Backing Up The Brokers

Regulators are requiring brokers who sell retirement savings plans to meet a fiduciary standard.

by Scott Revare, CEO, Smart 401k

The last thing that most broker-dealers that sell and service 401(k) plans want is for regulators to classify their representatives as fiduciaries. Under the Employee Retirement Income Security Act of 1974, brokers who give plans or participants advice on specific investments are considered to be acting as fiduciaries. As regulators step up enforcement of these rules and new layers of regulation are added, the likelihood that a broker may become a fiduciary inadvertently is increasing sharply.

Click here to learn how some brokers are handling this.

Shaping the News - Great Example of Advisor Leading the Way through Positive PR

Thank goodness the elections are over and we are now able to refocus as a nation on other important matters.

Case in point: Open Enrollment Season.

The average person spends more time planning Thanksgiving dinner than studying their employee benefits package. Many employees spend less than 10 minutes flipping through the glossy benefits brochures before pushing them aside.

Andy Smith, Senior Partner with Cornerstone Financial Partners, Inc., believes that workers may be leaving money on the table and putting their future at risk.

While the mainstream media may be focused on the Wall Street Melt Down and stock market gyrations, Andy Smith and Cornerstone stand out as a "Best Practice Firm."

They are shaping the news and, through a series of positive PR moves, hope to help people understand their options and make better decisions.

Tick tock. Watch the clock!

Read Andy's advice now.It's Open Season on Employee Benefits: Financial Professional Recommends Five Questions Every Employee Should Ask During Open Enrollment