ASPPA Focuses on Advisors
More than 460 retirement professionals tuned in to hear the latest from Washington and how it will impact their business during ASPPA’s webcast targeted to retirement plan advisors.
“Change is coming to the retirement industry—it’s not a matter of if, it’s a matter of when it happens,” said Brian H. Graff, executive director and CEO of ASPPA. “We are focused on how these changes will impact advisors and are working to ensure you understand the legislative and regulatory changes headed your way.”
Topics ranged from in-plan Roth conversions to changes in investment advice regulations and the future of widely used cross-tested plans. According to Graff, the two top issues are the definition of a fiduciary and fee disclosure, as transparency becomes paramount in the booming business of retirement planning.
“The definition of what constitutes a ‘fiduciary’ is a major sticking point in the debate. It comes down to the question—are you offering advice or a product? How you answer that question could determine how you are regulated,” said Graff.
Graff said fee disclosure is coming, “if not by legislation than by regulation.” The main differences between the House proposals and the DOL rest on whether non-ERISA 403(b) or 457 offerings are covered, who is acting as a plan fiduciary and how the disclosure would be enforced.
With regulatory reform still in play, Graff said it’s likely the Consumer Financial Protection Agency (or Bureau) proposed by Congress could add a layer of regulation for service providers who currently fall under the jurisdiction of DOL or IRS based on the plans they administer.
The recent scrutiny of target date funds (TDF) by Senator Kohl (D-Wisc.) and the SEC and DOL has raised questions on structure and promotion of such offerings. The bottom line? According to Graff, expect more regulation. The SEC recently issued proposed regulations on the disclosure and marketing requirements of target date funds.
The June 22 Advisor webcast is the first in a series of webcasts planned for advisors in 2010. Earlier this month, ASPPA announced the extension of the ASPPA 401(k) SUMMIT from the annual three day meeting to an on-going initiative including the Advisor Webcasts Series, The 401(k) SUMMIT Advisor Update e-newsletter and an advisor toolkit later this fall.
To listen to the recording or review the slides from the Advisor webcast click here.
For more information on ASPPA’s outreach to investment professionals, click here.
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