The Risks of Internal Theft vs External Theft for Financial Professionals

The Risks of Internal Theft vs External Theft for Financial Professionals The topic of external theft is familiar for many advisors. Assets you oversee are attractive to criminals and so is the personally identifiable information of your clients, investors and plan participants. Stories abound of fraudsters and internet hackers stealing funds from financial firms and [...]

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By | December 28th, 2023|RIA, Risk Management|0 Comments

Cybercrime Terminology to Know

Cybercrime Terminology to Know As an advisor, not knowing or understanding the cybercrime risks your business faces puts you at a disadvantage against cyber criminals who know exactly what they're doing. But wrapping your head around the lingo used to talk about the topic can be tricky. Cybercrime terminology is complex and it's constantly changing [...]

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4 Ways to Minimize the Risk of SECURE 2.0 Changes

4 Ways to Minimize the Risk of SECURE 2.0 Changes After a long and windy road, the SECURE 2.0 Act has become law. The new legislation, which updates the original Setting Every Community Up for Retirement Enhancement Act of 2019, contains a number of changes impacting recordkeepers. SECURE 2.0 changes represent an opportunity for your [...]

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Report: Finance Is One of the Most Targeted Industries by Cyber Criminals

Report: Finance Is One of the Most Targeted Industries by Cyber Criminals Financial services businesses have been a target for criminals since the days of the Pony Express. Now, modern businesses face a serious threat from cyber criminals seeking to steal funds from bank accounts, real estate closings, court settlements and retirement funds. A new [...]

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One Law Firm Filed 11 Copycat Lawsuits Against Advisors of 401(k) Plans Last Year

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 [...]

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By | March 21st, 2023|Industry Information, RIA, Risk Management|0 Comments

Fighting Cyber Fraud: Two Case Studies of Claims Against Recordkeepers

Fighting 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 [...]

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By | November 16th, 2022|Industry Information, RIA, Risk Management|0 Comments

Finance, Cyber Attacks and Geopolitics: The Risk to Businesses Like Yours

Finance, 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 [...]

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By | August 22nd, 2022|Industry Information, RIA, Risk Management|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

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|Insurance Information, RIA, Risk Management|0 Comments