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So far Lockton Affinity, LLC has created 34 blog entries.

15 Excessive Fee Lawsuit Examples

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 [...]

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

Excessive Fee Lawsuits and their Impact on the Insurance Market

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 [...]

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

Preventing Excessive Fee Lawsuits

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 [...]

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

Excessive Fee Lawsuits Against Advisors

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 [...]

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

Managing Cybersecurity Risk to 401(k) Plans

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 [...]

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

Disclosing Disciplinary Events on Form ADV Part 3 for RIAs

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 [...]

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

Wire Fraud Risks for Retirement Plan Advisors

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 [...]

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

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 [...]

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

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

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 [...]

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

New York Introduces Best Interest Standard for Annuity Sales

New York Introduces Best Interest Standard for Annuity Sales Individual states continue to introduce their own rulings, following the SEC Regulation Best Interest ruling. The new requirements under Regulation Best Interest and the disclosure requirements on broker-dealers and investment advisors will take effect on September 10, 2019. As of August 1, New York financial professionals have [...]

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By | August 22nd, 2019|Industry Information, Life Agents|0 Comments