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214 Matching News Items
1.
Whistleblower Suit Says Fidelity Sales Practices Violated Reg BI
ThinkAdvisor
May 8, 2024
ThinkAdvisor
May 8, 2024
"Low-cost index funds hit Fidelity's revenue, prompting a focus on more profitable products like managed money, the advisor's suit claims. The suit says advisors were pressured to sell higher-revenue products even when they were not in clients' best interest." [Maeker v. Fidelity Investments, No. 24-1078 (N.D. Tex. complaint filed May 6, 2024)]
2.
QACA and EACA Considerations for Plan Sponsors
Fidelity Investments
May 2, 2024
Fidelity Investments
May 2, 2024
"While there are benefits for plan sponsors, QACA and EACA arrangements are highly complex due to the specific timing requirements and generally require additional administration. During your review process, it can be extremely helpful to be aware of these complexities before entering into an arrangement."
3.
403(b) Participation Rates Reach Record Highs
PLANSPONSOR; free registration may be required
Apr. 1, 2024
PLANSPONSOR; free registration may be required
Apr. 1, 2024
"An average of 83.1% of eligible, active, nonprofit-organization employees maintained a balance in their plan in 2022, nearly identical to the year before -- and up from 76.7% in 2013. ... [T]he average savings rates in [403(b)] plans with Fidelity Investments as the recordkeeper reached 11.5% in the fourth quarter of 2023, up slightly from 11.1% in Q4 2018. In the same period, the total savings rates in 401(k) plans reached 13.9%, up from 13.1% in 2018[.]"
4.
Bitcoin ETFs and Workplace Retirement Plans: DOL Has 'Serious Concerns'
McAfee & Taft
Jan. 18, 2024
McAfee & Taft
Jan. 18, 2024
"Many of the big institutional investment firms that frequently see their products offered in 401(k) plans, like Fidelity and Blackrock, have created bitcoin ETFs, which will make it easier for investment fiduciaries to add these ETFs as an option in workplace retirement plans.... Plan sponsors should fully understand the fiduciary risk before allowing any plan assets (including through a brokerage window) to be invested in crypto -- including the new ETFs -- and expect to be questioned by the DOL about the prudence of the decision"
5.
Federal Appeals Court Rejects District Court's Call on AT&T 401(k) Suit
Pensions & Investments
Aug. 7, 2023
Pensions & Investments
Aug. 7, 2023
"The appeals court asked the district court judge to review whether revising the BrokerageLink contract was a prohibited transaction under ERISA or whether it qualified for an exemption under this provision. The judges also asked the district court to review whether the defendants adequately monitored the compensation Fidelity received through BrokerageLink and Edelman Financial Engines." [Bugielski v.AT&T Services, Inc., No. 21-56196 (9th Cir. Aug. 4, 2023)]
6.
Fidelity Investments Is Suddenly Fending Off a Fresh Wave of AI Suitors for Its Vast Recordkeeping Data Trove
RIABiz
Aug. 3, 2023
RIABiz
Aug. 3, 2023
"Money can't buy petabytes of client data -- at least at Fidelity Investments, which owns eight of them, and claims it's swatting back offers from corporate giants and start-ups alike to buy its records.... The Boston broker-dealer and record-keeper, with roughly $3.2 trillion in pension assets, is playing hard to get -- or at least coy -- with access to raw data in its digital vaults going back decades[.]"
7.
Vanguard Retirement Exec Says Crypto 401(k) Offerings Are 'Very Premature'
Pensions & Investments
Aug. 1, 2023
Pensions & Investments
Aug. 1, 2023
"While BlackRock, Fidelity Investments and a handful of other asset management firms are racing to get their applications for a spot bitcoin exchange-traded fund approved, not every asset manager is buying into the crypto craze.... Dave Stinnett, [Vanguard's] head of strategic retirement consulting ... [said] that Vanguard believes putting a cryptocurrency fund option into a 401(k) lineup would be 'very premature.' "
8.
Participant Data Breach Hits Retirement Clearinghouse
PLANSPONSOR; free registration may be required
May 23, 2023
PLANSPONSOR; free registration may be required
May 23, 2023
"The clearinghouse alerted more than 10,000 people that private information, including IRA account data, may have been stolen.... The Retirement Clearinghouse's auto-portability network ... includes financial firms such as Empower, Fidelity Investments, TIAA and Vanguard and represents about 62 million workers and 139,000 employer-sponsored retirement plans."
9.
Fidelity Investments Debuts Bitcoin Trades
RIABiz
Dec. 5, 2022
RIABiz
Dec. 5, 2022
"Fidelity Investments is plunging deeper into the crypto black hole, but a bright light may be at the end of the tunnel -- a chance to steamroll all other crypto brands and dominate the industry. The $9.9-trillion Boston firm is executing its first Bitcoin retail trades as crypto players large and small disintegrate, Capitol Hill lawmakers decry its participation and tokens plummet in value."
10.
Advisers Turn to Managed Accounts as Demand Grows for Customized Plan Design Options
planadviser
Oct. 28, 2022
planadviser
Oct. 28, 2022
"More than a quarter of plan sponsors queried by Fidelity Investments said they were planning to introduce more managed account options into their fund lineup this year. Some plan sponsors are ... making managed accounts the qualified default investment alternative (QDIA) for some or all participants. Fully 87% of recordkeepers had managed accounts available on their platform, and another 7% planned to offer them in the next two years[.]"
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