Several early reports suggested the DOL appeared ready to compromise their fiduciary principles by harmonizing with other agencies. The transcript reveals a surprising reality.
Tag "fiduciary"
In a week where the new Form ADV became official, we discovered it can increase fiduciary liability for 401k plan sponsors for the same reason it is supposed to help them. In the meantime, the fiduciary finger now points squarely at brokers alone, plus more news on pensions and Target Date Funds.
The SEC’s new Form ADV Part 2 makes it harder for 401k Plan Sponsors to feign ignorance when it comes to conflicts of interest.
A day in the life of a fiduciary, from a foreboding dawn, to the doom of high noon, to the sun setting on an old friend, to the restless night. What a week it’s been.
Just as the problems with Target Date Funds go mainstream, the GAO asks the DOL to look into disclosure rules that could torpedo annuities in 401k plans. Oh, and the House calls the SEC’s bluff.
You’d trust someone who had your interests at heart. Would you give your trust to someone who didn’t? How can you tell if someone places your interests first?
This week sees more on the part of the BD industry trying to pit the DOL against the SEC, the revelation of an interesting “opt-out” feature in the new DOL financial definition that may invalidate the entire effort and a surprise response from the SEC.
This week was an important week for plan sponsors worried whether their 401k decision would come back to bite them. Yet, despite the media blather, one quote stands out as the ultimate truth. We’ve got it for you here.
Thus were lines drawn in the sand. We’re left to wonder if the tide of time will wash away those lines or merely wash away the sense of urgency for a uniform fiduciary standard.
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Fiduciary News Trending Topics for ERISA Plan Sponsors: Week Ending 4/22/11
Trending topics this week explores whether a popular investment product is a ticking time bomb or the Holy Grail of investing and connects the dots to lament over the apparent loss of a true fiduciary standard.