The Certified Financial Planner Board of Standards has adopted a revised ethics code that requires a CFP professional to act as a fiduciary in all client service contexts, and therefore, to act in the best interests of the client at all times when providing financial advice.
By the end of the calendar year 2017, the discount rate used by companies sponsoring pension plans in the S&P 500 had fallen to the lowest level measured in Goldman Sachs Asset Management’s long-running pension research series; at the same time, sponsors are making large voluntary contributions to take advantage of disappearing tax incentives.
Following a broadly structured decision by the 5th U.S. Circuit Court of Appeals to vacate the DOL fiduciary rule expansion, the National Association for Fixed Annuities decided its own appellate challenge has been made unnecessary.
With so much uncertainty now overhanging the future of the DOL fiduciary rule expansion, the onus is squarely on advisers, broker/dealers and recordkeepers to decide how they will respond; we hear from one small advisory firm in Northern Ohio that will carry on with business as usual.
The demand for 3(38) investment manager search support and monitoring has moved up market into the range of plans with billions of dollars in assets; smaller plans are seeking cost savings while larger plans are seeking deeper expertise and nimble capabilities.
While the Fifth U.S. Circuit Court of Appeals has vacated the DOL fiduciary rule expansion, one attorney warns the rule is still technically in effect, at the very least until the court issues a “mandate” opening a limited period during which the Department of Labor can choose to contest the decision; he also questions whether the circuit courts are in fact split on the matter, as some are suggesting.
Working Texas Tech University, Advisor Group has published a new survey examining how young professionals entering the advisory filed think about their current work and future career prospects; researchers also highlight the importance of community engagement for elevating the advisory profession.
Some ERISA attorneys argue the Fifth Circuit decision last week to vacate entirely the DOL’s fiduciary rule expansion makes a Supreme Court decision on the matter inevitable; others are less sure that a decisive SCOTUS decision could be forthcoming, instead expecting the SEC to take the lead; still others admit they have little idea how the regulatory picture will shake out, recommending patience and ongoing compliance.
In an interview with PLANADVISER, Jerry Ripperger, vice president of consulting at Principal, highlights a new, fee website the firm has rolled out to help advisers and their clients explore the potential benefits of launching employee stock ownership plans as part of a broader ownership transition.
Despite the tremendous progress of the last decade, there remain some “surprisingly different perspectives” among plan sponsors, recordkeepers, and individual participants when it comes to priorities and best practices, according to a new Cerulli report.
A new analysis out from Empower Retirement finds historical investment performance does not serve as an optimal overall measure of value delivered by a managed account; there is strong evidence to suggest “engaged participants” extract more value from managed accounts.
Advisers generally are not qualified to represent their clients before the IRS, and so they generally must shy away from offering tax advice; but that doesn’t mean they can afford to ignore the broad or specific implications of recent tax reforms for their clients.
The firm says it does not have additional information to share at this juncture beyond what has been noted in a 2017 year-end SEC filing; in that newly emerged document, Wells Fargo Advisors says it has begun an internal investigation into “whether there have been inappropriate referrals or recommendations” made by its advisors, including with respect to rollovers for 401(k) plan participants.
Looking to 2018 and beyond, traditional advisers, brokerage firms and banks are widely (and aggressively) seeking to integrate digital advice into their service offerings; the CFP Board Center for Financial Planning offers a digital advice road map to help make sense of it all.
Military members using an adviser report contributing nearly double the amount to their retirement accounts on average compared with those lacking regular financial guidance.
Annually, the top tier of retirement plan advisers from across the U.S., including the PLANADVISER Top 100 and the PLANSPONSOR Retirement Plan Advisers of the Year, gather in Orlando, Florida, for three days of discussion and debate; reserve your spot today for the 2018 event.
Fifty-three percent say that working with an adviser could help them meet their goals.