Posts Tagged ‘401k advice’
Ignore Generic 401(k) Guidance Posed as Advice
We have seen people follow guidance from the likes of the Jim Cramers, Suze Ormans and Dave Ramsey (though we are big fans of his debt reduction advice), which more often than not steers people into an inappropriate portfolio. Many 401(k) providers will even provide some general guidance as well, but they leave investors to figure out the ideal recipe (asset allocation) to create from their plan’s ingredients (investment options).Read More
BeManaged Cited in Congressional Testimony Regarding 401(k) Advice
Our friend Matthew Hutcheson, Independent Fiduciary, recently conducted testimony with the Congressional Ways and Means Committee. The goal of the testimony was to discuss the need for fiduciary best practices to continue to be reinforced with 401(k) plan sponsors as well as avoiding the potential conflicts of interest inherent to the broker dealer model.Read More
Thoughts on 401(k) Advice Session from fi360 National Conference (Presentation Included)
For the third straight year, I attended the fi360 National Conference, the premier fiduciary-focused conference in the nation. The sessions were outstanding, focusing on the many changes taking place within the retirement plan industry, including those proposed for 401(k) advice. I was fortunate enough to be able to speak on an esteemed panel regarding the topic to a packed house of concerned advisors and retirement plan providers. Here are some key points that were discussed:Read More
DoL to Issue New 401(k) Advice Rule Potentially by the Fall
The comment period for the DoL’s new 401(k) advice period ended on March 5th, and the 70 response letters will be under consideration by the Employee Benefits Security Administration. Financial-Planning.com reported that the Department could have the rule on advice finalized as soon as this fall. Though it might end up being four years since the PPA was passed before this rule is finalized, it should be worth the wait for 401(k) investors due to its conflict-free, fiduciary approach.Read More
BeManaged Featured in May Edition of Financial Advisor Magazine
In this month’s F-A Magazine, BeManaged was featured in the article titled “Better Laid Plans,” which is focused on how companies around the nation are answering the call for 401(k) advice. It was a privilege to be included in the article, but there is a key point we would like to correct about how we operate.
We do NOT control the investor’s contributions. The participant is ALWAYS in complete control, we simply provide encouragement and strategies for how to increase those contributions.Read More
Poll: More or Less 401(k) Advice?
Weigh in with your vote regarding the affect the DoL’s 401(k) advice proposal will have on the accessibility of advice for investors on LinkedIn. More? Less? No Change?Read More
BeManaged Co-Founder Presenting at ’10 fi360 National Conference
As in ’09, I will be presenting with a distinguished panel of speakers on the timely topic of 401(k) advice at the ’10 fi360 National Conference. The session, titled “401(k) Participant Advice: How to Protect Plan Sponsors and Yourself.”Read More
401(k) Paternalism – Employers Take More Active Role in Employees’ 401(k) Decisions
This month’s CFO magazine featured an interesting article regarding the change taking place in how employers’ are taking a more paternalistic approach to their employees’ decisions with their 401(k) accounts. Some of the issues that have made paternalism more necessary (not that it’s new news) are as follows:Read More
401(k) Managed Accounts – Simply a Method of Delivering 401(k) Advice
401(k) managed accounts and 401(k) advice are often considered two entirely different things in the retirement plan industry. Apples and oranges? I find this odd, to put it lightly. The ’01 SunAmerica Opinion opened the door for participants to receive advice or account management on a fee for service basis. Specifically, the following is the text from the SunAmerica Opinion, which simply states both investment advice and “discretionary asset allocation” (aka account management/managed accounts) are available:Read More
What Are Your Questions Regarding the New 401(k) Advice Proposal?
Since the DoL’s new 401(k) advice regulations were submitted on February 26th, what are your biggest questions? The most commonly discussed questions have included the following:Read More