- 109
Sorry Charlie. I will honor the fiduciary duty placed by ERISA, which is only going to get tougher with DOL rules.
Last edited:
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
And its one of the most expensive SoloK products on the market.... and has an extremely limited fund selection
Of course dont forget the antiquated Surrender Charges that Anico puts on their 401k products. (thats how they can afford to pay comp that is 3x the average for this market)
Also, by pitching just one specific product, you are in violation of your Fiduciary Duty under ERISA.
I can tell you are not aware of the HUGE increase in litigation surrounding 401k Plans and an Advisors Fiduciary Duty to the Plan.
----------
---------
One of those times I wish that I quoted the post I was talking about. Cant go back and edit the quote after someone has replied. But you can see who started it. But I digress...
Glad to see the OP had a sudden change of heart 4 hours after his initial post and now plans to put his clients best interest before his own and will no longer violate his Fiduciary Duty to the Plan....
I appreciate your zinger. I did some research and I couldn't find anything about soliciting a product to agents as a fiduciary? Specially considering the product is non-registered. I can also use bold
Doesnt matter if it is non-registered. It still falls under ERISA.
As an IMO, you personally do not take on any Fiduciary Liability (although ERISA attorneys are a bit split on that issue. Not much case law on the issue so lots of grey area there still) unless you are helping to consult on the case.... then you could have exposure.
However, the statements you made within your advertisement seemed to encourage agents to violate their Fiduciary Duty under ERISA.
Okay, I can see your point. So I could have made it fine by adding an s to product? Implying that I have multiple products available that fit different needs.
You can attempt to twist what you wrote now that you have deleted it. Marketing like that is one reason the new DOL regs passed. Which will only put more liability on middlemen like yourself when working the Qualified Plan Market.
It might be a non-registered product, but it has more regulations surrounding it than selling a mutual fund does.
And none of that takes away from the fact that it might be one of the worst SoloK products on the market. But like you very eagerly pointed out.... it pays really high comp!! Funny how competitiveness seems to take a back seat when comp is triple on the crap product.
If you have other SoloK Plans to offer, why are you promoting the highest comp product that is extremely uncompetitive? Why not promote a quality product that does right by the client? (we all know the answer, its a rhetorical question)
You're general negative demeanor is inspiration! I also want to mention that for the marketing strategy we have and the market in question, it is more an appropriate fit than other options we have.
The new DOL regs will hopefully put an end to products like that anyway. At minimum State regs will have to catch up and it will cease to be a non-registered product. (which will mean Anico & the other 401k products you offer, will no longer be in the 401k biz unless they make drastic updates to the product)