STRATEGIC PARTNERS

Fiduciary Article provided to BNHRA Members by Westminster Consulting (February 2017)

Fiduciary Article provided to BNHRA Members by Westminster Consulting (February 2017)

“There are known knowns. There are things we know that we know.

There are known unknowns. That is to say, there are things that we know we don’t know.

But there are also unknown unknowns.  There are things we do not know we don’t know.”

-US Secretary of Defense, Donald Rumsfeld 

A FRIGHTENING TREND: IMPROPER DUTIES FOR ADVISORS

The mistake we see far too often is this:  employers have tasked non-fiduciary advisors with fiduciary duties and vice-versa.

HOW THIS HAPPENS: A TYPICAL SCENARIO

The laws that govern institutional investing are constantly in flux.  The Employee Retirement Income Security Act (ERISA), having started in 1974, is relatively mature but the application and expansion of these legal constructs are ongoing.  For example, Uniform Prudent Management of Institutional Funds Act (UPMIFA) and the Pension Protection Act (PPA) circulated in a wave of reform in 2006 through 2007.  Read More....

For more information contact: David Bard at 716-445-4518