News & Analysis as of

Financial Adviser

Stealing plan assets is easier than you think

by Ary Rosenbaum on

A third party administrator (TPA) and/or plan fiduciary stealing plans assets is easier than you think. The rumor that TPA Vantage Benefits stole $14 million from 6-7 of their clients shouldn’t be surprising to me because I...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

Specific Issues for Consideration by Banks, Financial Advisors and 501(c)(3) Organizations arising from the Proposed Tax Cuts and...

by Miles & Stockbridge P.C. on

Some of the potential impacts of the proposed Tax Cuts and Jobs Act (the “Act”), as currently drafted and described in our prior alert are summarized below for consideration. Draw-down bonds with an outstanding amount to...more

Initial Coin Offerings—A Singapore Perspective

by Jones Day on

As interest continues to grow in virtual currencies, blockchain technology and initial coin offerings, governments are evaluating the benefits and potential risks of these innovations, while considering numerous regulatory...more

Court Refuses To Enforce Arbitration Clause By Financial Advisor

by Winstead PC on

In Steer Wealth Mgmt., LLC v. Denson, Denson, in her individual capacity and as executor of her husband’s estate, sued Steer Wealth Management, LLC, for causes of action including breach of fiduciary duty, breach of contract...more

Well here is where an advisory firm gets in trouble

by Ary Rosenbaum on

A good chunk of my work as an ERISA attorney is working with financial advisory firms in managing their retirement plan practice especially with 401(k) plans. I have many registered investment advisory clients around the...more

TN Trust Code Authorizes Pre-Dispute Arbitration Agreement: Not Per Se Breach of Duty, but May Not Bind Non-Signatory Beneficiary

by Burr & Forman on

The Tennessee Supreme Court recently held that Tennessee’s Trust Code and broad trust-instruments authorize a Trustee’s execution of a pre-dispute arbitration clause. That isn’t a per se breach of fiduciary duty, but the...more

SEC Staff Issues New C&DIs Regarding Non-GAAP Measures in Business Combination Context

On October 17, 2017, the Staff of the Securities and Exchange Commission (SEC) issued new Non-GAAP Financial Measures Compliance and Disclosure Interpretations (C&DI) that clarify when financial forecasts used in connection...more

Blog: Corp Fin Posts Two New CDIs Regarding Non-GAAP Financial Measures In Connection With M&A Transactions

by Cooley LLP on

Corp Fin has posted two new CDIs regarding the use of non-GAAP financial measures in connection with business combinations, summarized below: - Section 101. Business Combination Transactions - Question 101.01 Financial...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

Pennsylvania Court Holds Fiduciary Duty Exists Only Where Consumer Cedes Decision-Making Control to the Fiduciary

by Carlton Fields on

The Pennsylvania Supreme Court recently held in Yenchi v. Ameriprise Financial, Inc. that a financial adviser owed no fiduciary duty to a couple who purchased a life insurance policy based on the adviser’s advice where they...more

Grow your client’s plan assets

by Ary Rosenbaum on

If you’re a financial advisor, more assets under management equal more money. It’s pretty simple to me. So that means a financial advisor working in the 401(k) plan space should do their best to making sure that their Plans...more

Obama’s DOL Fiduciary Rule Fades into the Distance

by Bowditch & Dewey on

If you have an account in a retirement plan where you work or you own an Individual Retirement Account, you may get financial advice about the assets in your account from an investment advisor, broker, planner, or insurance...more

Singapore Legal Update - August 2017

by Allen & Overy LLP on

SIC Takeovers Bulletin 3/2017: Management Buy-Outs and Other Matters - The SIC’s most recent bulletin sets out its views on the following matters: The information to be provided to a competing offeror in the case of a...more

Chris Lazarini Comments on Direct vs. Circumstantial Evidence in Discrimination Case

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which a former financial advisor of JPMS claimed his employment was terminated based on racial discrimination. Through application of the three-part burden...more

SEC’s Cybersecurity Risk Alert Reflects Advisory Firms are Gambling with Your Data

by Burr & Forman on

In August 2017, the SEC’s Office of Compliance Inspections and Examinations issued a Cybersecurity risk alert directed at financial advisory firms. As part of the SEC’s 2014 Cybersecurity Initiative, seventy-five firms,...more

Plan Design Consultants try to Kickstart 401(k) plans for employers

by Ary Rosenbaum on

My friends at Plan Design Consultants have created a new program called KIC(k)START, which is an approach for them to garner more plans and help out the advisors they work with....more

Court Holds That Former Broker Did Not Owe Fiduciary Duties To Client Regarding An Investment

by Winstead PC on

In Holmes v. Newman, the plaintiff made an investment in a start-up internet company that provided betting tips to gamblers for a fee. No. 01-16-00311-CV, 2017 Tex. App. LEXIS 6177 (Tex. App.—Houston [1st Dist.] July 6, 2017,...more

SEC Issues Risk Alert To Improve Cybersecurity Readiness

by King & Spalding on

On August 7, 2017, the U.S. Securities and Exchange Commission (“SEC”) published a risk alert directed to the financial advisory industry, identifying cybersecurity vulnerabilities that could make the industry’s networks...more

Consider how an advisor uses other plan providers

by Ary Rosenbaum on

What makes a good retirement plan financial advisor? Well it takes an attention to detail, an understanding of what the role entails, and a dedication to the plan sponsor client. In addition, what I find is the way a good...more

The real reason why bad funds are in 401(k) plans

by Ary Rosenbaum on

Researchers once looked at some data to try to figure out why many poor 401(k) investment choices linger on fund lineups. The researchers identified one fairly clear explanation: a sub-par fund is much more likely to stay on...more

Bill reforming financial adviser regime introduced to Parliament

by DLA Piper on

The financial services industry has been waiting with bated breath (given the upcoming General Election) for the introduction of the Financial Services Legislation Amendment Bill (Bill), which was introduced to Parliament on...more

Regulators Shine Spotlight on Material Conflict of Interest Transactions

On July 27, 2017, the Canadian Securities Administrators (CSA) published Multilateral Staff Notice 61-302 Staff Review and Commentary on Multilateral Instrument 61-101 Protection of Minority Security Holders in Special...more

Independent Directors, Law Firm and Financial Advisor not Liable for Omissions in Private Tender Offer

R.L. Polk & Co. Inc., a private company, was allegedly more than 90% controlled by the Polk family. The Company was in the consumer marketing business with holdings such as Carfax, Inc. In March 2011, the Company initiated a...more

The Appearance of Impropriety

by Ary Rosenbaum on

For some reason, the unincorporated village I live in has its own Sanitation District where a lot of unethical things have gone on in the past where a father and son once ruled with an iron fist. One man challenged the status...more

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Cybersecurity

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