Week ending October 11th, 2019

Happy Friday, readers! This weekend’s newsletter compiles recent coverage of the various retirement plan advisory industry regulators, particularly the Department of Labor and the Securities and Exchange Commission. We also examine reports that the New York State Department of Financial Services is planning to investigate sales of annuities in the 403(b) retirement plan market. We hope you will share some of what you read with a client or colleague.

Editor's choice

Retirement plan service providers generally support making electronic delivery of documents the default, but print communication industry organizations and some consumer groups say the paper default should remain. Read more >

New York Financial Services Regulator Starts Investigation of Annuities in 403(b)s

It is looking into whether agents are engaging in deceptive and unfair sales practices, such as failing to appropriately disclose product costs and merits. Read more >

Co-Founder of XY Planning on Why His Firm Has Sued the SEC Over Reg BI

The rule blurs the line between advice and sales, potentially hurting both advisers and investors, he says. Read more >

Senate Confirms Eugene Scalia as Labor Secretary

Eugene Scalia is known for having worked in the trenches of a number of labor issues for many years, and experts suggest he could have a big influence on the DOL’s agenda. Read more >

Risk Management for Advisers

Expert attorneys and fiduciary insurance carriers demonstrate how advisers can put their best foot forward. Read more >

MOST POPULAR STORIES

Congress Says It Will Fix at Least 4 Errors in SECURE 2.0

The errors include the startup credit, RMD, SIMPLE IRA plans and Roth catch-ups.

SS&C Adds Allianz Retirement Income Annuity to DC Plan Platform

Volatile markets amid high interest rates have driven asset growth on SS&C’s retirement income platform to more than $1 billion.

As States Add Retirement Programs, Private Providers See Growth

This month, Minnesota and Missouri brought the count of state-facilitated retirement plans to 18. Small business providers say state engagement helps boost business despite state-provided auto-IRAs.

Franklin Templeton to Acquire Putnam for $925 Million

The deal would boost Franklin’s defined contribution asset management to $90 billion in AUM, while Great-West, parent of Empower, will gain a stake in Franklin.

ChatGPT Sentiment Analysis Significantly Outperforms Stock Market Average

University of Florida researchers found that using ChatGPT to analyze stocks outperformed the market average.

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