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Mastering the Financial Horizon Key Changes for 2024

With the new year approaching, significant shifts within the financial industry are set to impact tax strategies and retirement planning. The IRS has introduced multiple adjustments, from increased contribution limits to expanded income ranges, shaping the financial terrain for the coming year. Let's delve into the highlights of these changes and explore their potential implications for your financial decisions.

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Personalize Your Advisory Offering

In the continually evolving retirement plan space, tailoring your advisory services to the specific needs of plan sponsors can distinguish you in a competitive field. Every plan is influenced by a plethora of factors, all of which can dictate both its requisite advisory services and fees charged. Offering a personalized touch is non-negotiable for advisors who want to grow their book. 

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AI Innovator Faces 401(k) Fee Suit

The artificial intelligence (AI) boom has led to a lot of attention for NVIDIA, the Silicon Valley-based chipmaker of choice for AI computing. But it’s not just the company’s groundbreaking products that have been in the spotlight — NVIDIA also recently made headlines as the named defendant in a 401(k) lawsuit. The ongoing case underscores the continuing legal perils faced by retirement plans, demonstrating that even companies renowned for their prowess in intelligent computing can find themselves unable to outsmart ERISA challenges. 

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Are High Fees Giving You a Fright?

It's that time of year again when, dark forces are looming and the ghouls and goblins are hiding in every corner waiting to strike. You may be safe... but your heart begins to beat faster as you feel them getting closer. But it's not the monsters; it's the high fees haunting your retirement plan. High fees can be the fuel of nightmares, complete with the threat of losing clients and the horrors of litigation for advisors. Luckily, there is a way to make your high fee fears to vanish before your client's very eyes like a shadowy figure disappearing into the night... Plan Fees.

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Biogen’s Plan Fees Hit a Nerve With Participants

A multinational biotechnology company based in Cambridge, Mass., has agreed to pay $9.75 million to retirement plan participants and beneficiaries to settle a lawsuit over alleged ERISA violations, according to a recent settlement notice filed in a U.S. District Court in Boston. Biogen, which specializes in therapies for neurological disorders, was accused of failing to properly monitor its 401(k) plan’s investment performance and neglecting to protect participants from excessive fees. The case serves as a reminder of the critical importance of fiduciary responsibility and diligence in managing retirement plan fees, especially in today's litigious and complex environment.

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When High Fees Present Opportunities

With the recent uptick in excessive fee lawsuits, it’s only natural to think of high fees as nothing but trouble for plans. After all, 401(k) fee litigation resulted in more than $150 million in corporate settlements between 2019 and 2022 alone. But while a certain degree of trepidation is warranted, don’t let fear obscure your ability to identify opportunities for improvement. 

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Mastering the Retirement Plan Industry | Power Moves for Advisors

The retirement plan industry is like a high-stakes chess game, and financial advisors need power moves to control the board and capture market share. In this competitive arena, staying ahead of the curve and offering value-added services can set you apart from the competition. In this blog post, we'll explore the key strategies and power moves that winning advisors use to thrive in the retirement plan industry.

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We’re Not Just Streamlining the RFP Process, We’re Revolutionizing It!

RFP Express is a game changer for retirement plan advisors who want to provide higher touch service and grow their book of business. While customary live bid benchmarks will always have a place in maintaining plan compliance, RFP Express gives advisors a means of generating fast, accurate and revealing benchmarks in between taking plans to market every three to five years. Here are just a few reasons why this revolutionary platform is so different.

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Excessive fee complaint getting dismissed

Benchmarking in Dismissal of Excessive Fee Complaint

In the past few years, a spate of excessive fee lawsuits has caused anxiety for many plan fiduciaries. In 2022 alone, 88 excessive fee suits were filed, which is the second highest in any year, according to InvestmentNews. But while some cases have left fiduciaries responsible for large payouts — like the VCA Inc. Salary Savings Plan, in which the company paid a whopping $1.5 million cash settlement — other sponsors have been able to avoid these types of judgments. In one recent case against human resources firm TriNet, a judge dismissed the excessive fee complaint brought by plaintiffs, noting the firm’s fee benchmarking exercises as one indication that they had upheld their fiduciary duty.

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