Reimagining Retirement | Episode 9
Watch the replay now:
The episode featured two thought leaders: Marguerita Cheng from Blue Ocean Global Wealth and Rosalyn Brown from Principal.
The panel of experts discussed the impacts from the Loper Bright Enterprises v. Raimondo case and what it actually means for everyday participants and plan sponsors. In general, this case means that there is a shift of power from the executive agencies such as the Department of Labor (DOL) to the judicial branch (i.e., courts).
However, in making this shift, there are other implications and impacts such as the delay (again) of the fiduciary rule and the potential changes to the ESG regulation which initially survived in the district court. The panelists shared several insights including these key take-aways:
- There are ways to remain profitable in serving start-up and small plans as a financial professional, but it requires (1) compliant and (2) innovative solutions. The panelists encouraging thinking of fee structures such as flat fees for start-up and SIMPLE plans that may be better situated to serve both the financial advisor and plan sponsor in servicing this market.
- Be mindful of language used and consider ways to (1) keep it simple and (2) not impart your bias on others when crafting communications related to retirement planning. Retirement may look different for everyone.
- Environmental Social Governance (ESG) investing is about alignment with priorities and passions. The regulations require that ESG investments must meet ERISA Section 404, which includes the duty of care and following a prudent process along with the duty of loyalty and going what is in the best interest of the plan and its participants. While meeting those duties, plan fiduciaries can also meet generational needs by aligning priorities and passions.
If you had questions that weren’t answered during the session, email us at info@endeavor-retirement.com, and we look forward to speaking with you further about your questions or insights from the discussion.
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