More On Legal & Compliancefrom The Advisor's Professional Library
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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.
Brad Campbell, former head of the Department of Labor’s Employee Benefits Security Administration, has joined Drinker Biddle & Reath as counsel in the law firm’s Employee Benefits & Executive Compensation Practice Group in Washington.
Campbell joins Drinker Biddle from Schiff Hardin, where he focused on ERISA Title I issues, including fiduciary conduct and representation of financial service providers.
Campbell, who also serves as an expert witness in ERISA litigation, joins the Compensation Practice Group and its recently organized Financial Services ERISA Team a year after Drinker Biddle welcomed 11 lawyers from Reish & Reicher, including nationally recognized employee benefits lawyers Fred Reish and Bruce Ashton. Reish and Ashton work in Drinker Biddle's Los Angeles office.
Under Campbell’s leadership at EBSA, EBSA first proposed the recently finalized 408(b)(2) service provider disclosure and plan participant disclosure regulations addressing the transparency of 401(k) and other retirement plan fees. Campbell also issued the final QDIA regulation facilitating automatic enrollment of workers in their retirement plans, and a final regulation expanding participant access to professional investment advice. Earlier in his government service, Campbell assisted in developing and negotiating the Pension Protection Act of 2006, including provisions modernizing the prohibited transaction rules.
“Since leaving the government, Brad has quickly established himself as an effective counselor for those who need guidance on issues ranging from policy development to enforcement,” said Alfred Putnam Jr., chairman of Drinker Biddle, in a statement. “He has spent much of his career developing and implementing rules and regulations affecting employee benefit plans, which will be a great benefit to our clients. We are also especially pleased that we have been able to expand our presence in Washington, D.C., in this important practice area.”
Campbell said in the same statement that he is “extremely pleased to join one of the premiere employee benefits and ERISA practice groups in the country. The range and depth of our experience enables us to offer our clients sophisticated legal advice across the full spectrum of employee benefit issues.”
Campbell earned his law degree, cum laude, from the Georgetown University Law Center, and his bachelor’s degree from Harvard University.