Change or Die: Adapting To The New Investment Advice & Disclosure Regulations

Advisors, Broker-Dealers (BDs) and vendors are facing challenging and game-changing decisions. The creation of 401(k) plans in the early 80s spawned generations of financial products that were designed to be sold through non-fiduciary and non-specialized distribution channels. The nature of the sales force - registered reps and insurance agents - led to somewhat sophisticated compensation arrangements that are both multi-faceted and less than visible to both sponsors and advisors. These compensation and revenue sharing arrangements are very different from the pooled, trustee-directed model that was replaced by the 401(k) product purchase model. As the retirement plans industry matures, vertical integration, custodial fees, revenue sharing, cross-purchase, securities lending, float, preferred vendor payments, booth fees, directed trading, and many other forms of compensation, - monetary and non-monetary - are suddenly on the table. The emerging rules on transparency and conflicts of interest are reshaping the way retirement plans are sold and serviced. To maintain presence in the retirement plans industry, B-Ds, registered reps and the vendors who distribute product through them must evolve. For a penetrating look at this chameleonic role, join this insightful presentation.


Segment One
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Pete Swisher
Sr. Institutional Consultant
Unified Trust Company, NA

Pete Swisher, CPC, QPA, CPC, is Senior Institutional Consultant for Unified Trust Company, NA, in Lexington, Kentucky. An Echols Scholar at the University of Virginia and a former U.S. Marine Captain, Pete is the author of 401(k) Fiduciary Governance: An Advisory's Guide, a fiduciary textbook for the ASPPA QPFC credential. He has spoken nationally on fiduciary management of qualified plans for groups that include ASPPA, the Financial Planning Association (FPA), NIPA, ABA, and others. As the principal author of the "ERISA Boot Camp" workshop series, he delivers 401(k) advisory workshops across the country annually. His articles on revenue sharing, automatic 401(k) and fiduciary issues affecting 401(k) advisors have appeared in Financial Planning Magazine, the Journal of Financial Planning, The ASPPA Journal, Employee Benefits News, ABA Trust & Investments, and other industry publications. His paper, "Post Modern Portfolio Theory," won first prize in the 2005 Annual Call for Papers of the Journal of Financial Planning. Pete is a Certified Financial Planner and Certified Pension Consultant.

For more information, call (859) 608-9920 or email:


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