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 [...]
Read MorePreventing 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 [...]
Read MoreWire 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 [...]
Read MoreWhy 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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