan sales, management and client service. He comes to Mutual of Omaha from ING Retirement Solutions, where he was senior vice president of corporate markets for the Northeast. He joined ING in 2008 as part of its acquisition of CitiStreet, a joint venture between State Street and Citigroup. Bello started at CitiStreet in 1996 and in 2002 was named executive vice president and managing director of the corporate markets group in the  retirement services division. He held a management position with Towers Perrin before joining CitiStreet.

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Bello holds a bachelor’s degree in economics with a concentration in finance from Bethany College in Bethany, West Virginia. He is a FINRA Registered Principal and has completed courses and examinations at the American Society of Pension Professionals and Actuaries.

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