Senate to Hold Retirement Income Hearings

Hearings come on heels of Labor Department survey on in-plan annuities

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  • Scope of the Fiduciary Duty Owed by Investment Advisors A fiduciary obligation goes beyond the suitability standard typically owed by registered representatives of broker-dealer firms to clients. The relationship is built on the premise that the advisor will always do the right thing for the person or entity receiving advice.
  • Conducting Due Diligence of Sub-Advisors and Third-Party Advisors Engaging in due-diligence of sub-advisors isn’t just a recommended best practice— it is part of the fiduciary obligation to a client. An RIA should be extremely reluctant to enter a relationship with a sub-advisor who claims the firm’s strategy is proprietary.
The Senate Special Committee on Aging will hold a hearing this Wednesday, June 16, on the issue of retirement and lifetime income. The announcement comes amid an increased focus by legislators in the wake of the economic crisis to help secure lifetime income for retirees. President Obama mentioned annuities as a possible source of lifetime income in his State of the Union, and the Labor Department recently released its request for information (RFI) on in-plan annuities.

The Committee will hold a hearing on June 16, 2010 at 2:00 pm in Dirksen 562. The title of the hearing is "The Retirement Challenge: Making Savings Last a Lifetime."

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