FPA Conference 2024

Last week I had the incredible honor of landing my first “paid” speaking gig.

So, I want to give a great big shout out and say thank you to the Financial Planning Association (FPA) for allowing me to share my passion of ERISA law with many of your members.

Yes, you read that right.

I am very passionate about ERISA law. Specifically, the intersection of ERISA law and the financial professional working with their clients.

We all have clients who ask us how they should be investing their 401(k) plan at work.

Many advisers don’t know that answering that question may make you an ERISA Fiduciary, which then means there are some very specific things you need to do as proscribed by ERISA and the Department of Labor (DOL).

And if you don’t do what ERISA and the DOL require, you may have to pay back all of your clients’  losses, your fees charged, an excise tax and anything else the courts decide.

And yes, I said that courts.

The dirty secret in our industry is that working with ERISA accounts and participants is about the only thing you can do in our industry that gives your clients direct access to the court system.

And to make matters worse, they also can change a single lawsuit into a “class action” lawsuit.

So, most of the largest institutions do everything they can to make sure their financial professionals DO NOT become “ERISA Fiduciaries” (which is different than being an “SEC Fiduciary”).

And this is why I am passionate about ERISA law!

This is why I am an ERISA Nerd!

I want to share my passion with as many advisers as I can and let them know that you don’t have to fear the DOL. You don’t have to worry about risking your personal assets (as those are what will be used if you lose a lawsuit / there is no “piercing of the veil” to get access to your personal assets in an ERISA case).

I want to let every financial adviser know, you just have to do what ERISA law and the DOL say you have to.

Check the boxes!

Do it properly!

And that is what I talked about at the FPA Conference last week in Columbus Ohio.

And I wholeheartedly thank the FPA for allowing me to share my passion and knowledge with your members.

I met a lot of good people at that conference and caught up with friends at the conference.

And I think I may have converted a few to become a little bit more of an ERISA nerd than they would like to admit!

Stay confident my friends and make it an awesome day!