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New Reality Sets In- How You Can Plans When Nobody Travels

We are living in surreal times. The world around changes seemingly in days, as if in a futuristic movie. But the consequences for our lives and livelihood are not imaginary. Some consequences are obviously negative. Some are positive: people spend more time with family, those that can run their business without traveling to work or to sales calls will be the ultimate winners. The losers are those who always trade time for money. Are you going to be a winner or a loser economically from this new state of affairs? For many months we have worked on a super-efficient way of growing your qualified plan business. Our goal was...

Here's what the SEC is looking for in its first Reg-BI exams

Colin Ward

13 Apr 2020

Here’s What The SEC Is Looking For In It’s First Reg-BI Exams

The SEC is sympathetic to COVID-19 efforts Is your firm ready to show a good-faith effort? Don’t forget these critical compliance steps What is the CRS Form? Rixtrema’s Reg-BI Optimizer Even though markets are focused on the impacts of COVID-19, the SEC is not looking to a delay of Reg-BI, as I wrote previously. With less than 3 months remaining until RIAs and Broker-dealers are on the hook for new compliance, it is time for them to get in gear. Fear not, though. This article has insights into what the SEC is trying to determine in their initial compliance exams. The SEC is sympathetic to COVID-19 efforts The Commission sees...

RIAs Beware! Small mistakes can carry expensive fines for 401(k) Plan Sponsors

Colin Ward

13 Apr 2020

RIAs Beware! Small Mistakes Can Carry Expensive Fines For 401(k) Plan Sponsors

Fidelity is a Frequent 401(k) Lawsuit Defendant Oracle’s $12 million-mistake Market corrections are marketing opportunities Key Takeaways RiXtrema’s 401k Fiduciary Optimizer was created to help Financial Advisors inform plan sponsors of hidden flaws. Don’t think for a second that plan sponsors are flawlessly monitoring their 401(k) plans, and this article will show more proof. Many businesses prioritize hiring top tier talent and push revenue. Still, they neglect their employee’s 401(k) retirement security. Well, this month, two Blue-Chip Companies are learning that lesson the hard way. Oracle and Fidelity, are settling lawsuits around mismanagement of 401(k) plans. The impact will be negligible because these two companies are so large. But, most...

Reg-BI Isn't Delayed because of COVID-19

Colin Ward

09 Apr 2020

Reg-BI Isn’t Delayed Because Of COVID-19

The markets are tumbling and 10 million people filed for unemployment in the last two weeks. But, don’t think for a second that the SEC is rolling back the June 30th Regulation Best Interest compliance deadline. The SEC confirmed this week that it will not extend the deadline for Reg-BI and the Customer Relationship Summary Form. Good-faith efforts are the key to compliance The SEC is looking for good-faith efforts to reach compliance. The Commission seems to understand that many advisory businesses are constrained for resources and time during the pandemic. So, you should be able to make a case for your firm if you are devoting at least some...

Do Not Trade Time For Money- Focus on Value You Add to Qualified Plans

Daniel Satchkov

08 Apr 2020

Do Not Trade Time For Money: Focus on Value You Add to Qualified Plans

Imagine combining features of an email marketing engine such MailChimp with the most detailed database of 700K+ plans and 1.2M+ executive contacts at plan sponsors. All this is connected to technology that writes custom letters for each plan sponsor based on predefined templates. It creates these custom letters to hundreds or thousands of plans at a time. They are sent whether you are at work or not. The process is set up once, then it runs on autopilot. You are simply notified on your smartphone when it is time to call a plan sponsor that already read your emails. This is a perfect sales technology. Would it take you and...