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Finance & Banking Professional Practice

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

Billable Bitcoins: Why it Pays for Lawyers to Accept Cryptocurrency

With bitcoin and other cryptocurrencies reaching shocking new prices seemingly every day, some people have finally started putting the new payment systems to real use – paying lawyers. Earlier this fall Nebraska became the...more

Another TPA joins Alliance Benefits Group

by Ary Rosenbaum on

One of the great supermarkets in my area is ShopRite and it’s one of the unique successes in the supermarket business. ShopRite is a co-operative consisting of individual supermarket owners who band together for purchasing...more

The Rapidly Shifting Law Firm: Responding to Client Needs and Building Trust

by Goodwin on

Goodwin Senior Counsel Brackett Denniston, former Senior VP and general Counsel at GE, recently sat down with Mike Caplan, Goodwin’s Chief operating officer, to discuss the shifting demands on today’s law firms and how to...more

Retirement Plan Sponsors Can’t Afford To Be Cheap

by Ary Rosenbaum on

There is nothing wrong with being thrifty. You should never pay full price for something that you can get on a discount. Being thrifty is different from being cheap. Being cheap is about not wanting to pay for something just...more

Forum Selection Clause in an Unsigned Pre-Petition Engagement Letter is Binding on Chapter 11 Trustee.

Every lawyer knows that it is important to enter into a signed engagement letter with a client before commencing legal representation. But, as one law firm recently discovered, even an unsigned engagement letter is better...more

How A Plan Provider Should Handle Employees

by Ary Rosenbaum on

I always say that the main reason that I don’t want to have employees is that I was an employee once too. An employee wants to get paid as much as possible and the employer wants to pay as little as possible. I have yet to...more

U.K. Regulator Critiques Legal Industry AML Compliance

by Ballard Spahr LLP on

In its “Risk Outlook, Autumn Update” (“Update”) released last week, the Solicitor Regulation Authority (“SRA”), a regulator of solicitors and law firms in England and Wales, found that although the legal sector remains at...more

Plan Features And Services Aren’t A Fit For Every Plan Sponsor

by Ary Rosenbaum on

Did you ever buy a car and the dealer was trying to sell you things you didn’t really need like etched glass and under carriage treatments? Well, retirement plan sponsors are sold services that many times they really don’t...more

How 401(k) Plan Sponsors Can Avoid Turning Their Plan Into A Disaster

by Ary Rosenbaum on

I’m a movie fan especially a fan of movies from the 1970s. One genre of movies made famous during the 1970s was the disaster movie. The Poseidon Adventure, Airport, and The Towering Inferno led to a great successful genre...more

Location of your plan provider isn’t an issue these days

by Ary Rosenbaum on

I’m the guy who will travel to a Target further from my home because the Target in Farmingdale is far better than Westbury and Valley Stream and people think I’m crazy to travel 15 minutes more for a better run store with...more

Advisors Advantage - November 2017

by Ary Rosenbaum on

The Bottom Line For Retirement Plan Providers. More plan assets for your clients is a good thing for many reasons. When I had the idea of starting a National ERISA practice 10 years ago, I knew I would have a tough time...more

IRS announces 2018 retirement plan limits

by Ary Rosenbaum on

As 2017 nears its end, we already have the retirement plan limits set for 2008 by the Internal Revenue Service (IRS). For 401(k) plans, the 2018 limit for salary deferrals contributions is $18,500, up $500 from 2017’s...more

It Looks Good On Paper For The 401(k) Plan Sponsor, But…

by Ary Rosenbaum on

Often there are things that look good on paper and don’t look good in practice like an Apple Newton or Incredible Universe. Those business bombs cost the businesses that pushed them out. For 401(k) plan sponsors, they can ill...more

The Bottom Line For Retirement Plan Providers

by Ary Rosenbaum on

When I had the idea of starting a National ERISA practice 10 years ago, I knew I would have a tough time in getting clients especially when the law firm I was at had partners that weren’t interested in selling my services to...more

What To Avoid In Hiring Plan Providers As 401(k) Fiduciaries

by Ary Rosenbaum on

A plan sponsor has so many things to do in running a business that they often forget that as a 401(k) plan sponsor, they are also a plan fiduciary. Being a plan fiduciary requires the highest duty of care in equity and law....more

[Event] 1st Annual FinTech Update - November 9th, Chicago, IL

by Vedder Price on

Chicago is at the center of a new and growing industry. This complimentary program is designed as a concise briefing on the latest developments in the FinTech industry for C-Suite executives....more

Avoid the headache: Stick to what you know

by Ary Rosenbaum on

Over the past 7 years as a solo ERISA practitioner, I always get asked if that’s all I do. It’s not some kind of insult, but a question on whether I also do financial advisory work and/or third party administration work. The...more

Don’t get out of your level of comfort

by Ary Rosenbaum on

I started this law firm about 17 years ago as a side project. It is where I could offer legal services on the side while I did my normal day job. It was an experiment on whether I could go out on my own and I learned during...more

How And Why Plan Providers Should Help Increase 401(k) Plan Assets

by Ary Rosenbaum on

Many years ago, I was an ERISA attorney working for a “producing” third party administrator (TPA) that was very successful because of its in-house registered investment advisory firm advising a good portion of the 401(k)...more

Retirement Plan Features Going The Way Of Bell Bottoms and Betamax

by Ary Rosenbaum on

The retirement plan business is like pieces of technology; there are features and concepts out there that are going the way of bell bottoms and Betamax. As a retirement plan sponsor, you need to be up to date with the changes...more

You Might Be The Plan Provider That They Don’t Need Right Now

by Ary Rosenbaum on

When it comes to Super Hero movies, the best by far is The Dark Knight. It was a gripping drama with well-written characters that just happened to be about super heroes and villains. The movie is full of great, thought...more

Good Housekeeping Tips Every 401(k) Plan Sponsor Should Follow

by Ary Rosenbaum on

Good housekeeping isn’t just about keeping your house clean, it’s about keeping everything in order. When it comes to being a 401(k) plan sponsor, good housekeeping isn’t about dusting and putting baking soda in the...more

One From The Heart

by Ary Rosenbaum on

The Dark Knight Rises is one of my favorite movies and one great scene at the end is when Catwoman tells Batman: “You don’t owe these people anymore. You’ve given them everything” and Batman says: “Not everything. Not...more

What They Don’t Know As A 401(k) Sponsor May Hurt Them

by Ary Rosenbaum on

When I worked at a semi-prestigious law firm, one of the named partners (whose son is a Congressman who was kind enough to offer me a cannoli at a Knicks-Clippers game a few years ago) asked me what my practice was. I told...more

Focusing Just On Fees Can Make 401(k) Plan Sponsors Neglect Other Problems

by Ary Rosenbaum on

Thanks to regulations requiring fee disclosure, media coverage, and a lot of litigation, 401(k) fees are still a huge topic for plan sponsors. Retirement plan providers talk about fees all the time because it’s a huge...more

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