What Financial Advisers Need to Know About the Biden Administration’s Retirement Security Rule (As of April 2025) and the ERISA Nerd’s “two cents”
The Biden Administration’s push to strengthen retirement protections for American workers has been met with both praise and pushback. At the center of this effort is the Retirement Security Rule, a regulation was created that aims to ensure that all financial “professionals” act in the…
Ohio Division of Securities VS Pontera?
It appears that Ohio is joining states like Washington and Missouri (and possibly soon Oregon) to classify use of Pontera to trade “held-away” accounts as an “unethical” business practice. I am going to go through a few of the sections in the notice line by line and give my “two cents worth” from an adviser’s perspective…
Is the Biden DOL Rule dead under Trump?
The Biden Administration put forth changes to section 3(21)(a)(ii) of ERISA in April 2024. Section 3(21)(a)(ii) of ERISA defines how an adviser can become an ERISA Fiduciary by providing “non-discretionary” advice. Since 1975 there has been a Five Part Test to determine if you were operating as an ERISA Fiduciary. The Biden Administration looked to amend this with a three-part test…
Sarasota Florida – Paradise or the new technology hotspot?
Last night I was honored to be one of the 300+ guests for the inaugural Sarasota Tech Summit. As the owner of a startup fintech company in Sarasota, I was highly intrigued. Sarasota is on the “suncoast” of western Florida. We are an hour south of Tampa and have some of the most beautiful beaches with white powdery sand that does not get hot! Siesta Key beach is constantly on Top 10 lists of the country’s greatest beaches. However, most of us “locals” don’t hang out at Siesta Key as it is very touristy. I put “local” in quotes as almost everyone…
Why you should do your Annual Retrospective Review now!
As an ERISA Nerd, I am encouraging all my clients and investment adviser friends not to wait until the end of June to do your required Annual Retrospective Review. And there is a specific reason why. As you know (or should know), you need to complete a “Rollover” form that is compliant with Prohibited Transaction Exemption 2020-02 (PTE 2020-02) when you are an ERISA Fiduciary and you recommend a rollover to an IRA where you will earn more compensation than you are currently earning…