Insurance Information Archives - Lockton Affinity Advisor

5 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 ERISA Section 409, a retirement plan fiduciary's [...]

Coverage 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 can risk with some Errors and Omissions (E&O) insurance products. Countless [...]

By | April 22nd, 2021|Insurance 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 [...]

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