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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

Author Lisa Shidler August 6, 2015 at 5:17 PM
Admin:
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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.

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Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores

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Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift

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TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor

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Mentioned in this article:

Pension Resource Institute, LLC
Compliance Expert
Top Executive: Jason C. Roberts

Retirement Law Group, PC

Top Executive: Jason C. Roberts




Stephen Winks

Stephen Winks

August 7, 2015 — 4:46 PM

There is no substitute for the advisor, yet the point being missed is professional standing. The consumer and advisor may not be discerning enough to appreciate the early steps in financial services innovation which might be contrary to convention yet illustrates what fiduciary duty (professional standing) actually looks like. A small number of leading advisors are early adopters leading the way. Overtime an early majority will emerge because it is in the best interest of the investing public, while those that lag irrefutably lose market share.

SCW

Attila Ishung

Attila Ishung

August 10, 2015 — 1:52 PM

Mr Wink’s agenda is clear: Pass the DOL rule as written, Professional standing is the wave of the “early majority” and those not on his band wagon will lose market share. Now, one must ask: What is an “early majority” and does it involve copious amounts of good scotch?

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