Category Archives: BICE

“Upon Further Review: Do We Already Have a Universal Fiduciary Standard?” Redux

Back in 2013 I posted an article dealing with the controversy over the DOL’s proposed fiduciary standard. In that article, I suggested that a universal fiduciary standard was already in place that applied to stockbrokers, investment advisers and anyone else … Continue reading

Posted in BICE, compliance, DOL fiduciary rule, DOL fiduciary standard, fiduciary compliance, fiduciary law, Fiduciary prudence, fiduciary standard, financial planning, Impartial Conduct Standards, investment advisers, investments, RIA, RIA Compliance, securities compliance | Tagged , , , , , , , , , , , , , ,

A Better Mousetrap?: A New Format for Plaintiffs’ Complaints in ERISA Fiduciary Breach/Excessive Fee Cases?

My two most recent posts on this blog have dealt with recent decisions involving ERISA fiduciary breach cases alleging excessive fees in 401(k) plans. To avoid a possible false sense of security within the investment industry, the posts also discussed … Continue reading

Posted in 401k investments, BICE, closet index funds, compliance, DOL fiduciary rule, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, Fiduciary prudence, fiduciary standard, Impartial Conduct Standards, investment advisers, investments, IRA, IRAs, pension plans, prudence, retirement plans, RIA, RIA Compliance, wealth management, wealth preservation | Tagged , , , , , , , , , , , , , , , , , , ,

Quantifying the Impartial Conduct Standards Under the DOL’s New Fiduciary Rule

With a portion of the DOL’s new fiduciary rule scheduled to go into effect at midnight tonight, there are still some unanswered questions with regard to how some key terms will be interpreted. The key terms in question are primarily … Continue reading

Posted in 401k, 401k compliance, 401k investments, 404c compliance, Annuities, BICE, compliance, DOL fiduciary rule, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, Fiduciary prudence, fiduciary standard, Impartial Conduct Standards, investment advisers, pension plans, retirement plans, RIA, wealth management, wealth preservation | Tagged , , , , , , , , , , , , , , , , , , , , , , ,

The Fiduciary Standard is Dead? Long Live the Fiduciary Standard!

A lot of people have asked me about the impact of the recent election on the future of the fiduciary standard. My answer is always in two parts – one based on existing legal precedent, the other on the DOL’s … Continue reading

Posted in BICE, compliance, DOL fiduciary standard, ERISA, fiduciary law, fiduciary standard, investment advisers, pension plans, RIA, RIA Compliance, securities compliance | Tagged , , , , , , , ,

Point to Ponder: A Reverse BICE Cause of Action?

In talking with some of my colleagues on both the legal and financial planing sides, an interesting question has come up with regard to potential liability under the new BICE provision of the DOL’s new fiduciary standard. I’m writing this … Continue reading

Posted in 401k, 401k compliance, 401k investments, 404c, BICE, compliance, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, investment advisers, investments, IRAs, pension plans, retirement plans, RIA, RIA Compliance | Tagged , , , , , , , , , , , , , , , ,

A Fiduciary Blueprint: The Restatement of Trusts, the Prudent Investor Rule and the DOL’s New Fiduciary Rule

A [fiduciary] is held to something stricter than the morals of the market place.  Not honesty alone, but the punctilio of an honor the most sensitive, is the standard of behavior…. Meinhard v. Salmon, 249 N.Y. 458, 464 (1928) Ever … Continue reading

Posted in 401k, 401k compliance, 401k investments, 404c, 404c compliance, Annuities, BICE, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, investment advisers, investments, IRAs, pension plans, retirement plans, RIA, RIA Compliance, securities compliance, wealth management, wealth preservation | Tagged , , , , , , , , , , , , , , , , , , , , , ,

401(k) Alert: Protecting Plan Sponsors and Plan Participants Under the BICE Exemption

Most of the litigation against 401(k) plans has focused on excessive fees and/or the poor quality of investment options within a plan. With the effective date of DOL’s new fiduciary standard and the Best Interests Contract exemption (BICE) coming in … Continue reading

Posted in 401k, 401k compliance, 401k investments, 404c, 404c compliance, BICE, compliance, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, investment advisers, investments, IRAs, pension plans, retirement plans, wealth management, wealth preservation | Tagged , , , , , , , , , , , , , , , ,