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Advisers asking DOL for clarification on fiduciary rule's impact on compensation
InvestmentNews; July 18, 2016 @ 2:06 pm
More than three months after the Labor Department released a final rule to raise investment advice standards for retirement accounts, some advisers are expressing worry about how the measure will affect pay incentives, according to an agency official.
“The biggest concern people have probably has to do with how are they going to change their incentive structures,” DOL deputy assistant secretary Tim Hauser told reporters on the sidelines of an Investment Management Consultants Association conference in Washington on Monday.
Fewer Record-Keepers in the 401(k) Field
Workforce.com; July 18, 2016
The limbo bar is set lower and lower each year for 401(k) record-keepers. Several providers have exited the game, merged or been acquired by larger providers because they haven’t been able to keep pace with “how low can you go?” fees or expanded services that plan sponsors have been demanding.
“Plan sponsors want more,” said Jamie McAllister, vice president of defined contribution practice at Chicago-based consulting firm Callan Associates. “They want more services, more technology and lower pricing. It’s hard for everyone to keep up. It’s resource-intensive and investment-intensive.”