This video is an interview with Jerry Schlichter, discussing the impact of the Tibble v. Edison case on 401(k) plans and fiduciary duties. Schlichter argues that fears about the “sky falling” due to increased duties to monitor plans are unfounded, pointing out that similar predictions have been made in the past without materializing. He believes that the new fiduciary rules will ultimately benefit both advisors and plan participants, as they will lead to better advice and more serious consideration of participants’ interests.
Schlichter also discusses his personal motivations for pursuing these cases, noting his blue-collar background and his desire to protect individuals who may not fully understand their retirement plans. He emphasizes that his work aligns with his values, aiming to make a meaningful difference in people’s lives, beyond just financial gain.
The video was published on March 28, 2016, and has a duration of 3 minutes and 35 seconds.
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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.