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Articles tagged "Louis Harvey"


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Gaurav Sharma: Working with RIAs is a big priority to us post-raise.

Capitalize inks 'deep, multi-year' deals with Schwab, Betterment and Robinhood to mine 401(k) assets, and $19 million VC round follows

The New York City 401(k)-rollover startup is using 'Plaid' style APIs startups to unlock $1.65 trillion in all-but-forgotten401(k) assets

August 23, 2024 at 4:25 AM

Louis Harvey:  You could say the DOL is at the root of the problem.

Fidelity Investments reveals 'all-time high' 401(k) plan sponsor discontent, thanks to DOL monkey wrench that creates 'race to bottom,' key expert adds

Some 47% of plan sponsors are considering a new advisor, up from 34% last year, and 48% are considering a change of recordkeepers.

September 13, 2022 at 1:51 AM

Lou Harvey:  I think they’ll come up with some rationale to explain the 180-degree turn.

A Machiavellian Merrill Lynch took the lead on the DOL rule and marketed its fiduciary piety; now it's wrapping its flip-flop in the same pious intent

The fiduciary play by BoA's wirehouse got accolades but failed to help Merrill where it always matters most -- recruiting, retention and revenues. It still may be doing the right thing for consumers when reverse churning gets considered.

June 28, 2018 at 7:06 PM

Louis Harvey: One of the big things that RIAs had from day one was they could say they always put clients' interests first and now that argument is pretty much shot to hell.

How Merrill Lynch 'shot to hell' the RIA fiduciary citadel by casting its $7.5 billion fiduciary 401(k) unit as smaller, purer and more future-minded on paper

Despite FAS having fewer 401(k) assets than, for example, a single North Carolina-based RIA, CAPTRUST, the Charlotte-based Bank of America's brokerage unit has created a new competitive threat

December 16, 2017 at 12:20 AM

Knut Rostad: Phyllis Borzi moved heaven and earth with the tools she had and I think we let her down. I think we were too polite.

How Wall Street emasculated the DOL rule with an old-fashioned end game: 'Somebody made a deal' -- and why tort lawyers are licking their chops

End-game style politics exposed fiduciaries' lack of playoff experience, but RIAs can console themselves because DOL exposed shady dealings on 'the dark side'

April 7, 2016 at 3:10 PM

Thomas Perez: We don't believe it's necessary for an employee of MetLife to have an obligation to advise a client about the products that New York Life is selling.

The DOL's final rule contains a litany of 11th hour concessions to brokers that show Wall Street lobbyists earned their keep

12(b)1 fees, variable annuities and proprietary products are all still allowed and so is partiality in the sales process

April 6, 2016 at 10:00 AM

Jon Stein: No one has done this since Fidelity came into the space.

Betterment jumps headlong into the 401(k) business spurred by a conviction that even Vanguard Group is unfriendly to investors in this arena

The New York robo-advisor is going full stack, competing with Fidelity Investments on everything from recordkeeping to financial advice

September 11, 2015 at 2:22 PM

Louis Harvey: They assumed that a market existed, but then discovered what many have known for years -- 401(k) plans need a very personal sales effort.

After cutting 401(k) middlemen out backfires, Schwab cuts them back in

The problem for Walt Bettinger's newfangled Index Advantage DC plans was that for three years only $10 billion of assets showed up in an atmosphere of self-direction

August 6, 2015 at 5:17 PM

Jason Furman's memo: The proposal allows businesses to continue using existing, conflicted business models but requires that they adopt additional consumers protections such as ensuring advisors follow a best interest standard.

The White House puts its best Obamacare minds behind cleaning up the 401(k) business -- starting by issuing a withering memo

The executive branch's endorsement of the fiduciary rule is based on finding that Americans may have to work for an extra three years because of Wall Street overbilling

January 30, 2015 at 9:50 PM

Louis Harvey: We are seeing naked fear.

Why the 'naked fear' from a Yale law professor's letters to 401(k) plan sponsors is still present

The threatening, finger-pointing nature of the epistles drew the blood, the lack of a remedy to the attack from New Haven keeps the wound from healing

August 1, 2013 at 5:49 PM

Phyllis Borzi: If it gets rid of schlocky advice, that’s okay with me.

Proposed DOL regs expose more advisors to fiduciary liability

Language of rules amounts to better ammo for lawyers

October 22, 2010 at 6:17 AM

Tony Ferreira: They’re a victim of the recession.

Some experts question Cogent Research study's finding of big dip in 401(k) plan ownership

The bad economy deterred participation in employer retirement plans but their growth may stay suppressed longer term, researchers say

April 29, 2010 at 6:26 AM

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