March 9, 2017

Bruce Ashton Quoted in Investment News Discussing New Morgan Stanley Fiduciary Product

Los Angeles partner Bruce Ashton was quoted in an Investment News article titled, “Morgan Stanley debuts fiduciary product for small 401(k) plans, with eye toward DOL rule.” Morgan Stanley has partnered with retirement plan record keeper Ascensus to introduce ClearFit, through which it will take on a fiduciary role for 401(k) plans with less than $10 million in assets.

Bruce noted that there have been similar arrangements between record keepers and investment advisory firms, but it has been more unusual for broker-dealers to adopt this approach. He said that “Some of the broker-dealer firms are working with [the new DOL fiduciary rule] that way to make sure they don’t lose the business from the less experienced advisers, but at the same time they’re protecting the firm and serving the interest of the client by having someone experienced actually work on the plan.”

Read “Morgan Stanley debuts fiduciary product for small 401(k) plans, with eye toward DOL rule.”

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