The Agbay Group is featured in Hour Magazine and DBusiness magazine as 2010 and 2011 Five Star Wealth Manger*.
While we believe it's important for our clients to recognize who we are, we also want them to recognize who we are not:
Not having any proprietary products to offer allows our independent financial advisors to truly be consultative in our approach instead of a product distribution channel. We are completely transparent and do not engage in behind the scenes revenue sharing or marketing agreements. We offer advice and solutions as corporate retirement plan consultants and personal financial advisors; it's that simple.
Our independent financial advisory investment styles are unique: we focus on the buy-side AND the sell-side of the investment process. The purchase of an investment is a one time event. However, the decision to sell is an ongoing process and discipline that is often overlooked and frankly ignored. We believe the greatest value in portfolio management is knowing when to sell.
*Award candidates were evaluated against 10 objective eligibility and evaluation criteria associated with wealth managers who provide quality services to their clients. Research was conducted by Five Star Professional and Wealth managers do not pay a fee to be considered or placed on the final list. The Five Star award is not indicative of the wealth manager’s future performance. For more information on the Five Star Wealth Manager and the research/selection methodology, go to www.fivestarprofessional.com
Agbay Group In The News
In May, I had the privilege of spending a one-on-one evening with Bradford P. Campbell. Brad was the Assistant Secretary for Employee Benefits Security of the United States Department of Labor (DOL), the official in charge of the Employee Benefits Security Administration (EBSA). Mr. Campbell was nominated by President George W. Bush as Assistant Secretary on May 3, 2007, and was unanimously confirmed by the United States Senate on August 3, 2007. He held the position until January 20, 2009.
Under Campbell’s leadership at EBSA, EBSA first proposed the recently finalized 408(b)(2) service provider disclosure and plan participant disclosure regulations addressing the transparency of 401(k) and other retirement plan fees. Campbell also issued the final QDIA regulation facilitating automatic enrollment of workers in their retirement plans, and a final regulation expanding participant access to professional investment advice. Earlier in his government service, Campbell assisted in developing and negotiating the Pension Protection Act of 2006, including provisions modernizing the prohibited transaction rules.
Fiduciaries in Focus:
Shielding Plan Fiduciaries from Participants’ Investment Losses
2012 is the year of a regulatory tsunami affecting plan sponsors at many different levels. As the dust settles, plan sponsors and consultants should refocus on the main issues at hand regarding defined contribution retirement plans: process and protection.
ERISA section 404(c) relieves the plan sponsor and other fiduciaries of defined contribution plans from liability for losses resulting from participants’ direction of their investments if certain conditions are met. Specifically, if the DOL 404(c) regulation is followed, an ERISA plan fiduciary will not be liable for the investment elections made by plan participants but will still be responsible for exercising prudence in the selection and monitoring of the investment products offered under the plan.
Compliance with ERISA section 404(c) regulation is voluntary. However, I have not met a plan sponsor, when properly explained the protection afforded under this section that did not want to take advantage of it.
- Lower Payroll Tax Could Bring Higher 401(k) Savings
- DOL Aligns Deadlines for Retirement Plan Fee Disclosures
- Viewpoint: DOL Coordinates Disclosure Deadlines—The Cart Before the Horse No Longer
- Action Can Reduce Fiduciary Risk When Stock Markets Swoon
- Controversial lottery winner's luck running out fast
- The Potential Bond Market Tsunami
- 403(b) Fair
- IRS - Payroll Tax Cut Temporarily Extended
- New IRS Indexed Limits For 2013
- Solutions to the Target-Date Fund Dilemma