| SEC Proposes Revised Conflict of Interest Standards for Brokers and Advisers | | It will take time for the fully detailed picture to emerge, but the SEC voted late Wednesday to propose new standards for how broker/dealers and financial advisers label themselves and sell products under various fee structures to retail clients.
Read more > | | | Court OKs Northern Trust DB Plan Change | | In a case involving an amendment to the defined benefit plan benefit formula for Northern Trust’s DB plan, a federal appellate court agreed with a lower court decision that the change does not violate the Employee Retirement Income Security Act’s anti-cutback rule or the Age Discrimination in Employment Act.
Read more > | | | Open MEPs Top DCIIA’s Retirement Plan Coverage Gap Wish List | |
In a wide-ranging interview with PLANADVISER, DCIIA leaders Lew Minsky and Peg Knox outline their lead policy priorities for the remainder of 2018, including a focused push around “open MEPs.”
Read more > | | | A QDIA in Transition: Hybrid TDF and Managed Account | | “‘It’s a very appealing concept,’ is what we’re hearing from the [sponsor] marketplace,” says Holly Verdeyen, senior director of defined contribution (DC) strategy at consultant and asset manager Russell Investments, in Chicago. “In terms of evaluation, we’re talking to sponsors about it. But in terms of movement, we haven’t seen sponsors start using these hybrids yet.”
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| Battling the Elements | | Litigation, specifically lawsuits brought by plaintiffs’ attorneys and participants, is a subject advisers will continue to hear discussed, whatever their career stage, says Phil Senderowitz, managing director for Strategic Retirement Partners in Orlando, Florida. On his assessment, one of the most common reasons plan sponsors turn to advisers is to get assistance with fiduciary process governance and litigation prevention—and one of the easiest ways to lose a client’s confidence, he says, is to appear uncertain about critical compliance matters.
Read more > | | | Two-Thirds of DC Consultants Charge Fixed Dollar Fees | |
This is down from three-quarters last year, a PIMCO survey found.
Read more > | | | Market Mirror | | Wednesday, the Dow was down 38.56 points (0.16%) at 24,748.07, the NASDAQ closed 14.14 points (0.19%) higher at 7,295.24, and the S&P 500 was up 2.25 points (0.08%) at 2,708.64. The Russell 2000 increased 3.76 points (0.24%) to 1,583.56, and the Wilshire 5000 gained 41.86 points (0.15%) to finish at 28,141.52.
The price of the 10-year Treasury note decreased 11/32, bringing its yield up to 2.871%. The price of the 30-year Treasury bond fell 24/32, increasing its yield to 3.059%.
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