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Articles tagged "Fred Reish"


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
Rick Meigs:  We need Schwab in the marketplace and this is a very positive move for Schwab.

RIAs stay the course in holding Schwab to its promise of an RIA-in-charge 401(k) plan with a promising result
Only when RIAs proved they'd only take 'yes' for an answer on open architecture and themselves installed as fiduciaries did their San Francisco-based custodian yield with just a minor Morningstar contingency

Tuesday 11.3.15
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
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
Fred Reish: It doesn't look good.

How the future of the 401(k) industry may hinge on the outcome of a lawsuit brought by Fidelity employees against their own company
The legal case is built on a Fidelity-only funds menu but the Boston 401(k) king intends to show these participating employees got a sweet, fair deal that went beyond DOL mandates

Thursday 10.17.13
Ron Rhoades: Here is the rub: the plan sponsor has great difficulty holding the "retirement plan consultant" to account, given the low standard of conduct applicable to measure the potential liability of a non-fiduciary consultant.

Legal analysis: Why the Yale 401(k) letters, limits aside, should raise an alarm to plan sponsors
Ayres may not have it all letter perfect but his basic points have a legal basis

Monday 8.19.13
Ian Ayres has stirred up a serious hornet's nest from New Haven.

401(k) industry flummoxed over Yale professor's 6,000 'threatening' letters to plan sponsors
The eclectic academic says he'll go public targeting alleged 'high-cost plans' as sponsors flood phone lines of advisors and recordkeepers and Brightscope is drawn into the fray

Thursday 7.18.13
Phyllis Borzi: We thought we hadn't done enough.

Borzi: Exemptions from conflict of interest will be part of new fiduciary proposal
An easing of the ban against advisors accepting payment from money managers for selling their products may be in the works

Tuesday 5.7.13
Scott Hanson: We think this is the biggest thing we’ve done.

New RIA with familiar faces gets running start at putting advisors into the 401(k) driver's seat
Two financial entrepreneurs have 50 firms on board; the idea is for Pathway Strategic Advisors to take the fiduciary burden off of advisors who handle 401(k) assets for clients

Thursday 2.21.13
Randy Long: Being willing to serve in a fiduciary role has had a major impact in the growth of the firm.

10 most influential individuals in the 401(k) industry affecting RIAs in 2012, Part 1
Cataclysmic changes are in store RIAs advising retirement plans -- here's who's building up and advocating for this vital sector

Thursday 1.3.13

What a wave of 401(k) lawsuits tell us about what RIAs really need to worry about
Plaintiff's attorneys have found the soft underbelly of advisors and plan sponsors, but the pitfalls are clear and avoidable

Thursday 10.25.12
Dorann Cafaro: We should be worried.

Big chill: Worried RIAs and other 401(k) leaders gather in Chicago in hopes of saving the goose
It's no sacred cow like Social Security and the industry image is laboring because saving rates, returns, hidden fees and enrollment levels are none too great

Tuesday 10.23.12
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
Joe Masterson: It's always bugged me that passive investors weren't paying their fair share.

RIAs join move to right a 401(k) wrong: Lopsided plan expenses -- a non-DOL issue
Participants using mutual funds with active management pay for their passively managed brethren; with fiduciary issues being taken for real, this is a problem

Thursday 9.20.12
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
David Witz: It could be fireworks for the RIA community or just another compliance fizzle.

A 401(k) plan dethroning deferred: The DOL-mandated disclosures may not set any legacy palaces on fire near-term
The expected RIA field day and B-D comeuppance may come limping out of the gate; Fidelity has put 17 million 401(k) disclosures in the mail with few follks batting an eye -- with high-balance participants as the possible big exception

Tuesday 8.28.12
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
 Phil Chiricotti: It's a needless requirement that just can't be met.

New DOL rule effectively kills off open-architecture option favored by some big plan participants -- and sets off the 401(k) industry
The wrinkle aimed at self-directed accounts is seen as an unnecessary eleventh hour blindsiding by Fidelity, TD and the CFDD among a broad constituency

Wednesday 6.20.12
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
Lou Harvey: It's really going to annoy the hell out of the plan sponsors.

Which three of DOL's new 401(k) rules represent the biggest land mines for financial advisors and plan sponsors
Accepting gifts, estimating fees and using asset allocation models all demand treading lightly

Tuesday 2.14.12
Fred Reish: Before, the statement said that you should consider firing the provider but now it's very clear that it's mandated.

DOL tells employers when they must fire advisors to 401(k) plans
The new teeth in the rules went unnoticed by many people amid other changes

Friday 2.10.12

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Most Emailed Stories »

Mike Durbin: You get investment in your business because you prove that you're delivering a return for it. And I feel like we're doing that.
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After years of work to gain parity with Schwab RIA custody, Fidelity is ready to show fruits of its $250 million move to gain an edge

Naureen Hassan's departure from Schwab did not necessitate a replacement nor did she take anyone's place at Morgan Stanley -- unless you want to say she replaced Greg Fleming.
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What exactly to make of Morgan Stanley poaching robo-talent Naureen Hassan from Schwab on the heels of Greg Fleming's departure

 Mark Egan: Holding brokers to a fiduciary standard over the period 2008-2012 would have increased investor returns by as much as 2.73% per annum.
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Part II: Tick, tick ... How FINRA tramples on 'settled' principles of the Supreme Court, and even Adam Smith, in its sanctification of two-hatted advice

ETF.com's Dave Nadig [l.] warned that unchecked growth could exacerbate liquidity issues in the high-yield bond market.
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An advertiser's chats from the Inside ETFs event and the Vanguard-versus-the-world chess match they depict

Richard Ketchum professed support for a fiduciary standard,then, in the same speech, opposed the DOL's proposed rule-making, calling it 'problematic.'
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Tick, tick, tick ... FINRA rewrites 'culture,' 'conflicts of interest' and 'ethics' into a farcical 'best interests' code after DOL drops a bomb on its suitability ethos


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