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Louis Harvey:  You could say the DOL is at the root of the problem.
September 13, 2022 at 1:51 AM

Louis Harvey: One of the big things that RIAs had from day one was they could say they always put clients' interests first and now that argument is pretty much shot to hell.

How Merrill Lynch 'shot to hell' the RIA fiduciary citadel by casting its $7.5 billion fiduciary 401(k) unit as smaller, purer and more future-minded on paper

Despite FAS having fewer 401(k) assets than, for example, a single North Carolina-based RIA, CAPTRUST, the Charlotte-based Bank of America's brokerage unit has created a new competitive threat

December 16, 2017 at 12:20 AM

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

June 6, 2016 at 9:47 PM

Knut Rostad: Phyllis Borzi moved heaven and earth with the tools she had and I think we let her down. I think we were too polite.

How Wall Street emasculated the DOL rule with an old-fashioned end game: 'Somebody made a deal' -- and why tort lawyers are licking their chops

End-game style politics exposed fiduciaries' lack of playoff experience, but RIAs can console themselves because DOL exposed shady dealings on 'the dark side'

April 7, 2016 at 3:10 PM

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

April 6, 2016 at 10:00 AM

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

August 6, 2015 at 5:17 PM

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

January 30, 2015 at 9:50 PM

Lou Harvey: It does mean that annuity sales will no longer be a 'caveat emptor' type of transaction.

'Paradigm shift' in 401(k) flows opens the DOL door for annuities in 401(k) plans and RIAs are split

In the wake of DOL and Treasury rulings, some fiduciaries, certainly not all, seem willing to give the oft-reviled instruments a chance

October 28, 2014 at 6:27 PM

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

August 1, 2013 at 5:49 PM

Ron Rhoades: Shouldn't the phrase: 'member, FINRA' be viewed like the warnings on cigarette packages -- i.e., as a consumer warning sign?

FINRA's scandalous litany of failures and its efforts to redefine the true fiduciary standard out of existence

Our one-man think tank continues his scathing indictment of the SRO's disingenuous and downright fraudulent practices

July 17, 2013 at 3:10 AM

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

September 27, 2012 at 3:48 AM

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

June 18, 2012 at 3:28 AM

Blaine Aikin: Regardless of what happens to regulatory reform, we expect to do really well.

Private equity strikes again, this time quietly buying control of fi360 for $11.5 million

Bluff Point Associates principals liked the recurring revenues and bright growth prospects

April 10, 2012 at 5:41 AM

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?

April 3, 2012 at 3:59 AM

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

February 14, 2012 at 6:06 AM

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