RIA Archives - Lockton Affinity Advisor

Are Excessive Fee Reforms on the Horizon?

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 defending themselves from claims but also because of the unreliability of some litigation tactics and [...]

By | March 25th, 2021|RIA|0 Comments

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 alleging when they bring these [...]

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

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 have the possibility to amount to millions of dollars, which [...]

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

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 execute their fiduciary duties [...]

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

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 all types of plans. Even [...]

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

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 proper cybersecurity precautions could expose you [...]

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

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 States Securities and Exchange Commission (SEC) also reduces your likelihood [...]

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

Fiduciary Rule and Its Effect on Financial Professionals—Part IV: Individual State Rulings

A fiduciary rule proposed by the U.S. Department of Labor (DOL) in 2010, has left the industry in flux ever since. With the goal of protecting consumers from conflicting financial advice, the rule has been in debate since 2016. It has been phased in, withdrawn, voted on, vetoed, reviewed and revised. This series addresses the [...]

By | August 13th, 2019|Industry Information, Life Agents, RIA|0 Comments

Fiduciary Rule and Its Effect on Financial Professionals—Part III: What to Do as a Financial Professional

A fiduciary rule proposed by the U.S. Department of Labor (DOL) in 2010, has left the industry in flux ever since. With the goal of protecting consumers from conflicting financial advice, the rule has been in debate since 2016. It has been phased in, withdrawn, voted on, vetoed, reviewed, revised and, at present, left to [...]

By | July 19th, 2019|Industry Information, Life Agents, RIA|0 Comments

Fiduciary Rule and Its Effect on Financial Professionals—Part II: Where It Stands Today

A fiduciary rule proposed by the U.S. Department of Labor (DOL) in 2010, has left the industry in flux ever since. With the goal of protecting consumers from conflicting financial advice, the rule has been in debate since 2016. It has been phased in, withdrawn, voted on, vetoed, reviewed, revised and, at present, left to [...]

By | June 7th, 2019|Industry Information, Life Agents, RIA|0 Comments