Identified problems included nondisclosure of advisers’ financial incentives and clients being charged for services they did not receive.
Fiduciary duty
While the DOL creates fiduciary "safe harbors" to protect plan sponsors from litigation while expanding investment choices, what do compliance and legal pros need to keep in mind?
It boldly establishes which considerations fiduciaries need to address with respect to all of the investment alternatives available for a 401(k) plan, not just those products with alternative investment features.
“What if we reimagined disclosure using large language models?”
Are corporate officers and directors really "fiduciaries" in the way corporate law doctrine would have us believe?
Vanguard and Empower allegedly created conflicts of interest by incentivizing advisers to steer clients toward fee-based services, minus the requisite disclosure.
Efforts to engage with beneficial owners and provide them with mechanisms for influencing governance outcomes appear to be converging with a broader regulatory push for transparency.
Transamerica Retirement Advisors failed to disclose financial conflicts tied to retirement rollovers, affecting thousands of clients.