401(k) Specialist Issue 1 - 2016 - 18
FIDUCIARY
''If the advisor's getting a benefit from
advising about certain products being in the
plan, that's a red flag for legal exposure.
''
" Follow that beacon, and if there are any
gray areas or any doubts, you come back to
that beacon and let that be your standard. "
The Boy Scout, Pollyanna-nature of his
advice started to bug us, so we pushed back.
The plans still have to pay expenses, right? It's
a race to the bottom with fees and it won't
be cost-effective to provide 401(k) advice and
how, specifically will Tibble's " duty to monitor "
be interpreted and how will the DOL's
fiduciary rule be implemented and ...?
He waited patiently as we spun ourselves out.
" The employer's duty is that simple, " he
calmly responded. " It's the duty of a trustee
handling someone else's money. The advisor
presumably is going to make their money
by providing advice to the employee for a
fee. The advisor should steer clear of having
a financial interest in the products that are
placed into the plan. If the advisor's getting
a benefit from advising about certain products
being in the plan, that's a red flag for
legal exposure. "
His other advice should be 401(k) 101,
but sadly it's not, even in this litigious dayand-age-document,
document document.
" Plan advisors and sponsors can't go
through the motions. They shouldn't be
setting regular quarterly meetings at 4:30
on Friday when everybody's looking at
their watch to get out of there. No weekend
document dumps. And large plans or even
medium-size plans should not be paying
retail fees-period. "
We asked him if his pipeline was full, and
how long he expected cases like these to
occur. His answer was the first indication of
a lawyerly dodge; diplomatic, and absolutely
not what we wanted.
" I would say it remains to be seen. It certainly
is a different climate recently, as employers
have worked hard to do the right thing.
18 ISSUE 1 2016 | 401kSpecialistmag.com
http://www.401kSpecialistmag.com
401(k) Specialist Issue 1 - 2016
Table of Contents for the Digital Edition of 401(k) Specialist Issue 1 - 2016
Table of Contents
401(k) Specialist Issue 1 - 2016 - Cover1
401(k) Specialist Issue 1 - 2016 - Table of Contents
401(k) Specialist Issue 1 - 2016 - 1
401(k) Specialist Issue 1 - 2016 - 2
401(k) Specialist Issue 1 - 2016 - 3
401(k) Specialist Issue 1 - 2016 - 4
401(k) Specialist Issue 1 - 2016 - 5
401(k) Specialist Issue 1 - 2016 - 6
401(k) Specialist Issue 1 - 2016 - 7
401(k) Specialist Issue 1 - 2016 - 8
401(k) Specialist Issue 1 - 2016 - 9
401(k) Specialist Issue 1 - 2016 - 10
401(k) Specialist Issue 1 - 2016 - 11
401(k) Specialist Issue 1 - 2016 - 12
401(k) Specialist Issue 1 - 2016 - 13
401(k) Specialist Issue 1 - 2016 - 14
401(k) Specialist Issue 1 - 2016 - 15
401(k) Specialist Issue 1 - 2016 - 16
401(k) Specialist Issue 1 - 2016 - 17
401(k) Specialist Issue 1 - 2016 - 18
401(k) Specialist Issue 1 - 2016 - 19
401(k) Specialist Issue 1 - 2016 - 20
401(k) Specialist Issue 1 - 2016 - 21
401(k) Specialist Issue 1 - 2016 - 22
401(k) Specialist Issue 1 - 2016 - 23
401(k) Specialist Issue 1 - 2016 - 24
401(k) Specialist Issue 1 - 2016 - 25
401(k) Specialist Issue 1 - 2016 - 26
401(k) Specialist Issue 1 - 2016 - 27
401(k) Specialist Issue 1 - 2016 - 28
401(k) Specialist Issue 1 - 2016 - 29
401(k) Specialist Issue 1 - 2016 - 30
401(k) Specialist Issue 1 - 2016 - 31
401(k) Specialist Issue 1 - 2016 - 32
401(k) Specialist Issue 1 - 2016 - 33
401(k) Specialist Issue 1 - 2016 - 34
401(k) Specialist Issue 1 - 2016 - 35
401(k) Specialist Issue 1 - 2016 - 36
401(k) Specialist Issue 1 - 2016 - 37
401(k) Specialist Issue 1 - 2016 - 38
401(k) Specialist Issue 1 - 2016 - 39
401(k) Specialist Issue 1 - 2016 - 40
401(k) Specialist Issue 1 - 2016 - 41
401(k) Specialist Issue 1 - 2016 - 42
401(k) Specialist Issue 1 - 2016 - 43
401(k) Specialist Issue 1 - 2016 - 44
401(k) Specialist Issue 1 - 2016 - Cover3
401(k) Specialist Issue 1 - 2016 - Cover4
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