PLANADVISERdash – July 8, 2020

Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR

July 8th, 2020

Client Relationship Summary

Form CRS must be delivered to a “retail investor.” There are two components to the definition of retail investor—that the investor: 1) must be a natural person or his/her legal representative, and 2) seeks to receive or receives services primarily for personal, family or household purposes. Read more >

DOL Aims to Quickly Simplify Conflict of Interest Framework

The main theme of the new fiduciary rule proposal is alignment with other regulators—the SEC and FINRA in particular—but the agency is by no means surrendering its jurisdiction over tax-qualified retirement plans. Read more >

CareerBuilder Defeats ERISA Fiduciary Lawsuit

The complaint has been dismissed without prejudice, however, and the plaintiffs have until July 28 to attempt to remedy failures in their lawsuit. Read more >

An Uptick in Customer Arbitration?

To mitigate the risk of arbitration claims being filed, firms and advisers need to recognize that certain customers may have lost money, or may have at least experienced temporary declines in their portfolio, and these customers may be emotional. These emotions may also be driven by external factors such as the loss of a job, loss of a small business or an unexpected illness. Read more >

MOST READ ARTICLES

Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals

HUB International Running Full Steam Ahead on RIA Acquisitions

A New World and New Opportunities for Alpha

Has the DOL Found an ESG Middle Ground?

OMB Has Received a Final Fiduciary Rule From DOL

403(b) Plan’s Use of Actively Managed TDFs Challenged in Lawsuit

The lawsuit also accuses plan fiduciaries of failing to monitor total plan costs. Read more >

Financial Benefits Marketplace Offered by Ayco

The Ayco Marketplace offers both proprietary solutions and curated products and services from other organizations addressing a variety of financial needs. Read more >

Voya Offers SAVVI’s COVID Relief Planning Assistant

Employees of Voya’s clients whose income has been affected by the COVID-19 pandemic will be able to get a personalized short-term financial action plan. Read more >

Market Mirror

Tuesday, the Dow fell 396.85 points (1.51%) to 25,890.18, the NASDAQ closed 89.76 points (0.86%) lower at 10,343.89, and the S&P 500 decreased 34.40 points (1.08%) to 3,145.32. The Russell 2000 was down 26.89 points (1.86%) at 1,416.00, and the Wilshire 5000 lost 295.15 points (0.91%) to finish at 32,083.95. The price of the 10-year Treasury note was up 4/32, decreasing its yield to 0.638%. The price of the 30-year Treasury bond increased 1 29/32, bringing its yield down to 1.371%.

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