How the future of the 401(k) industry may hinge on the outcome of a lawsuit brought by Fidelity employees against their own company
The legal case is built on a Fidelity-only funds menu but the Boston 401(k) king intends to show these participating employees got a sweet, fair deal that went beyond DOL mandates
Related Moves
Skip Schweiss exit from TD Ameritrade means the RIA custody business lost its most visible corporate-paid advocate -- for the moment
TD's now ex-managing director of advisor advocacy is set to become the FPA president, but most peers agree the 58-year-old is poised to 'write his ticket' with another custodian or national RIA
August 5, 2020 at 9:33 PM
TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor
The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing
July 23, 2019 at 4:30 AM
Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
February 17, 2023 at 2:49 AM
Apex nabs Jon Patullo from 'Schwabitrade' to 'raise the bar' and make his new firm's RIA system as 'frictionless' as the old one
The loved and admired TD Ameritrade software chief will bring his playbook -- and possibly Schwab's -- to Apex, which continues to try putting a winning front-end on its old Penson backend, a source says
October 11, 2022 at 12:40 AM
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TD Ameritrade
Asset Custodian
Top Executive: Tom Nally
SageView Advisory Group, LLC
401k Plan Consultant, Advisory Firm
Top Executive: Randy Long
401khelpcenter.com
RIA Publication
Top Executive: Rick Meigs
fiduciary Advisor Advocate
No one ever accused me of being a cerebral giant so I am not sure I completely understand the basis of the lawsuit. But if I interpret the information correctly this is based on Fidelity’s standing as a plan sponsor rather than service provider. It seems that a negative outcome for Fidelity would be a dent in their business but the real lesson is the role, responsibility and potential liability of the fiduciary. If that is the case then every plan sponsor, adviser, Board member, Treasurer, CFO, Director of a foundation etc. or anyone involved in overseeing assets managed for the benefit of others should be very interested.
To me, Porter’s comments are spot on- it is difficult to say the 'every Fidelity fund sucks’ but you sure can question the process which led to those funds and share classes being included. This is at the core of the Fiduciary’s charge- and it doesn’t matter if you are Fidelity or Flintstone and Rubble- the Fiduciary has the same charge. The observation I might make is if you are acting in a Fiduciary capacity be sure to have a process (we call it the Fiduciary Continuum) which is well defined, demonstrated, documented and very defendable!
Mark W
As an ex-Fidelity employee now working for a small tech company I wish still had access to such a great and generous plan. Fidelity offered a wide range of funds (passive, managed, international, select you name it), had a generous match and made annual profit sharing contributions. This is one area where Fidelity does right by their employees and is a benefit that is far more generous than most employers.
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