Webinar brought to you by. The Evolving ERISA Fiduciary Standard What Do You Need To Know? Live ByAllAccounts Webinar - Feb 28, 2PM EST Presented by Marcia.

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Presentation transcript:

Webinar brought to you by

The Evolving ERISA Fiduciary Standard What Do You Need To Know? Live ByAllAccounts Webinar - Feb 28, 2PM EST Presented by Marcia S. Wagner, Esq.

ByAllAccounts is the only provider of intelligent data aggregation for financial services companies and the platforms on which their businesses depend. We serve over 1500 clients, including Advisory firms, Wealth managers, Trusts and Asset managers. We help clients: Eliminate Manual Data Entry Drive Back Office Efficiency Access Hard-to-Get Account Data (retirement accounts) Provide Holistic View of Client Portfolios Save Time & Money About ByAllAccounts

Marcia S. Wagner, Principal – Wagner Law Principal of The Wagner Law Group, one of the nation’s largest boutique law firms, specializing in ERISA, employee benefits and executive compensation Frequently quoted in The Wall Street Journal, Financial Times, Pension & Investments, many other industry publications Provides counsel to advisors

Webinar brought to you by The Evolving ERISA Fiduciary Standard What Do You Need To Know? Marcia S. Wagner, Esq.

Webinar brought to you by 6 DOL’s Campaign to Expose Conflicts DOL Strategy ◦ Roll out new fee disclosure rules. ◦ Impose fiduciary status on more providers. ◦ Force non-fiduciary advisors to make disclaimers. DOL releases proposed reg’s on Oct. 21, ◦ Broadens “investment advice fiduciary” definition. ◦ Withdrawn on September 19, ◦ To be re-proposed with more input from public. If you provide investment advice, you are automatically deemed a fiduciary. DOL’s current definition for investment advice is based on 5-factor test.

Webinar brought to you by 7 Overview of DOL’s Initial Proposal Existing Definition ◦ Advice may be investment advice if it is a primary basis for plan decisions and given on regular basis. DOL’s Initial Proposal ◦ Include any advice that may be considered by plan. ◦ May include casual advice or one-time advice. ◦ Non-fiduciary advisors must make disclaimer: (1) advisor is acting as seller of securities. (2) advisor’s interests are adverse to client. (3) advice is not impartial.

Webinar brought to you by 8 Broader “Fiduciary” Definition Practical Implications Non-Fiduciary Advisors ◦ Would need to change service model. ◦ Must disclose they are not providing impartial advice. ◦ Or they could accept fiduciary status and become subject to ERISA. Re-proposed Rule in 2012 ◦ New definition to include individualized advice only. ◦ Will be similar in approach to DOL’s initial proposal. ◦ DOL is coordinating with SEC.

Webinar brought to you by Broader “Fiduciary” Definition Practical Implications DOL proposal likely to pressure advisors to provide fiduciary services for level fees. ◦ Advisors unwilling to serve plan clients on these terms may be forced out of retirement space. Advisors, especially non-fiduciaries, should re-evaluate business model for plan clients. ◦ Explore working with recordkeeping platforms that have ability to offer level payouts. ◦ Explore use of ERISA fee recapture accounts to ensure advisor retains level fee only. ◦ Consider becoming “dual registrant” and charge level asset-based fee as RIA. ◦ No easy “one size fits all” solution for firms. 9

Webinar brought to you by TO DO Speak with recordkeeping platforms regarding potential fee leveling Explore certain computer models under which investment advice may be provided while the financial advisor still receives variable compensation Review contracts with clients to ensure no inadvertent prohibited transactions and clarify on what you are and more importantly, are not a fiduciary for Develop relationship with ERISA/employee benefits counsel – realistically you probably need some assistance in this complex area – not something to do on your own, cost is not prohibitive: $2,000 to a few thousand dollars per year. 10

Webinar brought to you by 11 The Evolving ERISA Fiduciary Standard Presented by Marcia S. Wagner, Esq. 99 Summer Street, 13 th Floor Boston, MA Tel: (617) Fax: (617) Website: A

Q&A CONTACT ByAllAccounts for 10-minute complimentary phone consultation: Jhan Frias ByAllAccounts Office: (781) ext. 129 Mobile: (401) Thank you!