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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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. [...]
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The Lockton Affinity Advisor Insurance program is administered by Lockton Affinity, LLC d/b/a Lockton Affinity Insurance Brokers LLC in California #0795478. Coverage is subject to actual policy terms and conditions. Policy benefits are the sole responsibility of the issuing insurance company. Coverage may be provided by an excess/surplus lines insurer which is not licensed by or subject to the supervision of the insurance department of your state of residence. Policy coverage forms and rates are not subject to regulation by the insurance department of your state of residence. Excess/Surplus lines insurers do not generally participate in state guaranty funds and therefore insureds are not protected by such funds in the event of the insurer’s insolvency. Sponsors may receive a royalty fee for the licensing of its name and trademarks as part of the insurance program offered to the extent permitted by applicable law. Not available in all states.
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