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Articles tagged "Rick Meigs"

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
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
Randy Long: I think Schwab's only real interest in the 401(k) space is to capture rollovers.

As Schwab edges closer to letting RIAs in as 401(k) middlemen, leaked details suggest to some that the firm still marginalizes the advisor
Though RIAs technically gain a seat at the Schwab index 401(k) table, they still don't have much say about how assets get invested

Thursday 10.8.15
Bing Waldert: They can go to the guy they trust and just use that person.

Report: 'Brother-in-law' dabblers are giving 401(k) ground slowly to specialists in $1.3 trillion market
Some RIAs disagree with Cerulli's pessimism and say DOL is having its effect with small employers seeking real experts to provide 401(k)s to employees

Thursday 9.17.15
Jon Stein: No one has done this since Fidelity came into the space.

Betterment jumps headlong into the 401(k) business spurred by a conviction that even Vanguard Group is unfriendly to investors in this arena
The New York robo-advisor is going full stack, competing with Fidelity Investments on everything from recordkeeping to financial advice

Friday 9.11.15
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
Voya will spend $300 million to $350 million over three to four years on behalf of the entire firm and retirement will get a portion of that money

After a six-month pause, Voya fills the Maliz Beams void with a 401(k) ace whose advancement stalled
Charlie Nelson was passed over twice at Great-West but has now landed a giant opportunity

Tuesday 4.28.15
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
Jania Stout: Our approach involves working closely with not only our plan sponsor clients, but with plan participants as well.

HighTower adds two battle-hardened T. Rowe generals to the 401(k) field
The Chicago-based roll-up is angling for retirement rollover dollars but observers question how determined it is to become a serious player in the lurcrative sector

Friday 11.7.14
Jessica Maldonado: As long as they can evidence that they did some quality due diligence in hiring us then they are feeling like they are pretty validated.

The great 401(k)-or-not debate: RIABiz webinar lays out the perils and rewards for RIAs thinking of wading into the fast-moving 401(k) stream
Small and midsized RIAs must factor in where the fiduciary buck stops, identify profit margins and be prepared to grapple with a six-foot stack of ERISA regs -- but the rewards are potentially great

Friday 11.7.14
The forecast for the 401(k) business is bright and foggy.

What exactly is doable for an RIA in the 401(k) business?
Conflicting forces of change have made the question harder to answer but has sweetened the pot

Wednesday 10.15.14
J. Fielding Miller: We were talking a big game, and he wanted to see results.

How uncomfortable questions from prospects led a 'small' $12-billion 401(k) advisory RIA to finally say yes after eight years of rebuking overtures from a $120-billion AUA RIA
With the purchase of DCAdvisors, CAPTRUST emerges as a bigfoot player in a consolidation-bound industry

Tuesday 9.16.14
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
Tim Clark: Half of my new business has been from engaging firms that didn't previously have an advisor -- they literally had nothing.

With plan sponsors 'running blind' on 401k plans, an RIA jumps from $12 billion to $32 billion of AUA and adds a former J.P. Morgan chief
Lockton Retirement Services locks in on 'small' businesses that have no DOL-assuaging fiduciary overseeing DC assets before they walk through the door

Wednesday 7.2.14
Bob Reynolds: In this business especially it's a game of scale.

Bob Reynolds strikes again in his 401(k) quest -- this time buying JPMorgan's retirement recordkeeping business
The deal includes blue chip 401k accounts of Procter & Gamble, American Airlines and JPMorgan itself

Thursday 4.3.14
Bob Reynolds: We think that two plus two equals six. We want to be the best in this space.

Fidelity's old 401(k) mastermind, Bob Reynolds, gets a merger, a promotion and a stronger hand to compete with his old employer
With Great West and Putnam joining 401(k) units, there may be a dividend of critical mass and synergy

Thursday 3.27.14
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
Steve Anderson: We made the decision and notified these clients that we're going to resign our services. I personally made the call and explained our thinking.

Schwab shoos $25 billion of client assets out the door as it calls the bluff of employers with lopsided 401(k) contracts
The San Francisco giant is trading recordkeeper revenue for the prospect of wielding its mighty brand directly at plan participants

Friday 2.28.14
Steve Anderson: None of the consultants are utilizing our business model.

Schwab 'fesses up to Wall Street just how hard winning plan sponsors to its 401(k) ETF platform will be
Convincing plan sponsors and pension consultants to join a ETF paradigm shift to ETFs is a big ask, its executives tell Wall Street

Tuesday 2.18.14
Kelley Snook: We got tired of saying no.

LPL's newest two recruits and their $4.3 billion of AUA show why RIAs can no longer call the 403(b) market sleepy
The flourishing market is a giant growth engine for a Troy, Mich.-based RIA that has its sights set on national growth

Tuesday 12.31.13
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
Walt Bettinger: We expect that's a long-term play.

Why the whiff of another delay of Schwab's ETF-only 401(k) plan is drawing so much attention
As one snag follows another, the pressure builds on a signature Walt Bettinger effort, but some insiders call Schwab's pace and patience justified, even laudable

Tuesday 10.8.13
Stephen Bozeman: There were some problems.

Unfazed by its misfire, BlackRock is taking a second shot at the 401(k) market, this time with a whiter hat
Skeptics abound but the world's largest asset manager aims to fill a mega-void by bringing payout precision of DC plans to the best-guess 401(k) business

Thursday 10.3.13
Jeffrey Maggioncalda: I think it becomes harder and harder for a product solution to replicate this holistic service solution that we put into the marketplace.

Financial Engines more than doubles its share price by defining a niche in the 401(k) market between target date funds and RIAs
Wall Street is seeing things Jeff Maggioncalda's way for now, as new DOL regs make plan sponsors more certain they want participants advised inexpensively but not cheaply

Tuesday 10.1.13
Fielding Miller: There are so many schools and non-profits there. The Northeast is our new focus.

A $103 billion AUA RIA storms TIAA-CREF's Northeast stronghold by poaching a hotshot from a $30-billion RIA in Greenwichland
CAPTRUST's 403(b) assets have jumped 60%, or nearly $5 billion, in AUA in one year and TIAA-CREF's $217 billion of 403(b) assets are still pretty untapped

Monday 9.16.13
Dan Solin: I think the forces aligned against evidence-based investing are far more powerful than anyone can really appreciate.

The 401(k) industry braces itself for fruits of a CalPERS rethink that reflects a cut-the-crap mentality about active investing
A giant staff of researchers and managers -- not always in accord -- manages $260 billion of assets exerts psychological weight, and active management is losing friends in a place where it once thrived

Thursday 9.12.13
Jordan Burgess: This information has been well-received by advisors.

Fidelity Investments puts hard numbers on the disgruntlement of 401(k) plan sponsors -- and launches Z shares with ETF-like prices
Advisors are gaining some ground but the crunch of fees and service on plan purveyors gets worse and worse

Friday 8.16.13
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
Ted Madden: We saw this great opportunity to integrate this business and really capture the full power of Fidelity and focus on growing the business with advisors.

Fidelity Investments recognizes power of RIAs in 401(k) market and has increased efforts to work with advisors
With plan sponsors demanding advice, the Boston-based king of DC retirement plans decides to go with the fiduciary flow -- and some experts see it as a blink while others call it a Fidelity bonanza

Wednesday 6.5.13
Jennifer Ingham: The B-D relationship is needed because in the RIA world of investments for corporate retirement plans. many funds still pay some sort of revenue sharing.

Why a $1-billion Fidelity RIA is placing LPL at the heart of its 401(k) business
Ingham Retirement dropped Sentinel Securities for LPL and is also becoming a retirement plan vendor to many LPL reps

Wednesday 5.22.13
Martin Smith: We never considered this investigative in the sense that it wasn't information that was already out there.

Why the industry needs to accept some blame for 'flaws' in PBS Frontline's 'Retirement Gamble'
The PBS report was slanted, simplistic and went in for shock value, say critics, but some in the industry say too-high fees are in fact the root of the problem

Wednesday 5.15.13
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
Kevin Chisholm: I don't think you can have the conversation about cost without talking about asset allocation and, ultimately, performance.

Schwab garners $4 billion in index-only 401(k) assets fast out of the gate
Critics applaud the San Francisco broker's early success but wonder whether such a cost-focused approach is really enough

Friday 2.22.13
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
Rick Meigs: It seems like a big pot of assets to be walking away from.

Merrill Lynch pulls advisors from a $2.9-billion business -- and leaves the light on for RIAs
The Bank of America subsidiary sees too much peril in the public-pension business and RIAs like John Beirne smell opportunity

Tuesday 2.5.13
J. Fielding Miller: This has that magic fit.

CAPTRUST wakes up the 401(k) industry by buying $1-billion advisor/recordkeeper that adds the 'magic' to its arsenal
Freedom One's system offers 3(38) fiduciary management that allows the $85-billion Raleigh behemoth a way to take greater control of assets

Wednesday 1.9.13
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
Terrence Morgan: 401(k) plan sponsors are finally ... discovering ... that all their friendly stockbroker could do was hand out enrollment kits and pat their employees on the back.

Cerulli: RIAs and hybrid RIAs make giant advances on banks and wirehouses in the 401(k) race
DOL guidance is making a difference and so is bank and wirehouse reluctance to take on fiduciary risk

Thursday 9.27.12
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
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
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
Michael Francis: It's my belief that they shouldn't be fiduciaries because they can't be according to the way the law is set up.

Merrill Lynch jumps on the fiduciary bandwagon in retirement plans but critics see lingering conflicts
Morgan Stanley, UBS and Wells Fargo Advisors already went this route but can wirehouses really deliver strict fiduciary care?

Tuesday 4.3.12
Susan John: It appears we may be on the same page for once. This is just one of those odd circumstances.

As DOL contemplates stiff fiduciary-related penalties on advisors, NAPFA and FPA find rare concord with FSI
The more RIA-focused groups agree with the IBD trade group that holders of smaller IRA accounts will not be able to pay for advice under new rules

Thursday 3.22.12
Walt Bettinger: Let’s cut through the noise that is out there. A participant spending a career in a program offering an index oriented line up of investments will retire with $115,000 more over a similar participant using actively managed funds.

Schwab's CEO engages in a Q&A about how his company's deep-discount, more-advice 401(k) plan will work
It's the fees and the index approach that's important, Bettinger says -- not that Schwab plans to offer the capacity to trade

Wednesday 2.16.11

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