DOL’s Fiduciary Proposal Can Mean Big Changes, but for Whom?


When the Department of Labor (DOL) recently announced proposed regulations updating the ERISA definition of a fiduciary, many industry heavyweights publicly proclaimed that this was going to hurt the small investors by causing brokers to exit that end of the market. Meanwhile, some advisors have used the news to call my clients, warning them how… [Read More]

Who, Me? Fiduciaries Often Don’t Understand Their Responsibilities & Exposure


How well do the members of your 401(k) committee understand their fiduciary responsibilities? How many of them understand that they could be found personally liable for breaches of their duties? With committees I have encountered, members are often recruited (sometimes reluctantly) based on their position with the company or perceived investment knowledge. But that does… [Read More]

To Be or Not to Be a Fiduciary


Plan sponsors often ask me how they can get out of being considered fiduciaries of their company’s retirement plan – and for good reason. Being fiduciaries opens them up to potential personal liability for any losses due to a breach of their fiduciary duties. And many of them have no idea what those duties entail. Scary stuff! But amid all the… [Read More]