During a webcast hosted by ACA Compliance Group, Allison Charley, a former SEC examinations office leader, explained the regulator’s internal process for picking audit targets; other speakers noted the SEC’s increased focus on suitability issues and cybersecurity.
The decision goes into significant detail, but in essence plaintiffs’ approach failed because they relied on bare cost comparisons and statements of industry averages, failing to show any actual fiduciary breach occurred.
One key M&A trend identified in a new PwC report is the growing prevalence of large asset management and/or private equity entities making minority-stake investments in wealth management firms.
The death of Vanguard Group founder Jack Bogle offers a chance to reflect on the long-standing debate regarding passive and active management and the role of controlling fees and expenses in the effort to build household wealth from modest means.
Attorneys with Mayer Brown say there has been little consensus or direction from the federal courts (at least so far) as to what exactly constitutes prudent administration of tax-qualified benefit plans; this will remain a challenge in 2019 and beyond.
The court officially ended the case by approving a dismissal motion jointly filed by the parties.
In a colorfully worded opinion, the district court judge chides plaintiffs for failing to acknowledge basic facts about the way annuities work and their well-established role in 403(b) plans.
The decision against Mutual of Omaha’s preliminary motions to dismiss a self-dealing lawsuit underscores the way district court judges tend to allow for discovery in ERISA matters, given the complex and often secretive nature of the facts and circumstances in question.
ERISA lawsuits very often lead to settlements or dismissals, but 2018 brought a series of important and potentially precedent-setting decisions in both district and appellate courts.
They are centered around three key themes: 1) Secure your foundation, 2) Achieve greater prosperity and 3) Inspire confidence.
The case has been vigorously litigated for over three years; now, just weeks ahead of a scheduled trial, negotiations between the parties have delivered a resolution, pending a judge’s approval.
By cutting the fee for its small-plan investment outsourcing solution to 10 basis points, the firm says it will better position its advisers to grow their practices by serving untapped retirement plan markets.
Speakers at the Best of PSNC 2018 event in Boston said diversification remains incredibly important, but simplifying the fund menu is a win-win for participants and sponsors.
And a majority, 65%, say it is tougher now to get ahead financially than it was before the financial crisis, Natixis found in a survey.
Regulation Best Interest lays out the core loyalty and disclosure duties of advisers and broker/dealers—and how these can be satisfied.
According to the court, the consolidated complaint “pleads no facts sufficient to raise a plausible inference that defendants took any of the actions alleged for the purpose of benefiting themselves or a third-party entity.”
At the heart of the complaint were guaranteed investment contracts, a type of group annuity contract sold to retirement plans, issued by Principal to ERISA-covered retirement plan participants.
Ten years after the Great Recession, there continues to be a great focus on the best way to handle capital preservation on the DC retirement plan menu.