The video is an interview with Dick Friedman from Iron Financial during the 2018 Nuveen Leadership Council in Chicago, conducted by 401k Specialist. The discussion centers around fiduciary responsibilities in the financial services industry, particularly in the context of retirement planning.
Key points include:
- Fiduciary Rule Evolution: Dick Friedman discusses the ongoing changes and challenges surrounding fiduciary responsibilities, emphasizing that the issue is far from resolved. He believes the situation is still in its early stages, with increased involvement from states and class action litigators.
- Impact on Advisors: He highlights the complexities and potential liabilities for financial advisors who act as fiduciaries, particularly in the role of a 338 fiduciary. Friedman questions why advisors would want to take on this role given the associated risks.
- Iron Financial’s Role: Friedman explains Iron Financial’s position as a national ERISA 338 and 321 fiduciary, managing over 2,600 retirement plans and $4 billion in assets. He emphasizes their value proposition of helping plan sponsors offload liability while allowing advisors to focus on assisting participants without the constant threat of liability.
The video emphasizes the evolving nature of fiduciary responsibilities and the importance of careful management and support in the financial advisory space.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
