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
PlanTools developed the ERISA Advisor Evaluator (“EAE”). It is an automated Request for Proposal (RFP) system that permits attorneys, CPAs, consultants and plan sponsors the ability to search, evaluate and score qualified advisor candidates. Only advisors that meet strict minimum standards are eligible to participate in the system. The standards are academic and court imposed standards in addition to ERISA. Advisor fees and services can also be benchmarked using the same system. TIAA-CREF has adopted this system to build their TIAA-CREF Advisor Network. TIAA-CREF is the only provider that has engaged a documented vetting process to ensure their clients have the option to retain or make available qualified advisor experts. Plan sponsors that continue to engage advisors that lack expertise run the risk of future litigation for paying excessive fees unless they benchmark their advisor, confirm the advisor’s qualifications and document the process. As an expert witness on the ABB case and many others, a deliberative process that is documented and meets the prevailing circumstances is the best defense against plaintiff attacks and DOL investigations. firstname.lastname@example.org David Witz, CEO FRA/PlanTools.
This looks like good information but it’s also very self-promotional. I end up getting emails asking why I’m permitting these kinds of emails to go undeleted. I’ll leave this for now but I think in this forum it’s better just to establish yourself as an expert and not be throwing your whole pitch.
Joanna Rotenberg is departing Fidelity Investments after only two years, writing that she traveled 20,000 miles and successfully split her retail division into wealth and brokerage units
At her hire, analysts were adamant the head of Fidelity retail had 'big shoes to fill' to replace legendary Kathleen Murphy and her task of 'digitiizing' retail was no small ask
December 16, 2023 at 2:22 AM
Biz Briefs: The sorry scene at my local First Republic branch • Schwab launches new (smaller) lay-off round • Schwab hoovers pennies passing FINRA fee to clients • Gensler pleas for funds • Fidelity owner's private equity pres. retires • an Orion-Envestnet staff switcheroo • LPL dumps FutureAdvisor
Range Rovers screeched in and drivers joined a grim queue to get their cash, and cookie • The Schwab-TDA deal cull count now stands at roughly 3.5% of its staff • FMR's hockey star president has stepped down • SEC chief wants more enforcers • An Envestnet executive proves joining a rival is good business • LPL now has an in-house robot.
April 29, 2023 at 1:36 AM
Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
February 17, 2023 at 2:49 AM
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
January 23, 2021 at 2:02 AM
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