In any case, registration (or lack thereof) of the underlying managers should be considered by fiduciaries.
Registration of money managers or lack thereof is important information for fiduciaries to consider.
Investment consultants and money managers are among the fiduciaries to whom that statue applies.
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Had any firms been penalized, issued cease and desist orders, banned as fiduciaries or otherwise sanctioned?
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We are aware of numerous instances of questionable dealings occurring under the watch of independent fiduciaries.
The law is quite clear: Firms providing investment services and professional advice to pensions are fiduciaries.
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But that is exactly what is required of firms that serve as fiduciaries to pensions.
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The private banking community seems wholly unconcerned with the prohibitions against self-dealing by investment fiduciaries.
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Failing to know that the plan fiduciaries can held personally responsible for their ERISA mistakes.
Given human nature, we think this is a better environment for those who act as fiduciaries.
The more fiduciaries there are, the better the service for aging, affluent and middle-income investors.
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Money managers and pension investment advisers are fiduciaries required to place their clients interest before their own.
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These include giant state funds like CALPERS and CALSTRS. As trustees, pension fund managers truly are fiduciaries.
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Fiduciaries are responsible for monitoring trading costs and generally today do monitor such trading by their traditional managers.
The independent fiduciaries the DOL and PBGC routinely hire also lack expertise in ferreting out investment management wrongdoing.
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However, this assumes the fiduciaries have the freedom to access those resources to acquire qualified independent expert support.
As fiduciaries, hedge fund advisers need to develop policies and procedures that allocate their fees and expenses fairly.
With the SEC now demanding such information, it is harder than ever for fiduciaries to turn a blind eye.
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If pension assets are at risk, there is no doubt that fiduciaries are required by law to take action.
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The use of independent fiduciaries has unfortunately become increasingly commonplace over the years.
FORBES: DOL Independent Fiduciaries Help Corporations Fleece Pensions
Everyday revelations regarding conflicts of interest, self-dealing, unethical conduct, and outright theft by corporate fiduciaries to pensions are surfacing.
And how can we, as fiduciaries responsible for monitoring plan costs, agree to such an arrangement absent full disclosure?
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Whether or not trust protectors are fiduciaries remains the pertinent question in the states that have recognized their role.
Whenever fiduciaries fail to meet the standard of care required of them, theoretically they face the risk of litigation.
As fiduciaries they are bound to be open and fair with their beneficiary.
Fee-only firms are fiduciaries and are held to a higher standard of care.
Keep in mind that some brokers or insurance agents may be part-time fiduciaries for their investment advice but nothing else.
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Yet adherence to this standard is so demanding that few of the businesses that act as fiduciaries to pensions meet it.
The investment consultants, money managers, brokerages, custodians, actuaries, attorneys and others, including court-appointed independent fiduciaries, that are entrusted with pension assets.
The regulations expand the definition of fiduciary investment advice, and cause many consultants that are not currently fiduciaries to be considered fiduciaries.
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