Registered Investment Advisors
Another Bad Turn In The Tragic Saga Of Matt Hutcheson, Onetime Spokesman For Fiduciaries
The Matt Hutcheson saga continues, as the onetime spokesman for the fiduciary movement was ordered by a U.S. District Court in Idaho from overseeing a 401(k) plan holding the retirement savings of about 500 participants. In granting the U.S. Department of Labor's (DOL) motion for preliminary injunction against Matthew D. Hutcheson and Hutcheson Walker Advisors LLC, the court found that DOL had "demonstrated the type of immediate and irreparable injury necessitating entry of a preliminary injunction."
What ERISA Attorney Fred Reish Says Advisors Need To Know About 408(b)(2), Fiduciary Investment Advice, And Retirement Income Projections
Advisors, especially those who work in the employer-sponsored retirement plan market, ought to mark July 1 in their calendars and insert a reminder of the date for good measure.
That’s when the Department of Labor’s 408(b)(2) regulation goes into effect.
FINRA Seems Determined To Fulfill Its Business Growth Goals Despite Falling Membership Numbers
Growth in the number of registered investment advisors (RIAs) jumped 31% between 2004 and 2010. This growth has resulted in fewer members for FINRA as the number of retail broker dealers also shrinks. Nevertheless, FINRA has big growth goals and it hopes to acheive those goals primarily by expanding FINRA's oversight role over both institutional and retail advisors.
Guest Post: Robert Powell On The Spokesman For The Fiduciary Movement Who Is Now Accused Of Diverting Retirement Plan Assets To His Own Personal Accounts
The U.S. Department of Labor, in a complaint filed yesterday in U.S. District Court, alleges an advisor used more than $3.2 million of the retirement savings of workers from multiple employers for personal expenses. No money is left to pay plan participants the benefits owed them, DOL says. Ordinarily, this sort of DOL release wouldn’t be big news. The DOL files dozens of complaints every year accusing advisers of diverting ERISA-plan assets for their personal expenses. But this DOL release this time didn’t feature a nameless and faceless adviser.
RIAs Don’t Seem To Care Very Much About The Regulatory Debate; Reaction To Last Week’s FINRA-SRO News Was Muted
When news broke last Wednesday about the reintroduction of legislation that would make FINRA the regulator of RIAs, all of the advisor trade publications covered the story. Financial Planning even issued a “breaking news” alert. The reaction since from RIAs has been muted.
At Investment News, the article covering the controversial bill garnered 11 comments. The AdvisorOne story evoked just one comment. The Financial Planning breaking news story has attracted no comments. At Financial Advisor magazine, there have been no comments on the April 25 story. Here on A4A, wher
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