Headlines about "Ret plan investments - misc"

Gathered from the web by the editors at BenefitsLink.com.
[Opinion] Text of Comments by Brokers to SEC on Proposed Fiduciary Standard (PDF)
"We do not agree -- nor have we seen evidence -- that extending [the fiduciary] standard to brokers will reduce fraudulent activity, that not being a fiduciary implies not putting our customers' interests first, or that it will increase consumer understanding of the differences between brokers and advisors. Brokers and advisors perform inherently different functions, and we are certain that any attempt by the SEC to impose a uniform fiduciary standard or harmonize the rules by which financial professionals such as brokers and advisors are governed will create more confusion in the marketplace instead of alleviating it." (National Association of Independent Life Brokerage Agencies)

[Opinion] Why a Fiduciary Standard Helps All Investors and 401(k) Plan Sponsors
"We all know that investors can't distinguish between brokers and investment advisers, particularly since brokers have been allowed to re-brand themselves as financial advisers.... Beyond that, we know that the typical investor is also ill-equipped to evaluate investments, does very little independent research of the investments recommended to them, and relies heavily, if not exclusively, on the recommendations they receive. That makes investors extraordinarily vulnerable and is precisely the sort of relationship of trust that demands fiduciary protection." (Fiduciary News)

[Opinion] Financial Services Industry Continues Its Anti-Investor Campaigns
"[K]ey elements of the financial industry are actively promoting legislative, regulatory and legal campaigns designed to denigrate any benefits to customer-investors, including a powerful campaign underway by a financial trade group to derail any pro-fiduciary actions from the [DOL]. What's more, these recent actions are not isolated. They are part of the ongoing campaign to ignore any admission that the financial services industry is broken and that it has an institutionalized disdain for its own customers." (MutualFundReform.com)

SEC Commissioner Calls for Uniform Fiduciary Standard for Investment Industry
"Having a uniform standard for both investment advisors and broker-dealers would create a more level playing field for investors, who often aren't aware of the different responsibilities each has to clients, [SEC Commissioner Elisse] Walter said. 'The more important point is [that] depending on who I hire, I get different levels of care and different rules applicable and that, to me, has never made any sense,' said Walter." (On Wall Street)

The Perfect Fit for One-Size-Fits-All Target Date Funds (PDF)
"There are two indisputable truths in defined contribution retirement savings: [1] Saving enough is critical to retiring with dignity. [2] There is a risk zone spanning the 5 years before and after retirement during which losses can materially disrupt retirement lifestyles, even if savings are sufficient.... These facts are largely ignored when it comes to target date funds." (Target Date Solutions)

Wagner Law Group Legal Updates in ERISA, Employee Benefits & Human Resources, May 2013
Articles include: Tax Reform Proposals Regarding the Retirement System; DOL Offers Tips on TDFs; Definition of Fiduciary; Re-Enrollment Default Investments: Bidwell v. University Medical Center; 408b-2 and 404a-5 Disclosure Aftermath; Brokerage Accounts; New Areas of Potential Litigation. (The Wagner Law Group)

Beware of Prohibited Transactions in Self-Directed IRA Investment Opportunities
"A taxpayer who has a self-directed IRA and who guarantees a loan entered into by a company the shares of which are owned by the IRA runs afoul of the tax Code's prohibited transaction rules, causing the account to fail to qualify as an IRA, according to the Tax Court[.]" [Peek v. Comr., 140 T.C. No. 12 (2013)] (Bloomberg BNA)

SEC Chairman Mary Jo White's Honeymoon Short-lived?
"Part of White's plea for more examiners has to do with the sudden influx of 1,500 new hedge and private fund advisors since the Dodd-Frank reform act added the new registration requirement, and the fact that only one in 10 advisors registered with the Commission are inspected each year. Dodd-Frank was supposed to alleviate some of the strain on SEC resources by de-registering some 4,000 smaller investment advisers, and relegating them state oversight. However, only about 2,000 actually de-registered from the SEC." (fi360)

Younger Prospects Getting Cold Shoulder from Advisers
"[T]wo-thirds of executives at broker-dealer and registered investment adviser firms ... said they are still focused on serving and attracting baby boomer clients, while just 23% said they're targeting Gen X (ages 34-48) and Gen Y (18-33)." (Investment News; free registration required)

[Opinion] NY and NJ Pensions Recover from Crisis?
"The lesson of 2008 for these pensions was to keep their long-term view in equities but also start diversifying away from public equities into alternative investments. Will this strategy work? If they can internalize the due diligence and negotiate hard on terms, cutting costs and minimizing fees in private equity and hedge funds, the added diversification should increase returns and lower the volatility of their funds over the long-run." (Pension Pulse)

Before It's Too Late: A Retirement Security Newsletter from Phyllis Borzi, May 20, 2013
"How do I make sure I don't run out of money in retirement? It is one of the most common questions -- and fears -- that arise.... A retirement account balance may seem like a very large amount of money, but seeing that broken down to an estimated lifetime stream of payments can be sobering." (Employee Benefits Security Administration)

Sens. Harkin, Alexander Initiate HELP Committee Investigation into Pension Lenders
"As an initial matter [the Committee is] seeking [National Association of Attorneys General (NAAG)]'s assistance in identifying the number of victims of improper and/or deceptive pension purchasing schemes and information about any enforcement actions taken. We also seek NAAG's assistance identifying which companies are offering these products and where they are incorporated as well as how these arrangements are structured." (Committee on Health, Education, Labor & Pensions, U.S. Senate)

European Pension Plans Remain Focused in Managing Volatility
"[P]lans in the UK had made a meaningful shift out of equities over the last 12 months, with the average equity allocation falling from 43% to 39% (the comparable figure was 68% in 2003). UK schemes have traditionally been among the most equity-heavy in Europe, but now sit behind Ireland, Belgium and Sweden in terms of equity exposure." (Mercer)

Improving Retirement Savings Options for Employees (PDF)
"The core principles of trust investment law ... establish a presumption in favor of passive (index) investing and against active investing ... The key question is what this presumption implies for a situation where plan participants are allowed to exercise control over their accounts -- control explicitly endorsed by ERISA.... [P]lan fiduciaries' duty to protect participants from poor investment choices does not simply evaporate in this context." (U. of Pennsylvania Journal of Business Law Review)

[Opinion] Common Sense Redux: The Legal and Economic Imperative Behind the DOL/EBSA's 'Definition of Fiduciary' Re-Proposed Rule
"[1] Absent Preemption under ERISA, Fiduciary Duties would already be applied to Retirement Advisors under State Common Law. [2] Thoughts on the Present State of Affairs for American Consumers. [3] The Application of Fiduciary Standards is Consistent with Capitalism. [4] Examining Several Arguments." (Ron Rhoades, via Scholarly Financial Planner)

Schwab Eliminates Class Action Waivers
"Effective immediately, Schwab is modifying its account agreements to eliminate the existing class action lawsuit waiver for disputes related to events occurring on or after May 15, 2013 and for the foreseeable future. While the company believes that dispute resolution is best handled via FINRA arbitration, we have chosen to voluntarily remove the waiver going forward until the issue is resolved by the appropriate regulatory and/or court decisions." (Schwab)

It's a Matter of When, Not If: Validity of Class Action Waivers in ERISA Plans To Be Tested
"[Why does Schwab's decision to withdraw the class action waiver clause from their brokerage account agreements] matter for ERISA plans? The opportunity to test on a nationwide preclusive fashion whether class action waivers are valid will be too tempting for those that have a vested interested in seeing it happen." (PlanTools, LLC)

How the Selection of a Financial Adviser Can Go Wrong
"[L]et's say you take a financial problem, or your retirement goals, to two or three financial advisers. New studies show that you're unlikely to get the same, or even similar, recommendations about what investment products to buy or what strategy to pursue. And that could make a big difference in your financial future... [R]etirement-savings recommendations vary greatly based on the type of firm for which a financial adviser works." (The Wall Street Journal)

Stock Market Surge Buoys Michigan Public Employee Pension Plan Funding
"Public pension plans in Michigan -- hammered by stock market declines in the poor economy and mismanagement in some cases -- are now seeing their investment portfolios growing at the best rate in years.... Many public pension plans around the state ... have been severely underfunded in recent years. For instance, Wayne County's pension plan dipped below 50% funded, while the Michigan State Employee Retirement System hovered at 65.5% funded." (Detroit Free Press)

[Opinion] Financial Planning Coalition Urges Improvement to Investment Adviser Oversight
"There is widespread agreement on the need to provide greater protection to American investors from financial fraud. The adoption of a fiduciary standard that includes broker-dealers when providing personalized investment advice would help restore and strengthen public trust in financial advisers -- both investment advisers and broker-dealers. Any legislation that creates additional obstacles to SEC rulemaking could needlessly delay or weaken critical investor protection measures such as the fiduciary standard, however unintentionally." (Certified Financial Planner Board of Standards, Financial Planning Association and the National Association of Personal Financial Advisors)

Massachusetts Eyes Lump-Sum Pension Swaps
"State investigators have contacted the firms seeking information on whether the companies do business in Massachusetts and how the lump-sum offers are marketed. Massachusetts is concerned that the amounts offered are significantly less than the value of the future income.... The state also wants to know if the deals are structured as securities." (Investment News; free registration required)

Product Providers Must Adapt to Changing Advisor Needs
"Asset managers and other financial product providers got a warning [at the recent IRI Marketing Forum]: The needs of financial advisors and their clients are changing, and it's the providers that need to adapt." (Financial Planning)

Seventh Circuit Addresses Whether Financial Service Provider Is ERISA Fiduciary
"The DOL argued that AUL exercised its contractual right by not exercising it every time it invested plan assets in a fund that was more expensive than another fund that it could have chosen. The court rejected this 'non-exercise' theory of exercise as unworkable and unprecedented. Instead it found that an omission was insufficient to satisfy the requirement that the individual exercise authority or control over plan assets." (Alston & Bird, via Employee Benefit News)

Presumption of Prudence Allowed Stock Drop Case to Be Dismissed on Pleadings
"The Seventh Circuit's opinion includes a remarkable discussion of the overvaluation and excessive volatility theories that are the foundation of fiduciary breach claims in stock drop cases. That discussion leads the court to have 'fundamental doubts' as to whether ERISA fiduciary breach claims can ever be sustained -- at least in the absence of allegations of misrepresentation or other wrongful conduct -- when the employer's stock is publicly traded in an efficient market and employees have other investment options which they can substitute with relative ease." (Thomson Reuters / EBIA)

The Retirement Exchange: A New Plan, or a Twist on the Multiple Employer Plan?
"In the exchange, the document that governs the plan is in the name of each individual employer, not the overarching plan sponsor as is the case with MEPs ... A rogue employer with a 'defective' plan is segregated from the rest of the plans ... A toxic plan infecting others 'does not exist in the exchange.'" (InsuranceNewsNet.com)

Future Retirees at Risk of Downward Mobility, Pew Finds
"The report estimates that, at the median, Americans born between 1966 and 1975 -- so-called Gen-Xers -- will be able to replace just half their pre-retirement income once they stop working, well below the minimum 70 percent replacement rates recommended by most financial planners. Late baby boomers -- which the report defines as those born between 1956 and 1965 -- will be able to replace 60 percent of their working incomes in retirement, the report estimates. Both replacement rates are below what financial experts say is necessary for a secure retirement." (The Washington Post)

Morgan Stanley Sued Over Retirement Plan Deal With ING
"Morgan Stanley [has been] sued ... over claims the bank received improper payments from ING Life Insurance and Annuity Co. in exchange for referral of retirement-investment business. [The suit alleges that the] bank placed retirement plans with so-called alliance partners, including ING, and received additional compensation from them based on the assets invested[.]" [Skin Pathology Associates Inc. v. Morgan Stanley & Co., No. 13-cv-3299, (S.D.N.Y.)] (Bloomberg)

Canada Pension Posts 10% Return on Global Stock Market Rally
"Canada Pension Plan Investment Board, the country's second-largest public pension manager, posted a return of 10 percent in the fiscal year after it boosted exposure to international markets.... The fund, which manages retirement savings for 18 million people in every province except Quebec, continues to look outside the country for growth, it said in a statement" (Bloomberg)

SEC Chair Presses for More Funding for Advisor Exams, Enforcement
"[SEC Chairman Mary Jo] White testified that the SEC should be able to avoid employee furloughs under the sequester budget, but that key priorities at the agency will be unmet if the current level of funding holds. White acknowledged that the SEC's budget request comes in response both to the new mandates of recent legislation and an understanding that the agency has been unable to fulfill longstanding obligations, citing the oversight of investment advisors as exhibit A." (On Wall Street)

Retirement Plan Participants: Comparing Concerns of Men to Those of Women
"There are few retirement readiness issues on which men and women feel equally secure.... When asked about future prospects, men are more likely than women to say they expect to be better off financially one year from now. They also express greater concern with their level of household debt. Women are more concerned about not saving enough for retirement, health issues and the financial situation of their children." (Spectrem Group)

How to Choose an Investment Advisor: A Checklist for Consumers
The author presents a list of questions and accompanying discussion, including: "Are you a fiduciary under the law, and will you continue to be my fiduciary at all times during the advisor-client relationship we will enter into? ... Can 'financial planning' advice be separated out from your 'investment advisory' services? ... What conflicts of interest do you, your firms, or any affiliated firms possess with respect to the advice you may provide to me? Do you or your firm receive any material third-party compensation when I choose your investment advisory services or invest in investment or insurance products recommended by you?" (Ron Rhoades, via Scholarly Financial Planner)

[Guidance Overview] Updating a Public Pension Plan's Funding Strategy in the Face of New GASB Standards
"Plan accounting is now separated from funding, which has resulted in a vacuum for guidance on funding policies which a number of organizations have taken steps to address. This article provides an overview of funding policies, the considerations and components of establishing a policy, and recently issued and pending guidance." (Cheiron)

Personality Type Theories and Investing
"Individuals are different in the way they process information, vary in the way they behave when faced with a financial decision, and have different risk preferences, so it is essential that advisors interact with each client effectively. This often means that you must change the way you speak to different types of clients even though your advice may be similar across your client base." (Morningstar Advisor)

Be Careful if ROBS is Your Business Financing Strategy
"A recent tax court opinion highlights the importance of meeting all legal requirements with these arrangements.... The business owed money to the seller of the assets used in the business and the individual IRA owners had personally guaranteed that debt. The individuals later converted their IRAs from traditional IRAs to Roth IRAs. The business was sold a few years later and the individuals assumed that the gain on the sale would be tax free when received by the Roth IRAs and tax free when distributed to the individuals who owned the Roth IRAs.... The IRS [claimed] that the personal guarantees by the IRA owners of the note to the seller constituted an indirect loan to the IRA itself.... The tax court noted that the owners did not discuss the personal guarantees with the advisor and in any case the advisor was the promoter of the arrangement so was not an independent advisor upon whose advice the owners could rely to avoid penalties." [Peek v. IRS and Fleck v. IRS, Nos. 5951-11, 6481-11 (U.S.T.C. May 9, 2013)] (Leonard, Street and Deinard)

Adviser Benchmarking: Why Bother?
"It will help you gather and organize data you should have.... It will validate your understanding of your own business.... It will force you to answer questions that are important to consider.... It may entice you to look at things you have ignored but shouldn't.... It replicates information and questions that are needed for due diligence." (Investment News)

[Opinion] Is Real Estate the Best Asset Class?
"Every pension fund should have an allocation to real estate. This is arguably the best asset class in terms of risk-adjusted returns over the last 20 years. But ... pension plans with liquidity concerns have to gauge their liquidity risk and adjust their weightings accordingly." (Pension Pulse)

[Opinion] Just How Useless Is the Asset Management Industry?
"After costs, actively managed mutual funds trail the market. Yet while passively managed, much-lower-cost index funds have been available since 1976 ... most investors still put most of their money in the hands of active managers. Why they do this a long-running puzzle." (Harvard Business Review; free registration required)

Most 401(k) Participants Will Invest in Target-Date Funds by 2017
"Target-date funds' popularity over the last 10 years has soared, among both plan sponsors and participants, so odds are your plan offers these as an investment option.... 55 percent of all participants and 80 percent of new entrants will be invested in such a professionally managed option by 2017." (Thompson SmartHR Manager)

Pension De-Risking Through Lump Sum Offers
"Lump sums can be a useful tool to reduce the size of pension obligations, but they must fit within the context of an organization's overall financial and HR strategies. If the plan sponsor's objective is to reduce its pension risk, the first question is: 'Are we better off settling our liabilities, either through lump sum payments or other risk transfer mechanisms such as an annuity purchase, or are we better off trying to manage these risks ourselves?'" (Towers Watson)

[Guidance Overview] DOL Considering Requiring DC Plans to Provide Lifetime Income Illustration (PDF)
"According to the DOL, the assumed 3% annual increase in the rate of future contributions is based on an expectation that wages, particularly for younger workers, will increase at an even higher rate.... However, for those individuals already contributing the maximum elective deferral amount to a 401(k) plan, this assumption may be too high when inflation is lower than 3%. Similarly, a 7% rate of return may not be achievable for employees near retirement age who invest more conservatively and may create an unreasonably high projected retirement annuity." (PricewaterhouseCoopers)

Variable Annuity Plans May Benefit Employers and Employees
"[W]ith a variable annuity structure, both single and multiemployers as well as their employees share many of the advantages of both traditional [DB] and [DC] plans. [A] chart highlights both important advantages and disadvantages of [DC] and traditional [DB] plans, as well as the advantages shared by variable annuity plans." (Retirement Town Hall)

Employee Ownership Update, May 15, 2013
By NCEO Executive Director Loren Rodgers. Articles discuss loan-funded share plans in Australia; whether fiduciary rules for appraisers are on indefinite hold; and the Seventh Circuit's affirmance of the presumption of prudence by plan fiduciaries in a 401(k) case. (National Center for Employee Ownership)

House Bill Seen Slowing DOL's Fiduciary Push
"[A] congressional panel will consider legislation that would, among other things, require the SEC and DOL to coordinate their separate efforts on a fiduciary-duty regulation.... The House bill would require the SEC to coordinate its fiduciary-duty work with other federal agencies before proposing a rule, according to two financial industry lobbyists. This provision could have the effect of slowing the DOL's fiduciary work to the SEC's pace." (Investment News)

Brief on Appeal Filed by Plaintiffs in Tussey v. ABB Case
"The following summary is taken directly from the Plaintiffs' brief: The district court properly found ABB breached its duties by [1] allowing Fidelity to receive excessive recordkeeping compensation through revenue sharing in the amount of $13.4 million.... [2] moving all participant investments from the stellar-performing Wellington Fund into the untested Fidelity Freedom Funds for no prudent and loyal reason and in violation of the IPS.... [3] selecting higher-cost share classes of Plan mutual funds... [4] The district court properly found Fidelity breached its fiduciary duties by earning income from Plan assets as they floated between accounts." [The full text of briefs filed to date can be found at the link.] (Plan Tools, LLC)

How to Reduce Employee Cravings for 401(k) Loans
"Plan sponsors should consider some options to limit the amounts of loans while still offering them: 1. Allow only one outstanding loan at a time.... 2. Limit participant loans for hardship reasons only." (Employee Benefit News)

Seventh Circuit Moves Closer to Eliminating Stock Drop Liability in ESOPs
"The Seventh Circuit rejected the Sixth Circuit's standard, preferred by the named plaintiff and the Secretary of Labor, which states that the Moench presumption is overcome when a plaintiff can show that a reasonable fiduciary would have come to a different investment decision. For the Seventh Circuit, this sets the bar too low, in light of the conflicting position in which ESOP fiduciaries find themselves." (Seyfarth Shaw LLP)

[Opinion] Why the Industry Needs to Accept Some Blame for Flaws in PBS Frontline's 'Retirement Gamble'
"If a smart journalist, looking for as much information as possible about retirement plans and interviewing dozens of plan participants, plan sponsors, and academics, still can't understand his own retirement plan, then it may be that those doing the explaining aren't doing a very good job. Some of the blame for inaccuracies and missing information in the documentary is reflective of confusion and missing information in the industry." (RIABiz)

[Opinion] Beware of Target-Date Funds
"[D]espite the growing popularity of TDFs, flaws with these types of investments abound.... TDFs encourage people to be lazy.... TDFs don't properly tackle the issue of longevity.... TDFs undermine the crucial role of professional investment advice.... TDFs are not adequately diversified." (Advisor One)

Five Retirement Myths Worth Changing
"[W]ith only 7 percent of workers possessing a guaranteed pension ... some one-third of Baby Boomers will end up in poverty. 'If you're the most successful one in your family, you'll be the bank [for your less well-off siblings],' [psychologist Ken] Dychtwald said ... As a result, many of us will have to re-invent ourselves and scrap the conventional notion of a do-nothing retirement at 65." (Forbes)

Drinker Biddle Retirement Income Team Newsletter, May 2013 (PDF)
Articles include: [1] Projecting Retirement Income; [2] NAIC Update: Spring 2013 Meeting; [3] Distribution Payments in "Guise": An SEC Examination Priority; [4] Converting Defined Contribution Plan Benefits To Annuities Through Rollovers to a Defined Benefit Plan: Practical Considerations for Employers; [5] FINRA's 2013 Regulatory and Examination Priorities Include Variable Annuity Sales Practice Issues; and [6] Selecting an Annuity Provider. (Drinker Biddle)

[Opinion] What Would Adam Smith Say About the Fiduciary Standard?
"The fiduciary standard of conduct operates to restrain greed, where other measures of constraint are generally believed to be ineffective. Stated differently, fiduciary status operates to constrain the otherwise-permitted actions of the financial advisor, in order to not usurp the opportunities presented to the client due to the information asymmetry present. In essence, the fiduciary standard constrains conduct, where trust reasonably placed by the client in the advisor would be subject to betrayal." (Ron Rhoades, via Scholarly Financial Planner)

Recession Not Entirely at Fault for Retirement Crisis
"Beyond the effects of the recession, the average respondent experienced a total of four 'derailers' in their lifetime, including family and lifestyle choices that have lasting financial consequences. Nearly two in five of the respondents (37%) experienced five or more unanticipated events, costing them approximately $144,000." (Financial Planning)

Fiduciary Obligation to Select Appropriate Share Classes
"[The Tibble v. Edison] trial court found, and the appellate court agreed, that plans must use their purchasing power to select the appropriate share class. The practical consequence is that advisers should make recommendations based on the share classes available and must educate plan sponsors about the available share classes, including their costs, and plan sponsors (typically acting through their plan committees) must understand that multiple share classes may be available and must investigate which are best for their plan and participants. That could be a daunting task." (FredReish.com)

Donald Watkins Settles Lawsuit with Detroit Pension Funds, Will Pay $4.25 Million
"In 2008, pension funds for public works and public safety employees sued Watkins after his air cargo company ... went bankrupt. Watkins had persuaded the pension funds to loan $30 million to the company, the lawsuit said.... Watkins struck back against the pension funds, claiming that trustees for the funds attempted to extort favors from him, including donations to former Detroit Mayor Kwame Kilpatrick's legal defense fund, campaign contributions and use of Watkins' private plane. Watkins said he refused to participate in the pay-for-play scheme." (Alabama.com)

Rethinking Target Date Funds: Fulfilling Fiduciary Responsibilities (PDF)
"[S]ignificant differences among target date offerings exist -- asset allocation, underlying design and philosophy -- presenting a challenge for plan sponsors in the selection and monitoring of target date strategies." (Plan Sponsor Advisors)

Coming to Your Emotional Rescue: Dynamic Asset Allocation
"Because of concerns plan sponsors may have in adopting a liability-driven investing (LDI) strategy, using [dynamic asset allocation (DAA)] helps transition to LDI over time.... As the funded status improves (or as interest rates increase), this strategy shifts plan funds from equities into longer-duration fixed income investments." (The Principal Blog)

[Opinion] The 401(k) Debate
"The shift to 401(k) plans comes across as a harmful move by U.S. employers. Yet the move to defined contribution plans (the general term for these plans) has been a global phenomenon ... The complexity and decision overload described in the documentary are becoming passe .... The documentary missed the critical role played by employers in overseeing their plans; it also overlooked the fiduciary rules they must follow." (Vanguard)

[Opinion] On the Future Size of Investment Advisory Firms Under a Fiduciary Standard
"If and when the fiduciary standard of conduct is provided to the delivery of all financial planning and investment advisory services, we shall become much closer to a true profession. And we need only look to other professions for the likely type of firms which will emerge. Most lawyers and certified public accountants practice in small firms. Why? First, because economically they can. Second, because like so many Americans, they are entrepreneurial.... While large firms may emerge, I suspect that given the entrepreneurial spirit and independence sought by many financial and investment advisors, smaller firms will continue to dominate the RIA world." (Ron Rhoades, via Scholarly Financial Planner)

[Opinion] 401(k) Plan Sponsors, Star Trek and Fiduciary Duty
"The needs of the many outweigh the needs of the few. If Kirk and Spock were investment advisers who abided by the fiduciary standard, that line could form their firm's motto. It states, very simply, what it means to answer to the call of fiduciary duty." (Fiduciary News)

[Opinion] In Soccer and Investing, Bias Is Toward Action
"We all know that once you build a low-cost, diversified portfolio, you should avoid making changes every other day. We've heard Warren Buffett say things like, 'Benign neglect, bordering on sloth, remains the hallmark of our investment process.' We know that time in the market is the key, not timing the market.... Everyone else is moving, trading, talking. Why not us? It's what investing is all about, right? Wrong." (The New York Times)

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