PLANADVISERdash – October 28, 2021

Weekday news and analysis for retirement plan advisers

Thursday, October 28, 2021

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Expect the SEC To Get Tougher on Advisers, Advocate for Retirement Savers

Many retirement plan industry experts expected that if Joe Biden beat Donald Trump, the U.S. Securities and Exchange Commission (SEC) would get tougher on broker/dealers (B/Ds) and financial advisers and generally more protective of retirement savers. So far, that is happening.

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Strong Cybersecurity Policies Must Be a Firm Priority

From reputational damage to the downstream effect of more expensive fiduciary liability insurance, advisory firms have a lot to lose from lax cybersecurity practices.

Today’s Most Read

1.	Congress Says It Will Fix at Least 4 Errors in SECURE 2.0
2.	SS&C Adds Allianz Retirement Income Annuity to DC Plan Platform
3.	As States Add Retirement Programs, Private Providers See Growth

Could This Be a DOL ESG Framework That’s Here to Stay?

In addition to the important practical takeaways of the DOL’s proposed rule on ESG investing and proxy voting, sources say the potential impact and what the department is signaling with the proposal are enormous.

DOL Provides Transitional Relief for Investment Advice Rules

A newly issued Field Assistance Bulletin provides that investment advice fiduciaries now have until January 31, 2022, to comply with the impartial conduct standards in the fiduciary prohibited transaction exemption announced at the end of 2020.

Is Bond Fund Misclassification a Serious Problem?

PLANADVISER wades into the tricky and not uncontroversial topic of bond fund classification, or 'misclassification,' as it were.

Market Mirror

Wednesday, the Dow closed 266.10 points (0.74%) lower at 35,490.69, the Nasdaq was virtually unchanged at 15,235.84, and the S&P 500 decreased 23.11 points (0.51%) to 4,551.68. The Russell 2000 fell 43.58 points (1.90%) to 2,252.49, and the Wilshire 5000 lost 374.04 points (0.79%) to finish at 47,186.58.

The price of the 10-year Treasury note increased 28/32, bringing its yield down to 1.540%. The price of the 30-year Treasury bond climbed 2 1/32, decreasing its yield to 1.948%.

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