Message from the Firm
By Fred Reish
2010 promises to be an “interesting” year for advisors . . . consultants, insurance brokers, broker-dealers and RIAs. In fact, interesting may be putting it mildly.
Here are just a few of the things that 2010 will bring us:
- A regulation (at last) on fiduciary investment advice for participants.
- A regulation on 408(b)(2) disclosures, including compensation, services and conflicts of interest.
- A regulation on disclosures to participants regarding investments and expenses.
- A report by the DOL and SEC on their hearing about target date funds, as well as additional requirements for disclosures and communications concerning target date funds.
- A legislative proposal that would impose fiduciary responsibility on the investment managers of target date funds.
- A regulatory expansion of the definition of fiduciary as it relates to investment advice.
- A request for information about lifetime income from 401(k) accounts and rollover IRAs, which will start a public discussion concerning the importance of lifetime income.
- More court decisions about revenue sharing and the use of retail mutual funds in very large plans.
… and that is just a partial list.
The articles in this newsletter focus on several of those issues. Hopefully they will help you better navigate the currents of 2010. All in all, the ultimate destination should be a good one, but the journey will be tumultuous.
Reprinted with permission, © 2010 Reish & Reicher, A Professional Corporation. All rights reserved. THE ADVISER REPORT is published as a general informational source. Articles are general in nature and are not intended to constitute legal advice in any particular matter. Transmission of this report does not create an attorney-client relationship. Reish & Reicher does not warrant and is not responsible for errors or omissions in the content of this report.
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