News

The DOL’s Fiduciary Race Ahead of 2021

There is precious little time remaining for the proposal and adoption of any new advisory industry conflict of interest rules that the DOL hopes to make effective during this presidential administration.

Retirement Industry People Moves

BPAS and F&M Trust link regional retirement plan businesses; Grant Thornton adds Advisory Services principal; Nuveen updates portfolio management group for two funds; and more.  

Investment Product and Service Launches

John Hancock creates model portfolios managed by Manulife; Northern Trust builds portfolio analytics tool; American Century to launch new suite of investment solutions; and more.

New York Trial Court Endorses Fiduciary Standard for Insurance Sales

New York’s expanded “best interest” standard took effect on August 1st for annuity contracts and will take effect February 1, 2020, for life insurance policies. In a new decision, the New York Supreme Court calls the expansion “a rational and reasonable movement towards consumer protection.”

U.S.-China Trade War Fears, Volatility Spark 401(k) Trading Spike

“We just had an asset-allocation meeting and we spent probably half of it talking about global trade tensions and the China-U.S. relationship,” says Bob Brown, CIO at Northern Trust. “This is a big deal for the markets. The two largest economies in the world have changed the nature of their relationship.”