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Rich Lynch
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CEFEX, the Centre for Fiduciary Excellence, was established in 2006 and has been doing fiduciary certifications for six years now. When it was established, there were several considerations that were ironed out so as to ensure CEFEX got off on... Continue reading
Posted Aug 31, 2012 at fi360 Blog
In a previous blog post we provided some highlights from the DOL's Field Assistance Bulletin No. 2012-02, which provided further guidance related to the new 404(a)(5) participant disclosure rule. It seems question #30 and its related answer pertaining to "self-directed... Continue reading
Posted Jul 5, 2012 at fi360 Blog
We have spent a good deal of time here summarizing, analyzing and providing our commentary on the reports of three major studies that were released in late January (here, here and here). All three studies have fiduciary implications, particularly the... Continue reading
Posted Feb 10, 2011 at fi360 Blog
The question in the title of this post was recently posed by an advisor who understood the need for a fiduciary to review his service providers periodically, but he wanted to know what was considered the industry best practice. It... Continue reading
Posted Nov 3, 2010 at fi360 Blog
Assistant Labor Secretary Phyllis Borzi indicated earlier this week that the new proposed rules governing advice to 401(k) participants should be released by the Labor Department by the end of the month. The comment period is expected to last approximately... Continue reading
Posted Feb 5, 2010 at fi360 Blog
This is the second time we have heard this question this week, which tells us there are a number of plan sponsors that are considering this approach. On the opposite side of the spectrum are the self-directed brokerage accounts or windows, for which we have advised caution for years now, as we feel they are inherently more risky and very difficult to monitor. Moving to a plan that only offers one stop shopping, choices from a select list of risk-based or age-based funds or accounts, will ensure that all participants are at least invested in a diversifed portfolio. For an unsophisticated participant universe, it probably makes sense and we are not aware of any laws, regulations, or case law that indicate this would constitute a fiduciary breech. I suspect, however, that most often there will be some participants that want more choice.
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