One Law Firm Filed 11 Copycat Lawsuits Against Advisors of 401(k) Plans Last Year Financial advisors have been plagued by 401(k) lawsuits in recent years. So frequent are new suits in the headlines, that it may seem like every law firm in the country has a case pending against an advisor. Yet in reality, many [...]
Read MoreFighting Cyber Fraud: 10 Questions Lawmakers Are Asking About Retirement System Cybersecurity Enough high-profile cyber incidents involving retirement plans have occurred that lawmakers have begun asking questions. The Comptroller General of the U.S. Government Accountability Office has been asked by members of Congress to examine the issue and answer 10 crucial questions to help guide [...]
Read MoreFinancial Execs May Be Overconfident About Cyber Security, Survey Shows Cyber security is crucial for today’s financial services professionals — at this point, almost everyone understands that. Yet some firms may still be underprepared for serious cyber attacks and the damage they can cause. A new survey of financial executives found that many overestimate the [...]
Read MoreFighting Cyber Fraud: Two Case Studies of Claims Against Recordkeepers “Did you hear? Another recordkeeper was sued for cyber fraud!” Recordkeepers have heard this line a lot lately. But around the watercooler, such stories often blur together. The details get lost, and that can make it harder for registered investment advisors to understand the risk [...]
Read MoreFinance, Cyber Attacks and Geopolitics: The Risk to Businesses Like Yours Businesses in the finance industry are facing new online risk as cyber attacks and geopolitics merge into a single threat. Cyber attacks have already been at an elevated level for several years. However, the latest geopolitical threat comes in addition to those existing risks [...]
Read MoreLockton Affinity Advisor Meets Fidelity's New Insurance Requirements Large financial firms are taking action to address the increasing risk in the registered investment advisor (RIA) industry. Following closely on the heels of Schwab, the latest is Fidelity Investments, whose Fidelity Institutional business unit serves financial intermediaries and institutions with investment technologies and solutions. In March, [...]
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 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 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 MoreDisclosing 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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