Lockton Affinity, LLC, Author at Lockton Affinity Advisor

About Lockton Affinity, LLC

Lockton Affinity, an affiliate of Lockton Companies, was formed in 1987 to meet the dynamic, specialized insurance needs of affinity groups, non-profits, associations and franchises.

Are Excessive Fee Reforms on the Horizon?

More and more excessive fee lawsuits are claiming that retirement plan fiduciaries are overpaying for fees or mismanaging investments, but excessive fee reforms could be on the horizon. Excessive fee lawsuits are concerning—not only due the high cost to advisors defending themselves from claims but also because of the unreliability of some litigation tactics and [...]

By | March 25th, 2021|RIA|0 Comments

15 Excessive Fee Lawsuit Examples

Over the last year, advisor insurance claims for excessive fee lawsuits have skyrocketed. If you are a retirement plan fiduciary, you too could be at an increased risk for an allegation that the investment manager or recordkeeper is being paid too much. It’s beneficial to understand what exactly plaintiffs are alleging when they bring these [...]

By | February 24th, 2021|RIA|0 Comments

Excessive Fee Lawsuits and their Impact on the Insurance Market

Large class-action excessive fee lawsuits were once rare and targeted big firms with billions of assets under management. Now, these lawsuits have taken aim at small-firm fiduciaries managing all types of plans. Litigation is extremely complex and costly with personal assets put at risk. Settlements have the possibility to amount to millions of dollars, which [...]

By | February 1st, 2021|RIA|0 Comments

Preventing Excessive Fee Lawsuits

Large class-action lawsuits claiming retirement plan fiduciary negligence resulting in excessive fees have been with us for a long time. But as we recently wrote, this threat has evolved—now any fiduciary of a retirement plan can face significant risk of a claim. While there are indeed some professionals who may improperly execute their fiduciary duties [...]

By | January 13th, 2021|RIA|0 Comments

Excessive Fee Lawsuits Against Advisors

Fiduciaries of retirement plans face a number of evolving risks. Most recently, there has been a wave of excessive fee lawsuits against advisors. Large class-action lawsuits were once rare and targeted at big firms with billions of assets under management. Now, these suits have taken aim at small-firm fiduciaries managing all types of plans. Even [...]

By | December 8th, 2020|RIA|0 Comments

Managing Cybersecurity Risk to 401(k) Plans

Personal data and financial assets are top targets for today's cybercriminals, but many advisors lack sufficient cybersecurity protections to meet legal requirements and protect 401(k) plan participants. Cybercrime often impacts a client's personal information as well as their financial assets. As a 401(k) plan fiduciary, failure to take the proper cybersecurity precautions could expose you [...]

By | November 17th, 2020|RIA|0 Comments

Disclosing Disciplinary Events on Form ADV Part 3 for RIAs

The best advisor–client relationships are built on trust and professionalism. In many ways, that professional trust is built by following the proper procedures for reporting and compliance, such as properly disclosing disciplinary events on Form ADV Part 3. Following the procedures designated by the United States Securities and Exchange Commission (SEC) also reduces your likelihood [...]

By | November 2nd, 2020|Industry Information, RIA, Risk Management|0 Comments

Wire Fraud Risks for Retirement Plan Advisors

Year after year, cyber crime continues to grow and evolve, including wire fraud risks for retirement plan advisors. Certain industries, including the financial industry, have seen an increase in the number and cost of attacks. Because financial professionals like retirement plan recordkeepers, CPAs and lawyers host large amounts of their clients’ personally identifiable information, they [...]

What Financial Professionals Should Know About Shared Limits vs. Individual Limits

When it comes to your Errors and Omissions Liability Insurance, small policy details—such as shared limits versus individual limits—can make a huge difference. Consider the following: a corner bakery you visit every day runs out of your favorite pastry just before you reach the front of the line. A few more customers came in early [...]

By | October 22nd, 2019|Life Agents|0 Comments

Why Today’s Financial Professionals Need Errors and Omissions Liability Insurance

While all investments involve risk for the investors, a considerable risk also exists for the financial professionals who provide services to those investors. Even if you are extremely diligent in the exercise of your duties and enjoy great relationships with your clients today, you could still face a stressful claim or costly litigation from an [...]

By | September 19th, 2019|Insurance Information, Life Agents|0 Comments