The Importance of Fiduciary Responsibilities w/ Todd Levy | Tao of Chao 20

The Tao of Chao Podcast

In the 20th episode of the Tao of Chao podcast, host Philip Chao sits down with Todd Levy, a Managing Director with The Retirement Plan Company, one of the country’s leading independent providers of account recordkeeping, third-party administration, and actuarial services for qualified retirement plans. They analyze the intricate world of fiduciary responsibilities, the evolving landscape of retirement planning, and the importance of maintaining clear client communication.

The discussion covers the critical aspects of fiduciary duties, including the importance of transparency, maintaining client trust, and navigating the complexities of providing various services within the retirement planning space. Two current class action cases involving cross-selling investment services by a recordkeeping and the use of managed account as a default investment were helpful case studies to illustrate fiduciary landmines. The allegations of fiduciary violation if proven true will have significant influence over how services would be offered and considered in a world where service provider revenues are squeezed with increasing demand for more services. Philip and Todd also explore the implications of the new fiduciary rule, and the significance of the SECURE Act in shaping the future of retirement planning.

Tune in to gain a deeper understanding of the fiduciary landscape and learn how industry professionals like Todd Levy navigate their multifaceted roles to serve the best interests of their clients.

DISCLOSURE: Views expressed in the Tao of Chao podcasts are individual opinions and they do not represent the employers of each guest or the firm with which each guest is associated. Our podcasts are for educational and informational purposes only and should not be deemed or viewed as investment advice or recommendations. Please consult your personal financial advisor, investment expert, or investment fiduciary before taking any actions about your plan and investments.

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1. Cold Open (00:00:00)

2. Introducing Todd Levy, Retirement Plan Company (00:00:38)

3. Todd Levy's role with the Retirement Plan Company (00:01:42)

4. Wearing many hats to avoid fudiciary conflict (00:03:26)

5. Your client holds the keys (00:07:12)

6. Is the new fiduciary rules of 2024 necessary? (00:08:43)

7. Loyalty and Due Care (00:10:46)

8. Limitations of ERISA at plan end-of-life (00:12:33)

9. Private retirement plans are still relatively new (00:14:51)

10. Plan sponsors are the "adult in the room" (00:17:33)

11. Unpacking the TIAA Lawsuit (00:21:45)

12. Fee reduction and adding client services — is this tenable? (00:27:59)

13. Challenge of Participant Engagement (00:35:23)

14. Unpacking the Bechtel Lawsuit (00:36:46)

15. Making client participation easy (00:38:43)

16. Fiduciary takeaways from pending lawsuits (00:41:51)

17. Wrapping up (00:49:42)

18. Legal Disclaimer (00:50:40)

19. EoS (00:51:04)