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Get This Week's Issue of Investmentnews SPECIAL REPORT MARCH 30 - APRIL 3, 2020 THE TRUSTED RESOURCE FOR FINANCIAL ADVISERS INVESTMENTNEWS.COM $5.00 / $89 YEAR THE NEW NORMAL HOW COVID-19 IS IMPACTING THE FINANCIAL ADVICE INDUSTRY RIGHT NOW AND WILL FOR YEARS TO COME PAGE 8 NEWSPAPER | VOL. 24, NO. 13 | COPYRIGHT INVESTMENTNEWS LLC. | ALL RIGHTS RESERVED TopNews ACCURACY / EXCELLENCE / FAIRNESS / IMPARTIALITY / INDEPENDENCE 6 Editorial COVID-19 and Adapting to 8 Special Report the 401(k) market COVID-19 16 On Retirement Fred Barstein offers Scott Hanson shares INSIDE 12 predictions. best practices. MAR. 30-APRIL 3, 2020 Page 17 Page 18 Cover photo-illustration: C.J. Burton EDITOR’S NOTE Advisers’ SEC makes it New Normal easier for mutual e’ve put all our resources behind a W special section this week that examines the “new funds to borrow normal” that COVID-19 has imposed upon the advice com- munity and society at large. The editorial team has put together a cohesive series of stories that stay true to our core mission and avoid falling into the trap of bombast and overreaction. I’m proud of the effort our President Donald Trump team put forth signs Coronavirus Aid, Relief, to assemble this and Security Act into law issue, and I want to highlight a few of the topics covered. This event GEORGE B. Some advisers skeptical could change MORIARTY everything about BY EMILE HALLEZ the advisory profession, so we delved into several angles. about huge stimulus bill THE SEC MADE it easier last week Bruce Kelly calls out an exis- for mutual funds to borrow money to tential risk faced by all advisers meet a rush of redemptions sparked as markets are roiled by the BY MARK SCHOEFF JR. economy that has ground to by the COVID-19 pandemic – some- pandemic. Ryan Neal explores KEY POINTS a halt during the coronavi- thing the regulator also did during the effect the outbreak has had A MASSIVE BILL designed • President rus outbreak. the 2008 financial crisis. on practice multiples and what to stem the economic hem- Trump signed “That’s the most fiscal The relief was one of several tem- prospective sellers must do. Jeff orrhaging caused by the $2.2 trillion stimulus I’ve ever seen,” porary measures issued Monday and Benjamin answers a burning COVID-19 pandemic se- relief act into said Leon LaBrecque, Wednesday aimed at making life question: Is there still a need for cured bipartisan House ap- law last Friday. chief growth officer at Se- easier for mutual funds, investment advisers to work in an office? proval in a voice vote last quoia Financial Group. “If it advisers and publicly traded com- From Washington, Mark Schoeff Friday, but is getting mixed • Some advisers doesn’t work, I don’t know panies. Among the other measures Jr. examines how regulators are reviews from financial ad- were skeptical what would.” were deadline extensions for public monitoring industry activities from visers. the massive Andrew Schwartz, se- companies to file certain disclosures home. And on the investment The $2.2 trillion behe- legislation nior vice president of Mad- and allowing fund boards extra time side, Sean Allocca weighs in on moth, the Coronavirus Aid, would restart ison Planning Group in to hold their required meetings. the return of active investing. Relief, and Economic Se- the economy. White Plains, N.Y., has had By lifting restrictions, the Secu- I hope this helps you sort curity Act, is slated to send five clients come down with rities and Exchange Commission is through this new reality, and, one-time payments of up the coronavirus. He sup- helping fund providers and invest- while you all find your own to $1,200 to many individuals, boost ports the congressional response. ment managers that have had to workflows, please let us know unemployment benefits, provide loan “It’s something that needs to be contend with liquidity constraints, or what aspects of the new normal guarantees and grants to large and done,” Schwartz said. “If you want an en- might have to deal with them soon. outlined here have most or small businesses, increase health care gine to run, you have to give it fuel. Cash But the measures might have more least affected you as this crisis spending and reduce personal and is the fuel that drives our economy.” to do with assuring investors, said unfolds. business taxes. Todd Cipperman, founding principal We’re looking forward to The Senate approved the measure ADVISERS SKEPTICAL of Cipperman Compliance Services. sharing your reactions in next unanimously earlier last week. The bill Other advisers are skeptical the legis- “Markets really aren’t seized up. week’s issue. Stay safe. then went to President Donald Trump lation will restart the economy. Funds, as far as I can tell, aren’t hav- ,who signed it into law last Friday. “The bill is not going to help corpo- ing trouble selling securities,” Cip- [email protected] The scope of the 883-page bill en- rate earnings,” said Eric Powell, found- perman said. The SEC is “concerned Twitter: @geomoriarty compasses many dimensions of an CONTINUED ON PAGE 22 CONTINUED ON PAGE 22 Contents © Copyright 2020 by InvestmentNews LLC. All rights reserved. Vol. 24, No. 13, March 30, 2020. InvestmentNews (ISSN 1098-1837) is published weekly, except two weeks in July and August, the first week in September and the last week in December. by InvestmentNews LLC. The agent is Crain Communications Inc., 1155 Gratiot Avenue, Detroit, MI 48207-2912. Periodicals postage paid at Detroit, MI and additional mailing offices. POSTMASTER: Send address changes to InvestmentNews, Circulation Dept., 1155 Gratiot Avenue, Detroit, MI 48207-2912. U.S. subscription price: $89 a year. 2 | InvestmentNews March 30, 2020 InvestmentNews.com mitigate any health risks, and with Finra scraps your safety in mind.” Finra said it will refund regis- tration fees for people who already signed up for the event. 2020 annual The broker-dealer self-regulator said it would encourage attendance at its small firm conference and region- conference al member forums in the fall, if large gatherings of people are once again Fund flows took hit in March allowed by then. It also might schedule BY MARK SCHOEFF JR. one-day conferences on specific topics. Marlon Paz, a partner at Mayer amid turbulent markets FINRA HAS CANCELED its annual Brown, encouraged Finra to resched- conference, which was slated for May, ule the annual conference rather than in response to the COVID-19 pandemic. nix it altogether. BY JEFF BENJAMIN the financial markets related to the The Financial Industry Regulato- “Finra’s annual meeting is an ex- fast-spreading coronavirus. ry Authority Inc. was set to convene tremely important opportunity for THE STOCK MARKET roller coaster According to the Investment Com- the gathering May 12-14 in Washing- member firms to gain useful insights in the midst of the COVID-19 pandem- pany Institute, for the week end- ton, D.C. from Finra and to join small meet- ic continues to test the mettle of finan- ing March 18, investors pulled $135 The meeting typically draws hun- ings – many times one-on-one – with cial advisers and long-term investors. billion from stock and bond funds, dreds of brokerage firm leaders, regis- senior Finra staff,” Paz said. “I hope Data through the end of February, which compared to $27.9 billion in net tered representatives, compliance ex- Finra considers postponing, rather when fears related to the virus were outflows the prior week. gaining traction in the United States While the S&P had only declined and the S&P 500 Index had dropped 1.9% between the end of February “I HOPE FINRA CONSIDERS POST- 9.3% from the start of the year, show and March 18, the decline from the investors were still buying equity and start of the year was in full bear mar- PONING, RATHER THAN CANCELLING.” bond funds. ket territory at 26.4%. MARLON PAZ, PARTNER, MAYER BROWN According to Cerulli Associates, The S&P’s most recent low was on while more than $775 billion in assets March 23, when it registered a 31.3% perts and exhibitors. It features Finra than cancelling, as the benefit to the were being wiped out of mutual fund decline from the start of the year. It executives and staff outlining regula- member firms is significant.” strategies in February, investors add- has since rallied about 14% off that tory priorities. The Finra annual conference is one ed $15.2 billion in net flows into active bottom, including a strong rally last “We apologize for any disappoint- of many financial industry meetings and passive strategies. week, through midday trading on Fri- ment or inconvenience this neces- that have been disrupted by the coro- day, March 27. sary decision causes,” Finra said in an navirus outbreak. MARCH MADNESS announcement on its website. “Your Then came March, and a much more [email protected] wellbeing is paramount, and we are [email protected] dire outlook for the economy and Twitter: @benjiwriter taking the necessary precautions to Twitter: @markschoeff Plan advisers Wells Fargo drops fear fallout $300 fee minimum BY BRUCE KELLY BY EMILE HALLEZ BACKING AWAY FROM a move it an- THE COVID-19 PANDEMIC could nounced at the end of last month, Wells have a lasting effect on 401(k) plans, Fargo Advisors said it will suspend plans and that will have consequences for to impose a maximum $300 account fee retirement advisers. on more clients. In coming months, there will like- Currently, Wells Fargo Advisors ly be fewer 401(k) plans in existence, households can avoid the fee if they have as businesses that sponsor them fold, $250,000 or more in retail brokerage as- advisers said.
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