Understanding the Fraud Coverage Within a Cyber Liability Policy: Computer Fraud vs. Funds Transfer Fraud Most registered investment advisors see any potential fraud involving computers as a serious risk to business, but fraud coverage within a cyber liability policy can vary. Unlike RIAs, insurers don't think of cyber risks like fraud as one single risk, [...]
Read More3 Products RIAs Must Buy No business wants to spend money it doesn't have to. But without these 3 products RIAs must buy, a firm could find itself paying for risks it can't afford. In any shopping scenario, there are some bells and whistles that would be nice to have and other must-haves that you [...]
Read MoreHow Lockton Affinity Advisor Meets Schwab Insurance Benchmarks Your financial services firm faces special risk when operating your business. In the registered investment advisor (RIA) industry, that risk is climbing. Recently, Charles Schwab Co., Inc., one of the largest financial services custodians in the world, sent a memo to their RIAs communicating new requirements for [...]
Read MoreTrade Errors and Their Risks A primary duty of advisors is the faithful execution of trade orders on behalf of clients. If an advisor makes a mistake executing a trade order, a client can suffer a significant loss and an advisor can face legal and regulatory penalties. Unfortunately, industry data shows that trade errors are [...]
Read MoreThe Current State of the Cyber Market Cyber liability insurance protection is key to an effective risk management strategy when you're a registered investment advisor. But changes are afoot in the cyber insurance marketplace and it could impact your ability to get the coverage you need while it's still affordable. Since the beginning of the [...]
Read MoreHiring a Service Provider with Strong Cybersecurity Practices Under ERISA, retirement plan fiduciaries can be held liable for cyber crime impacting participant data and assets, even when the fault lies with a service provider. New guidance suggests how advisors like you can protect yourself. New Guidance for Fiduciaries Issued High rates of cyber crime continue [...]
Read More5 Recent Excessive Fee Lawsuit Case Examples Advisors have been hearing a lot about recent excessive fee lawsuit cases these days. With so much repetitive news, it's understandable if you've thought about tuning it out. But remember that these ERISA-based class action lawsuits can pose a huge risk to your career and personal assets. Under [...]
Read More7 Easy Ways to Reduce Excessive Fee Claim Risk Excessive fee claims pose a major risk to advisors. From questionable allegations to cookie-cutter ERISA lawsuits, excessive fee claims are growing, impacting more and more retirement plan fiduciaries. These sprawling class-action lawsuits can put both your professional and personal assets at risk but there are some [...]
Read MoreCoverage Gaps with Some E&O Policies: An Interview With Tom Schrandt Recently Tom Schrandt, Vice President at Lockton Affinity and Producer of the Lockton Affinity Advisor business, sat down with NAPA Net the Magazine, the official magazine of the National Association of Plan Advisors, to discuss an important topic—the coverage gaps that retirement plan advisors [...]
Read MoreAre 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 [...]
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