PLANADVISER Weekend Newsdash
Week ending June 5th, 2020

Greetings loyal PLANADVISER readers. For this weekend’s mailing, we felt compelled to put a spotlight on some of our recent coverage about the lack of diversity and multicultural representation in the retirement plan services industry. The motivation for doing so is obvious, though that does not make the challenge of improving diversity easier. With that in mind, we hope some of the voices in these articles can help inspire change. Thanks as always for reading, and stay well!

Editor's choice
Keeping Up With the Workplace
Black Americans need more representation in the financial advisory field. Read more >
Female Advisers Lead the Push for Greater Diversity
They believe that the role of advisers has become more holistic, making the profession more appealing and accessible. Read more >
Tackling the Industry’s Diversity and Inclusion Problem
Even though African Americans make up about 13% of the United States population, the U.S. Bureau of Labor Statistics reports this group accounts for only about 7.6% of financial services professionals. Read more >
Inclusion, Diversity and the Noble Purpose of Advisers
The principal of financial adviser inclusion and diversity at Edward Jones reflects on her job leading the advisory company’s revamped diversity efforts—informed by her own first career as an adviser in the field. Read more >
Lessons from the Edward Jones Women’s Conference
Speakers and attendees at the event, which drew some 200 leading female advisers from across Edward Jones, emphasized the importance of mentorship and providing a robust support structure for new advisory professionals. Read more >
MOST POPULAR STORIES
$300 Million Plan Faces ERISA Fiduciary Breach Lawsuit

The plan being challenged in the latest fiduciary breach lawsuit held less than $300 million as of the start of last year, making it one of the smallest to become the target of an ERISA complaint.

Three New ERISA Lawsuits Bash Actively Managed TDFs

Three new lawsuits question the offering of actively managed target-date funds to retirement plan participants.

Another Lawsuit Challenges Use of Untested CITs in 401(k) Plan

A similar lawsuit was filed in May against an investment manager and a different plan sponsor.

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.

Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
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