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Home > News > Data & Research > Plan Advisers Value Trustworthiness, “Personal”
Touch from DC Recordkeepers
Data & Research November 22, 2022


PLAN ADVISERS VALUE TRUSTWORTHINESS, “PERSONAL” TOUCH FROM DC RECORDKEEPERS

Retirement plan advisers respond to DC recordkeepers that are present, active,
and trusted partners, according to an annual Cogent Syndicated brand survey.

By Alex Ortolani
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Retirement plan advisers value trustworthiness, reliability, and customer
service when it comes working with defined contribution recordkeepers, according
to the results of an annual survey by Cogent Syndicated.

Among the key drivers of how retirement plan advisers valued a DC plan provider
was having a human representative to support them and consistent and reliable
service for themselves as well as their plan sponsors and participants, says
Sonia Davis, senior product director for Escalent, Cogent’s parent company.

“The firm that actually sends a person to the meeting, that is quick to respond,
that is present—those are the kinds of things that get noticed,” Davis says.
“Advisers respond to recordkeepers who are super-service oriented and have a
customer-centric approach.”

The annual Retirement Plan Advisor Trends study of more than 538 plan advisers
gives DC plan providers and investment managers a view into how their outreach
efforts through the year land with advisers. This year, it also found that
advisers also responded to “strong wholesaler support and strong data
security/cyber-risk management practices,” Davis says.

When it comes to methods of communication, email has served as the most common
means of engagement with DC advisers, followed by website visits and
advertising. Other plan providers have been successful in building brand
awareness through external and internal wholesaler interactions. In contrast,
the survey showed that just a few firms have been able to gain traction via
methods such as live video conferences, social media, and mobile apps, according
to Davis.

“It’s about the personal touch,” Davis says. “There is the potential of firms
getting screened out for not being responsive to client needs … it’s really
common sense, but it’s important to note that is what really moves the needle.”


EMPOWER’S CLIMB

The survey’s brand recognition ranking often reiterates the strength of longtime
industry players Fidelity Investments, American Funds, and Vanguard, which took
the top three spots again in 2022. This year, however, Cogent highlighted the
rapid climb in the rankings by Empower Retirement, a recordkeeper founded in
2014 that has been on an acquisition tear in recent years. Empower is now
recognized by more than half of DC advisers managing $10 million or more in DC
assets (55%), up from 44% in 2021 and 31% in 2020.

“In the case of Empower, from what we can glean, unlike firms that benefit from
a strong consumer marketing presence, its success has largely originated from a
more concerted effort to connect directly with advisers through education,
support and conferences as it specifically pertains to retirement plans,” Davis
says. “That one-on-one, more personalized approach can certainly take more
investment, but appears to be paying off.”  

American Funds achieved best-in-class recall across the most popular types of
contact except advertising, Davis says. Meanwhile, Fidelity maintained its lead
in advertising, but Capital Group—which owns American Funds and is a sister
brand—is gaining traction, according to the researcher. Vanguard, meanwhile, is
making “notable inroads” for website visits and print material recall.

The Retirement Plan Advisor Trends  survey was started in 2015 with survey
participants who have an active book of business of at least $5 million and are
actively managing DC plans. Escalent is based in Livonia, Michigan.

Tagged: Cogent, DC plans, Escalent, Recordkeepers


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Home > News > Compliance > SEC Collects Record $6.44B On 760 Enforcement Actions
in Fiscal 2022
Compliance November 21, 2022


SEC COLLECTS RECORD $6.44B ON 760 ENFORCEMENT ACTIONS IN FISCAL 2022

The regulator raked in close to $4.2 billion in civil penalties, nearly three
times the $1.46 billion collected the previous fiscal year.

 

By Michael Katz
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The Securities and Exchange Commission has collected a record $6.44 billion in
disgorgement and penalties during the fiscal year that ended Sept. 30, up from
$3.85 billion last year, and easily surpassing the former record of $4.68
billion set in fiscal 2020. 

The regulator raked in close to $4.2 billion in civil penalties, nearly three
times the $1.46 billion collected the previous fiscal year. However,
disgorgement totals were down for the third straight year to about $2.24
billion, from nearly $2.40 billion in fiscal 2021 and $3.59 billion the year
before that. In June 2020, the Supreme Court vacated a $26.4 million
disgorgement fine levied by the SEC and limited the scope of what the regulator
can demand via disgorgement. But the regulator has more than made up for that
with increased penalties.

The SEC said it filed 760 enforcement actions in fiscal year 2022, up from 697
the previous year. Among the enforcement actions, 462 were new or stand-alone
enforcement actions, up from 434 in fiscal 2021; 169 were follow-on
administrative proceedings seeking to bar or suspend individuals from certain
functions in the securities markets, up from 143 the previous year; and 129
actions were against issuers allegedly delinquent in making required SEC
filings, up from 120 last year.

To deter future misconduct and enhance public accountability, the SEC said it
recalibrated penalties for certain violations, included prophylactic remedies.
It said, for example, that the more than $1.2 billion paid in penalties for
recordkeeping violations alone “made clear that the fines were not just a cost
of doing business.”

Among the higher profile cases for the regulator during the fiscal year, it
ordered financial services firm Allianz to pay more than $1 billion in
penalties, disgorgement and prejudgment interest over an alleged fraud that hid
the huge risks of a complex options trading strategy. The SEC imposed a $200
million penalty against Barclays for an illegal over-issuance of securities. The
$100 million penalty it imposed on Ernst & Young over admitted cheating by their
audit professionals was the largest ever against an audit firm.

Fiscal year 2022 also saw the second highest total of SEC whistleblower awards
in both the number of whistleblowers awarded and the total dollar amount. The
regulator issued approximately $229 million in 103 awards. The Whistleblower
Program also received a record of more than 12,300 tips alleging wrongdoing
during the fiscal year.

The SEC said it remains focused on enforcement in the crypto asset securities
market. Earlier this year, the regulator said it would nearly double the size of
its Crypto Assets and Cyber Unit by adding 20 positions to the team.

It also said its attention is focused on environmental, social and governance
issues with respect to public companies and investment products and strategies.
For example, it charged BNY Mellon Investment Management for making materially
misleading statements and omitting information about its consideration of ESG
principles in investment decision-making for certain mutual funds.

However, despite the record number of penalties taken in by the SEC, the
regulator said its desire is not to take in more money, but for companies and
investors to stop breaking the law.

“We don’t expect to break these records and set new ones each year, because we
expect behaviors to change,” Gurbir Grewal, the director of the SEC’s Division
of Enforcement, said in a statement. “We expect compliance.”

Tagged: SEC, Securities and Exchange Commission, Whistleblower

« Top ESG Focus Areas for Big Investors Are Labor Rights, Gender Equality


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