Darlene Finzer and Paul McEwan, principals and benefit plan experts at Rea & Associates join Dave on this episode of unsuitable on Rea Radio to talk about the “F word” all plan sponsors should be acutely aware of – fiduciary.
In recent years, there has been more mainstream attention to the role and requirements of a fiduciary, which have been largely the result of an increasing number of lawsuits. The duo will explain the overarching responsibility of a fiduciary and why it is essential for this individual to put their clients’ interests ahead of all others and how doing so can benefit the business.
Listen to this episode to discover:
- The risks placed on fiduciaries and businesses as a result of conflicts of interests.
- What the future holds for fiduciaries and the people they serve.
- Where you can find help.
Listeners will also learn more about the new fiduciary regulation that’s scheduled to take effect in April and what it will mean for you and your business. Additionally, Darlene and Paul will talk about the recent White House memo from President Donald Trump that was sent to the Department of Labor that requested the department to review the fiduciary role and how fiduciaries can help retirement plan participants better prepare for retirement while receiving investment advice for a more reasonable fee.
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Thanks for listening!
articles & insight
Department of Labor Finalizes Fiduciary Rule – The DOL released its final regulation to define who is expected to assume fiduciary responsibility of a retirement plan as determined by the Employee Retirement Income Security Act of 1974. Read on for tips to help you prepare.
When Fiduciaries Fail To Put Participants First, The Legal System Takes Notice – Fiduciaries are learning the hard way that when it comes to managing their retirement plans they better have the best interests of participants in mind or face legal action. Keep reading to learn more.
Suitable Suggestions Are No Longer Suitable For Fiduciaries Under New Rule – The Fiduciary Rule is an attempt to require anyone providing investment advice for a retirement account (in exchange for compensation) to act as a fiduciary. Read on to learn more.
Five Steps To Mitigate Your 401(k) Fiduciary Risk – There is so much noise in the marketplace regarding the fiduciary responsibility of plan sponsors it’s no wonder people are confused. The confusion starts with who is a fiduciary so it’s important to note that fiduciary status is based on the functions performed for the plan, not a person’s title. Keep reading to learn more.
‘Noteworthy Changes’ Shake Up Filing Requirements Among Plan Sponsors – Have you taken advantage of your chance to review advance copies of the 2016 Form 5500 to find out how the DOL’s proposed changes will impact your business? Read on to learn more.
Your Fiduciary Survival Kit – Whether you were volunteered for the position or it is an understood part of your job description, being a fiduciary is no doubt a very small part of your much larger job responsibilities. But don’t take the responsibility lightly because what you don’t know about being a fiduciary can hurt you, your plan and your company.
official transcript
Click here to read the official transcript for episode 72: dropping the unsuitable ‘f-bomb’ – fiduciary.