408(b)(2) Disclosure Options: What Works & What May Not

Are you prepared to meet the 408(b)(2) disclosure requirements  or are you hoping for more time? If an extension isn’t granted, the non-compliant will be engaging  in a Prohibited Transaction.    How do you plan to respond to a deluge of 408(b)(2) questions emanating from the plan sponsor or the service providers you recommended?  The  new  regulations have generated opportunities for those who are prepared for the new era of disclosure, but they also pose challenges.  While the new reporting deadline is fast approaching, many distributors do not yet have a solution in place.  Regardless of the entrenched product, an efficient, cost effective and integrated technology solution would be a major benefit to specialists.   Unfortunately, there are very few scalable, storable and automated solutions  currently available.  Nevertheless, the reasonable contract and fee requirements, unique to each plan, must be met.


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Guest

David Witz
Managing Director
Fiduciary Risk Assessment LLC (FRA) and PlanTools,

David J Witz, AIF is the Managing Director of Fiduciary Risk Assessment LLC (FRA) and PlanTools, LLC. FRA/PlanTools is a service provider to the retirement industry designing and licensing fiduciary compliance, performance reporting and benchmarking software solutions for industry service providers. FRA is in a patent pending status for its Master Diagnostic customizable automated compliance system which automates the process for fiduciary governance, analytics and diagnostics. David's responsibilities include consulting engagements, expert witness services, business development, product design, and project management of FRA's software solutions. FRA is the only firm in the industry to secure a legal opinion stating its 404(c) diagnostic system meets all the regulatory requirements and industry best practices. David has over 30 years of investment, plan design, administration, and fiduciary consulting experience with Qualified and Non-qualified Deferred Compensation plans. He began his career with Principal Financial Group in 1981. In June 1986, he acquired Corporate Benefit Planning ("CBP") a third party administration, consulting, and investment advisory firm which he sold in 1996. Since then, David has held positions with four other national TPAs firms before forming FRA including BGS&G, CBIZ, the Geller Group, and The Newport Group. David has been published or quoted by the ASPPA Journal, BNA, Journal of Benefits and Compensation, the CPA Journal, SPARK Journal and Columbus CEO. He has been retained as an expert witness on ERISA matters and participated on advisory boards for Principal Financial, Mass Mutual, CBIZ, Asset International, Inc. the Center forDue Diligence (CFDD) and the Institute of Business & Finance. He has been a guest speaker for the AICPA, ASPPA,Bar Association, CFDD, fi360, Financial Planning, ISCEBS, North Carolina CPA/Law Forum, PLANSPONSOR, The Ohio State University School of Law, National Association of Bankruptcy Trustees and RADA. Recently he was appointed to the Board of Advisors for the Institute of Business & Finance (IBF). He was previously the host of a financial talk radio show on WWVA. David is a 1981 graduate of Penn State University with a Bachelor of Science degree in Economics, Insurance, and Real Estate. He has been awarded the ACCREDITED INVESTMENT FIDUCIARY designation from the Center for Fiduciary Studies. He has six exams completed towards his Chartered Financial Consultant (ChFC) and Charter Life Underwriter (CLU) designations. His licensing previously included NASD Series 6, 26, 63, 65 and Life, Health and Variable Insurance.

For more information, call (704) 564-0482 or email: dwitz@fraplantools.com

 


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