Content tagged "Jason Roberts"



Skip Schweiss: We contacted each of the three guide services on Mount Shasta, inquiring about guiding our group up the mountain in that time frame. Two of them told us we were crazy.

After guides say no to RIA adventurers' proposal to scale Mount Shasta, ankles snapped, teams faded and only a few saw the summit
The experts said it couldn't -- shouldn't -- be done but 17 advisors and execs from 10 states displayed true RIA mettle on the harrowing climb

Monday 6.13.16
Lou Harvey: One of the ways to attack the reasonableness of the regulation is to allege that it is 'arbitrary and capricious,' which the complaint does repeatedly.

Why SIFMA & Co.'s trip to a friendly North Texas court to upend the DOL rule looks more like its Alamo
Little credence is being afforded anti-DOL rule crowd that is trying to flip the script on who is screwing whom

Monday 6.6.16
Peter Swisher: The DOL's authority is limited to ERISA plans. The IRS retains control of enforcement. The DOL therefore gets to write the rules for IRAs though they have no power to enforce them.

How the DOL brought the IRS wolf to the RIA door with its 'rule' -- think IRAs
The Internal Revenue Service was always the IRA cop for individuals but now advisors may answer to the tax man

Friday 5.13.16
Phyllis Borzi: Invesco Trust stepped up to the plate.

DOL glows and Invesco glowers over $10 million settlement of alleged ERISA infraction
Labor Department's Phyllis Borzi praises Invesco Trust Company for 'stepping up' but the Atlanta fund company says it did nothing wrong and was merely extracting itself from DOL overreach

Tuesday 5.3.16
Bing Waldert: 401(k) plans are difficult [when it comes] to generating income. You can set up a withdrawal but only at a certain age. If you need to take out a big chunk because of a big medical bill, you can't do that.

Why luring 401(k) assets to IRA rollovers in a post-DOL-rule world remains child's play, which keeps $7.6 trillion in the IRA game and growing
Clients still hate 401(k) inflexibility around withdrawals and the DOL granted advisors the upper hand in getting clients to sign away protections with regard to pricier products

Wednesday 4.20.16
Thomas Perez: We don't believe it's necessary for an employee of MetLife to have an obligation to advise a client about the products that New York Life is selling.

The DOL's final rule contains a litany of 11th hour concessions to brokers that show Wall Street lobbyists earned their keep
12(b)1 fees, variable annuities and proprietary products are all still allowed and so is partiality in the sales process

Wednesday 4.6.16
Michael Kreps: The DOL is allowing states to set up automatic enrollment for IRAs without triggering ERISA rules. This is setting up an unfair advantages.

401(k) industry howls as DOL lets state governments become DC providers with advantageous exemptions
Multiple employer plans' under states will have economies of scale, fewer rules, while ERISA bars private firms from banding together

Thursday 12.10.15
Matt Bayley: They needed to have kept proper records and explained themselves in those records.

Will the alternative assets Intel added to its 401(k) plan backfire legally as well as financially?
New lawsuit alleges that spicing the DC plans with $2.5 billion of bets on de facto dark pools of 'shudder'-worthy alternatives cost participants hundreds of millions of dollars

Thursday 11.12.15
Ken Fisher finally found the 401(k) business to his liking after Ascensus sliced costs and proprietary funds enabled fat profits.

Capitalizing on 'unintended consequences' of DOL changes, Ken Fisher pounces on a fat-margin 401(k) opportunity
DOL greased the skids for closed-architecture approach of $60-billion RIA -- as long as it is discloses use of proprietary funds and sets flat fees that apply to them

Thursday 10.15.15
Louis Harvey: They assumed that a market existed, but then discovered what many have known for years -- 401(k) plans need a very personal sales effort.

After cutting 401(k) middlemen out backfires, Schwab cuts them back in
The problem for Walt Bettinger's newfangled Index Advantage DC plans was that for three years only $10 billion of assets showed up in an atmosphere of self-direction

Thursday 8.6.15
Jason Roberts: This could be a great prospecting tool.

After growth dip, BrightScope takes a whirl at mutual fund data -- but in a way that Morningstar claims it bypassed
The La Jolla RIA-tracker will gear data toward the 401(k) market and knock down a paywall

Thursday 6.11.15
Fred Reish: Participants will be able to sue for plans that were selected for inclusion in the plan more than six years ago but haven't been removed from the plan within the last six years.

How 12(b)-1 fees and revenue sharing may be the real victims of Monday's 'narrow' Supreme Court ruling
By unanimous decision, a conservative nine showed no tolerance for retail mutual fund share classes that achieve such status with fat fees that directly or indirectly pay 401(k) administration freight

Wednesday 5.20.15
Marcia Wagner: I don't want obnoxious crap like that in my contract.

Why exactly DOL's latest action is so shocking to so many brokers -- and even ERISA lawyers -- despite years of warnings
Brokers managing IRA assets never imagined they'd need to make a written promise to do right by investors

Monday 4.20.15
Jason Furman's memo: The proposal allows businesses to continue using existing, conflicted business models but requires that they adopt additional consumers protections such as ensuring advisors follow a best interest standard.

The White House puts its best Obamacare minds behind cleaning up the 401(k) business -- starting by issuing a withering memo
The executive branch's endorsement of the fiduciary rule is based on finding that Americans may have to work for an extra three years because of Wall Street overbilling

Friday 1.30.15
Phil Chiricotti: Most people think I am much younger, but those 18-hour workdays have definitely taken their toll.

Phil Chiricotti hangs up his spurs, and puts the CFDD out to pasture
The godfather of the 401(k) business says the glory days of conferences are winding down -- and tells why he chose not to sell the conference

Tuesday 12.30.14
Jay Wells: Fees have become a huge concern. I'm talking to more plans about fiduciary insurance.

Warranties and guarantees come to the 401(k) game but can insurance really put the client first?
Unwilling to stomach new legal exposure, employers -- and their advisors -- are looking to buy protection

Wednesday 8.27.14
Mike Alfred: Fidelity's gone from being generous to being assured of being generous.

How exactly Fidelity Investments extracted itself from a legal and HR quagmire and why it'll cost far more than the public $12-million amount
The settlement's small print reveals Fidelity employee may receive additional hundreds of millions of dollars in value over time

Thursday 8.14.14
Thomas Clark: There's no liability for Fidelity, but it just doesn't look good for them.

Fidelity Investments wins huge in the 'biggest 401(k) case in decades' -- but bearing battle scars
Boston 401(k) giant is able to reverse prior judgement related to fees in landmark Tussey v. ABB

Thursday 3.20.14
Phyllis Borzi: We're troubled by this and employers are having a hard time finding the documents they're looking for.

Phyllis Borzi tightens the noose on 401(k) providers that flout DOL disclosure, not without critics
The idea is to have a de facto big red arrow pointing to key disclosures on revenue sharing but it'll add to the verbiage surplus

Tuesday 3.11.14
Louis Harvey: We are seeing naked fear.

Why the 'naked fear' from a Yale law professor's letters to 401(k) plan sponsors is still present
The threatening, finger-pointing nature of the epistles drew the blood, the lack of a remedy to the attack from New Haven keeps the wound from healing

Thursday 8.1.13
Fred Reish: The object isn’t to punish people who really wanted to do the right thing.

Erring 401(k) plan advisors seek do-overs from DOL to ward off potentially crippling fines
A proposal from leading ERISA attorneys would let RIAs say mea culpa on misinterpretations and technical fouls in the wake of new fee disclosure rules

Monday 10.22.12
Steve Sansone: Advisors can differentiate themselves to decision makers and consequently be in a great position to take over a 401(k) plan.

How IRS rule changes may bring an obscure retirement plan into prominence
The number of cash balance plans, a boon to high-earners, are growing 20% annually versus three percent for 401(k) plans

Tuesday 10.16.12
Ray Lucia: I removed the slides that are in question from my seminar presentation.

With SEC coming down hard, TV and radio star RIA principal in San Diego makes his case to listeners
The commission says Ray Lucia back-testing is questionable but some high-profile defenders take his side

Wednesday 9.19.12
Phil Chiricotti: The DOL went off the reservation...They backed off and damaged their credibility.

What to make of DOL's backtrack after John Kerry, Fidelity Investments and the rest of the riled 401(k) industry cried foul
The policy reversal on on self-directed accounts is a win for white-collar workers but the agency's mandating-by-bulletin was equally troubling to some observers

Wednesday 8.1.12
Lou Harvey: The rules on the participant side are a joke.

After years of DOL bluster, new 401(k) rules appear to make RIAs' low expenses look higher than those of brokers
It's the same old problem of mutual fund-paid fees arriving by tunnel and therefore getting a pass in disclosures; DOL no-comments the issue

Monday 6.18.12
Jason Roberts: I’m seeing a lot  of unintended consequences…

Fidelity tries out new DOL-influenced 401(k) fee disclosures on clients -- and gets plenty of response
The retirement king is putting it out there ahead of most competitors, but there is some resentment that Fidelity failed to warn advisors

Tuesday 6.12.12
Rick Meigs: These plans are knowledgeable, well-informed and have sufficient leverage to compel change.

What led to Vanguard allowing its 401(k) plan sponsors to shop around for non-Vanguard target-date funds
Despite the new choices available to plan sponsors, Vanguard believes clients won't stray -- but industry observers are not so sure

Tuesday 6.5.12
Jason Roberts: The broker wants to make sure the advisor isn't taking the clients to lunch.

Why brokers from Nationwide, LPL, Merrill Lynch and others are giving RIAs a cut of their 401(k) action
RIAs and brokers alike are wary of the fox-in-hen-house effect but DOL is creating strange bedfellows

Tuesday 5.29.12

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