We represent financial services companies that provide investments and services to retirement plans and IRAs. Our work includes compliance issues related to reporting and disclosure, prohibited transactions and fiduciary.

Many service providers are agencies such as the Department of Labor, Internal Revenue Service, Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) and state and federal banking and insurance authorities. Our lawyers provide representation that focuses on clients’ needs and deliver advice that is based on knowledge of their business operations and of the governing laws and regulatory practices.

We represent bundled providers and independent recordkeepers, broker-dealers, registered investment advisory firms, investment managers, banks and trust companies, insurance companies, mutual fund and other investment entities, and third party administrators. We actively work with our clients to anticipate their needs rather than simply react to them. We provide individual counseling, send timely and informative client alerts, hold regular client briefings and design customized training sessions to help our clients with important developments in the law and how those changes will impact their organizations and businesses.

Our team also works closely with a number of practice groups in the firm. For example, we work with the Corporate and Securities Practice Group on securities, insurance and banking regulation. We also work with the Investment Management Practice Group when issues arise in connection with the investment or money held by employee benefit plans and individual retirement accounts in mutual funds, other investment entities, and in managed accounts.

Financial Services ERISA

Fiduciary Status

We assist our clients in developing services, products and programs, agreements, disclosure documents and marketing materials that are consistent with fiduciary status or, where appropriate, consistent with providing non-fiduciary services. For others, such as investment advisers and managers of collective investment trusts, we help them accept and define their fiduciary status in a way that complies with the law, but also prudently restricts the scope of their potential fiduciary liability.

Prohibited Transactions

Perhaps the greatest risk for service providers is that they will inadvertently engage in a prohibited transaction under ERISA or the Internal Revenue Code. Prohibited transactions, which are often difficult to determine, can result in damages, penalties, taxes and interest. Our team practices extensively in this area, assisting clients in avoiding prohibited transactions or, where one has occurred, in correcting the violation.