Hiring a Service Provider with Strong Cybersecurity Practices

Hiring a Service Provider with Strong Cybersecurity Practices 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 Issued High rates of cyber crime continue [...]

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By | August 9th, 2021|RIA|0 Comments

7 Easy Ways to Reduce Excessive Fee Claim Risk

7 Easy Ways to Reduce Excessive Fee Claim Risk 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 at risk but there are some [...]

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By | May 21st, 2021|RIA, Risk Management|0 Comments

Coverage Gaps with Some E&O Policies: An Interview With Tom Schrandt

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 [...]

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By | April 22nd, 2021|Insurance Information, RIA, Risk Management|0 Comments

Are Excessive Fee Reforms on the Horizon?

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 [...]

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

15 Excessive Fee Lawsuit Examples

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 [...]

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

Excessive Fee Lawsuits and their Impact on the Insurance Market

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 [...]

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

Preventing Excessive Fee Lawsuits

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 [...]

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

Excessive Fee Lawsuits Against Advisors

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 [...]

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

Managing Cybersecurity Risk to 401(k) Plans

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 [...]

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

Disclosing Disciplinary Events on Form ADV Part 3 for RIAs

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 [...]

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