Deals & People February 14, 2008

OH Consultant Merges with RIA

Cincinnati-based financial consulting firm, CHALK Advisory Board, Inc., has merged with registered investment advisory firm, Fiduciary Consulting Group, Inc.
Reported by

According to a news release, the resulting entity will operate as Fiduciary Consulting Group, Inc. with Steff C. Chalk as Chief Executive Officer and C. Marshall Esler as Executive Vice-President.

The announcement said the new company will provide analytical-based investment consulting – defined as Assessment, Education, Reporting, and Advice – to individuals and committees who have accepted the responsibility for fiduciary oversight of institutional-based financial assets. During 2007, the combined firms provided fiduciary management, assessment, and consulting services to institutional clients with assets in excess of $2.4 billion, according to the announcement.

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“Fiduciary Consulting Group, Inc. will continue its core competency of advising institutional investment committees and corporate decisionmakers in the establishment of prudent investment policy and procedures to strengthen investment-oriented decisions and processes,” Chalk said.

The company will not engage in, nor receive any direct or indirect compensation from the sale or utilization of any specific investment products, the announcement said.

For more information, contact Chalk at (513) 624 – 0156.

Steff Chalk is a columnist for PLANADVISER magazine. His most recent article is here.

Compliance February 14, 2008

Lawmaker’s Proposal Eases Plan Start-up for Small Businesses

A Wisconsin Congressman has proposed a measure increasing small business incentives and reducing administrative requirements to start SIMPLE IRAs or 401(k) plans.
Reported by

In a Web announcement, U.S. Representative Ron Kind (D-Wisconsin) said the Small Businesses Add Value for Employees (SAVE) Act of 2008 (H.R. 5160) would:

  • offer newly participating employers a tax credit for 50% of the plan start-up costs and a one-time $25 tax credit for every employee who is enrolled in the savings program,
  • create voluntary automatic IRAs for employers,
  • remove the higher penalty on early SIMPLE IRA distributions,
  • raise the annual contribution limit for SIMPLE plans to the same level as 401(k) plans, and
  • allow SIMPLE plan participants to roll over their retirement assets.

“A comfortable retirement is something everyone seeks to achieve – whether they work for a big corporation or a small business,” Kind said, in the news release. “But the majority of small businesses don’t offer any retirement savings plans to employees because it is often a complicated, costly, and a somewhat risky endeavor. This bill will actually incentivize small businesses to offer savings plans, allowing workers to accumulate retirement savings and helping small businesses attract and retain employees.”

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A fact sheet on the bill is located here.

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