Brightwork Perspectives

The Agile RIA

401(k) Distribution: The Decade Just Ended – seventh in a series Although more than one in five 401(k) advisors (22%) describe their primary affiliation as a registered investment advisor, a total of 57% write at least some business as an RIA (or as investment advisor representative (IAR) under a corporate RIA).  This ranges from 73% […]

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Back to Fully Bundled?

401(k) Distribution: The Decade Just Ended – sixth in a series Until 2011 it was an easy call. The once unstoppable TPA interface service model (think John Hancock or Nationwide) was imploding in the face of a new, completely unbundled service model—which we defined as advisor-selected funds on a trading platform paired with an independent […]

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Where do 401(k) Advisors Live?

401(k) Distribution: The Decade Just Ended – fifth in a series Remember insurance-based 401(k) advisors?  Paragons of proprietary funds and group annuity contracts they may have been, but they ruled the roost only a decade ago, often with large and stable books of business. In 2005, fully 37% of 401(k) advisors identified themselves as affiliated […]

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Triumph of the Heavies?

401(k) Distribution: The Decade Just Ended – Fourth in a Series A decade ago, Heavy advisors (those deriving 60% or more of their income from 401(k)) constituted 18% of the channel and accounted for 55% of asset sales.  Last year they constituted 26% of the channel and commanded 63% of the asset sales.  They are […]

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It’s About the Investments, Right?

Topics in 401(k) Distribution – Third in a Series Not necessarily. Advisors are investment pros so it follows that 401(k) fund advisors see their value proposition mainly in terms of supporting investment and investment manager decisions, right?  True, for some advisors, some of the time.  But for two-thirds or more of all 401(k) advisors, annual […]

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Fiduciaries Topping Out?

401(k) Distribution: The Decade Just Ended – Second in a Series With the Department of Labor’s proposed fiduciary rule still under consideration, it’s informative to step back to see how 401(k) advisors themselves describe their responsibilities.  Last year, two-thirds said they think of themselves as a fiduciary on the plans they sell. Conveniently, if perhaps […]

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Forever Fee?

401(k) Distribution: The Decade Just Ended – First in a Series In 2005 more than six 401(k) advisors in ten (61%) described their practice as mainly commission-based; only 24% described their practice as mainly fee-based.  Today the figures are almost exactly inverted with 59% of advisors calling themselves mainly fee-based and only 29% describing themselves […]

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