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As we can see from the news excessive fee lawsuits are not going away. It makes a lot of sense that it continues to happen because people smell money. The plan participants and the lawyers are on the same team here. And I totally agree with the participants’ logic and drive to find justice and compensation for all the years they were milked by the plan services who charged them excessive fees to write themselves a bonus check at the end of the year. However, this time it is not only a plan sponsor or a record keeper but an advisor who worked with the plan. It should remind all...

Gennady Prokofyev

24 Apr 2019

The SEC Enforces Share Class Disclosure

According to Drinker Biddle & Reath’s lawyers, the SEC’s Enforcement Division has started investigations against companies that didn’t self-report in the Share Class Selection Disclosure Initiative. There is a huge risk that these companies will be subjected to monetary penalties, additional charges, including charges against individuals. The Share Class Selection Disclosure Initiative that was announced last year is now focused on checking potentially conflicting RIA compensations to protect advisory clients from undisclosed conflicts of interest and return money to investors. According to Mr. Reish, a partner at Drinker Biddle, more clients from companies start receiving inquiries regarding payments from mutual funds. The share-class initiative is made to investigate advisers’ inability...

Daniel Satchkov

23 Apr 2019

A Blockchain is Not a Blockchain: The Tremendous Difference Between Decentralized and Decentralized Blockchains

When it comes to social impact of cryptocurrencies and blockchain, there are two schools of thought. One says that a blockchain is a great tool of decentralization and disruption in both tech and finance, and that decentralization specifically means more freedom. For example, Bitcoin users are very big on the fact that supply of Bitcoin is not controlled by central banks and cannot be inflated at will (they do have a point). However, there is a counterpoint that looks at the blockchain as a public ledger. As such, they argue, it is a great tool for international or global currencies and other systems that can centralize finance and possibly private...

Daniel Satchkov

18 Apr 2019

How Advisors Can Connect With Different Types of Clients

Advisors work with their clients to achieve some of the most important goals in their lives by building the financial foundation for retirement. There are many aspects of this process which involve constant interaction with the clients and prospects and is necessary to earn their trust with their money being entrusted to their advisers. This is exactly what makes this job very interesting and challenging at the same time, it is the people you are dealing with. We are all the same but different in many ways having different views, ideas, tastes, lifestyles, tempers, and of course, different attitudes toward money management. There are many types of personalities but some...

Daniel Satchkov

18 Apr 2019

15 Weekly Stats for Financial Advisors: Week of April 15, 2019

Matt Meyer and Michael Robinson are founders of The BluePrint Insurance Services. Their mission is to be the premier insurance partner for RIAs and comprehensive financial advisors. The BluePrint provides an operational insurance platform that allows our partners to provide the highest level of insurance access and support. We feature this weekly update with permission: Matt Meyer Co-Founder 424.387.4143 MMeyer@tblueprint.com Michael Robinson Co-Founder 619.404.3038 MRobinson@tblueprint.com Site: https://www.tblueprint.com