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By John CarlThe ERISA consultants at the Columbia Management Retirement Learning Center Resource Desk regularly receive calls from financial advisors on a broad array of technical topics related to IRAs and qualified retirement plans. A recent call with an advisor in Maryland is representative of a...
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From a plan sponsor’s perspective, which plan providers are doing the best job? A large number of respondents to the just-released 2012 PLANSPONSOR Defined Contribution Survey indicated a decline in satisfaction with their 401(k) providers. Overall satisfaction is down across 22 of 23 categories of...
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Emboldened by the certainty of four more years, the Obama administration in general and EBSA in particular are expected to extend and more vigorously enforce the agenda and regulations promulgated in the president’s first term. For example, legal experts predict that improper receipt of undisclosed...
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Sometimes it feels like the Great Recession was like Hurricane Sandy: devastating, unexpected and with far-reaching effects, especially on retirement savings and policy. In times of crisis, we turn to leaders; and there is no better leadership institution trained to deal with crisis than the...
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While many provider and advisor groups like ASPPA and NAPA have begun to marshal their forces to protect against reductions in retirement savings tax incentives, as Congress begins to tackle the budget deficit it is even more important that employers step up and voice their support for DC plans. To...
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By Joan Neri, Esq. RIAs should know what it means to be a “designated investment manager” (DIM). This is important because under DOL guidance, if an RIA is a DIM, then the RIA’s investment management strategies — including asset allocations — are not considered designated investment alternatives...
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Some people argue against any kind of hardship withdrawal or loan from a retirement plan, but few would argue about the special circumstances surrounding the consequences of Hurricane Sandy. Accordingly, the IRS announced on Nov. 16 that participants in a qualified plan may make hardship...
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Getting started in the social media space is not especially difficult, but it does require time and a clearly outlined strategy. If you just build it, they won’t come. If you want to create positive buzz about your firm, drive search engine optimization and makes sales happen, you must participate...
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A survey by TIAA-CREF shows that people receiving individualized financial advice (compared with general guidance) are more likely to act — yet many people find it hard to get that advice or think it's too expensive. Results varied by age group, gender and other factors. Those who did get advice...
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Some advisors argue whether the recent DOL fee disclosure regs were either the latest version of Y2K, or the biggest waste of paper known to mankind. While no one is arguing against fee transparency, the formats do leave a lot to be desired. Yet a recent study by AARP indicates that 75% of plan...
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CPI recently launched a new product called ClearDirection, which builds on a history of open architecture and leverages the resources and technology of its parent company, CUNA Mutual Group. At an Executive Roundtable in Madison, WI which included the heads of 10 of the top DC-focused broker...
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When all is said and done, Hurricane Sandy will probably weigh in as the second most costly storm in U.S. history. As the Northeast slowly struggles to return to normal, relief and recovery efforts will yield to getting back to business. Employers in affected areas have questions about what they...
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With the election results heralding four more years for EBSA head Phyllis Borzi, the long-pending fiduciary regulations are likely to be the agency’s first order of business, as we reported recently.Speaking at a CPI Broker Dealer Executive Roundtable, Brad Campbell of Drinker Biddle — who was...
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A recent EBRI Issue Brief analyzed information from the Survey of Consumer Finances (SCF),[1. The Survey of Consumer Finances is, as its name suggests, a survey of consumer households “to provide detailed information on the finances of U.S. families.” It is conducted every three years by the...
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With the prospect of comprehensive tax reform legislation looming, key ASPPA and NAPA members are leading an advocacy effort on behalf of plan sponsors and plan participants. The goal: to talk to key members of Congress about the way Americans save for retirement, and educate them about the...
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It seems that American workers and employers have listened to NYU economist Paul Romer’s advice that a crisis is a terrible thing to waste. A new study conducted by the Transamerica Center for Retirement Study, “Weathering the Economic Storm: Retirement Plans in the United States, 2007-2012,”...
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A new year is fast approaching, which for many advisors means it’s time to give some thought to their marketing plans. Creating — or reviewing — a marketing strategy provides an excellent opportunity for you to define and launch initiatives to capture a greater share of the retirement plan business...
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The end of the year brings lots of lists. Following up on yesterday’s “Case of the Week” question about notices due by Dec. 2, the law firm of Snell & Wilmer provides a comprehensive to-do list for the following types of benefit plans:• All qualified plans• 401(k)• DC but not 401(k)• DB • 403(b...
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With Democrats now controlling the New Hampshire legislature, the Granite State’s move toward DC plans and away from DB plans for new government workers seems to be dead. States and local government entities around the country have been very active in this arena, with many moving to DC plans for...
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It’s an interesting paradox that one of the greatest values of NAPA membership is one of the things that members tend to talk about the least: advocacy. Specifically, NAPA members benefit enormously from the contributions of Brian Graff and ASPPA’s regulatory, legislative and political affairs...
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By John CarlThe ERISA consultants at the Columbia Management Retirement Learning Center Resource Desk regularly receive calls from financial advisors on a broad array of technical topics related to IRAs and qualified retirement plans. A recent call with an independent advisor in Colorado is...
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Cogent Research recently released their second annual “Retirement Plan Advisor Trends” study designed to help providers understand the behaviors and preferences of plan advisors. Based on a web survey of 520 DC plan producers, 44% of advisors had less than $5 million of plan assets under management...
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One of the more controversial regulations proposed by the DOL under President Obama was their plan to broaden the definition of fiduciary to include more financial advisors. According to a BNA report, a proposed rule has been submitted to the Office of Management and Budget for clearance and should...
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Michael Davis, Phyllis Borzi’s right hand man at the Department of Labor’s Employee Benefits Security Administration, will join Prudential Retirement as head of its stable value business. Davis left his post as deputy assistant secretary of EBSA last week. Before joining EBSA, Davis was managing...
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By Marcus Chandler
As advisors scramble to close new business by the end of the year, it only serves as a reminder that the 2013 selling season is right around the corner. If your practice isn’t on track to accomplish its new business development goals for 2012, then you’re going to need to make...
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