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Articles tagged "Jason Roberts"


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Jason Roberts: The outcome of the advice rule is exactly what we had in 2016, but they just wrote it in a creative way.

Loaded with teeth and better crafted, the latest 'DOL Rule' attracts 19,000 comments -- and SIFMA, Charles Schwab Corp and Fidelity wrote words by the thousands in fierce opposition

Last time around, in 2016, federal regulators imposed a very RIA standard on brokers and insurance agents but it failed in court; now, the DOL is determined to avoid that mistake again, ERISA lawyer says.

January 6, 2024 at 3:52 AM

Jason Roberts: There were lessons learned during the last rulemaking that may expedite some of the drafting and/or avoiding.

The Labor Dept. will publish the proposed 'Biden' DOL Fiduciary Rule (likely) next week, it says, but today it de-fanged the Trump ESG prohibitions

Two years after President Biden took office, the federal agency is ready to unleash a centrist DOL rule that eviscerates Trump's influence but stops short of Obama's stringent proposal.

November 23, 2022 at 2:15 AM

Jason Roberts: 'We know where the administrative hot spots are.'

ERISA attorney co-founds venture to take advantage of DOL's liberal new pooled 401(k) plan guidelines, a boon for RIAs looking to break into the business

The new San Diego firm will be a TAMP-like unit that gives a way for small companies to get big-plan leverage while still letting RIAs handle the investment advice, says CEO Jason Roberts.

June 23, 2022 at 6:56 PM

Jason Roberts: It can be bet-the-company stakes.

The DOL's Trump-era reprieve from rollover fiduciary rigor is over with aspects of remedy that might 'scare the daylights' out of defense lawyers

The Biden DOL is cool with surprisingly toothy rules it inherited that are sure to cause some RIAs to scramble and may be easier for broker-dealers to manage.

February 13, 2021 at 2:29 AM

Jeanne Klinefelter Wilson: Plan fiduciaries should never sacrifice participants’ interests in their benefits to promote other non-financial goals.

Bottom line after DOL bakes change into ERISA is it relented enough that plan sponsors can likely make ESG funds part of default option

Stung by most of the 8,700 commenters saying the Labor Dept. was witch hunting ESG, it gave ground, saved face but may have created a fresh problem for a Biden administration looking to restore the status quo

October 31, 2020 at 1:49 AM

Aron Szapiro: The Department of Labor’s approach is out of step.

Despite just a 30-day window, 8,700 people comment -- most with scathing disapproval -- on DOL's efforts to outlaw ESG in 401(k) plans on behalf of mystery proponents

The Department of Labor good-is-bad rulemaking clashes with the take of most Americans in 2020, who don't buy its investing logic, legal theory or take on humanity.

August 20, 2020 at 10:32 PM

Jason Roberts: The penalties are set in stone.

With the DOL's new rule 95% likely to get finalized, RIAs need to be wary -- it targets them with new letter-of-the-law ERISA red tape

Right now, most RIAs recommend IRA rollovers without having to jump through a lot of hoops, but DOL's 'exemption' makes a federal case out of suggesting the move away from the protection of the employer’s plan

July 14, 2020 at 7:21 PM

Fred Reish:  Broker dealers have tried everything in their power to be fiduciaries – while still having commissions. They’re the big winner here.

New DOL fiduciary 'rule' unshackles broker-dealers to pursue commissions, declaring brokers ERISA fiduciaries by making simple disclosures

The new rule lets advisors 'exemption shop' and DOL promises brokers it'll take only about $35 worth of their time to mix commissions with advice.

July 10, 2020 at 2:21 AM

Betsy Moszeter: It's not obvious why the DOL is proposing a rule specifically for ESG.

A big wince as Trump's DOL presses efforts to erase Obama-era ESG guidance, with tough new rule to curb do-good funds in ERISA accounts; critics cry 'politics'

Lawyers see crackdown as 'a solution in search of a problem' in regard to Labor Dept. pleas in proposed rule of danger that meeting environmental and social justice goals could harm returns, hence retiree security.

July 1, 2020 at 8:18 PM

Marcia Wagner:  The new rules may appear more lax, but the Obama Administration rules may have been overkill.

New 'anti-regulatory' DOL Fiduciary Rule figures to keep $10-trillion IRA market under the IRS, allow some conflicted advice; does Rule's revival from dead presage Joe Biden presidency?

The rush to enact rewritten DOL Fiduciary Rule is a 'mystery' given Wall Street's presumed preference for defaulting to status quo; has presidential polling adverse to Donald Trump restored a sense of urgency?

June 4, 2020 at 2:28 AM

New York Attorney General Barbara D. Underwood leading coalition

Posse of top cops from 17 states dresses down SEC, demand same fiduciary standards for broker-dealers and RIAs and cite other 'egregious' deficiencies in proposed son of DOL rule

Since the 5th Circuit Court of Appeals in March struck down the Department of Labor's (DOL)  embattled "fiduciary rule," broker-dealers have been operating with a virtual "get-out-of-jail-free" card

August 10, 2018 at 8:18 PM

Jason Roberts: What blew my mind is it’s one thing to evaluate your policies when you need to adopt them in the future, but it’s another thing to bake them into your manual.

How Scottrade's 'pain'-seeking sales tactics and 'cut-and-paste' lawyering allegedly led to breaching a DOL rule

Massachusetts securities cops seized on DOL rule clause still under delay and seeded effects for brokerage business that are pervasive and lasting

March 1, 2018 at 1:08 AM

Jason Roberts: What caught me off guard is that Fidelity says it is going to give advice to plans and participants.

Why exactly Fidelity chose 2018 to levy visible .05% 401(k) surcharge on Vanguard funds

After an abrupt business model shift from recordkeeper to advisor, the Boston-based 401(k) king may be a leader in fee 'levelization' that encourages other fund firms to act

February 9, 2018 at 6:10 PM

Micah Hauptman: We are not taking this lightly.

Pro-DOL rule forces sharpen knives now that DOL rule's 18-month delay is carved in stone

Labor Department loses formerly effective duck-and-weave defense tactic after 'U-turn' toward a more Wall Street golden goose ethos

November 28, 2017 at 10:14 PM

Fielding Miller: If we're not the fastest growing RIA out there, then I don't know who is.

CAPTRUST is a $220-billion RIA 401(k) roll-up but new $20-billion acquisition may wipe clean target set

The Raleigh, N.C.-based rollup did 26 deals in 10 years and finally the firm's old 'friend-enemy' partner, CapTrust was one of the few needle-movers left to make its last 10% inorganic AUM leap

September 11, 2017 at 9:45 PM

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